AK Steel Applauds Commerce Department's Affirmative Preliminary Determinations
In Antidumping Investigations Concerning Non-Oriented Electrical Steel From
WEST CHESTER, Ohio, May 16, 2014
WEST CHESTER, Ohio, May 16, 2014 /PRNewswire/ -- AK Steel (NYSE: AKS) said
today that the U.S. Department of Commerce has announced its preliminary
determinations that imports of non-oriented electrical steel ("NOES") from
China, Germany, Japan, South Korea, Sweden and Taiwan are being sold at less
than fair value ("dumped") in the United States. As a result, the Commerce
Department will instruct U.S. Customs and Border Protection ("CBP") to begin
requiring U.S. importers of NOES from these six countries to deposit estimated
antidumping duties at the time of importation, as follows:
Country Dumping Margins
China 407.52 percent
Germany 86.29 – 98.84 percent
Japan 135.59 – 204.79 percent
South Korea 6.91 percent
Sweden 98.46 – 126.72 percent
Taiwan 28.14 – 52.23 percent
The Commerce Department also reached affirmative preliminary critical
circumstances findings with respect to China, Germany, Japan and Sweden.
The Commerce Department's determinations follow the filing, on September 30,
2013, of antidumping and countervailing duty petitions by AK Steel Corporation
(NYSE: AKS). On March 25, 2014, the Commerce Department announced its
preliminary determinations that imports of NOES from China and Taiwan benefit
from subsidies bestowed by the respective governments. The preliminary
countervailing duty rates are 125.83 percent of the value of the imported
steel from China and up to 12.82 percent of the value of the imported steel
"AK Steel applauds the Commerce Department's preliminary ruling that imports
of non-oriented electrical steel are being dumped into the United States,"
said James L. Wainscott, Chairman, President and CEO of AK Steel. "These
determinations will help level the playing field by taking away the unfair
advantage that many of our foreign competitors have enjoyed for years."
The next step in the trade action will be the Commerce Department's
verification of factual information submitted by producers in South Korea and
There will then be an opportunity for parties to submit case and rebuttal
briefs to the Commerce Department and to participate in a hearing. Following
these events, the Commerce Department will issue its final antidumping and
countervailing determinations. The current deadline for the announcement of
these final determinations is July 29, 2014, but that date can be extended to
early October 2014.
NOES is an alloy steel that contains by weight more than 1.0 percent but less
than 3.5 percent of silicon and not more than 0.08 percent of carbon or 1.5
percent of aluminum. NOES has a surface oxide coating, to which an insulation
coating may be applied. The petitions cover NOES whether or not in coils,
regardless of width, and having a thickness of 0.20 mm or more. NOES is
manufactured using a specialized rolling and annealing process. It has a core
loss that is substantially equal in any direction of magnetization in the
plane of the material. Based on these unique product characteristics, NOES is
used primarily in the production of motors and generators.
AK Steel is represented in these actions by Joseph W. Dorn and Stephen A.
Jones of the law firm King & Spalding LLP.
AK Steel produces flat-rolled carbon, stainless and electrical steels,
primarily for automotive, infrastructure and manufacturing, construction and
electrical power generation and distribution markets. The company employs
about 6,100 men and women in Middletown, Mansfield, Coshocton and Zanesville,
Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its
corporate headquarters in West Chester, Ohio. Additional information about AK
Steel is available on the company's web site at www.aksteel.com.
AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and
women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces
carbon and stainless electric resistance welded (ERW) tubular steel products
for truck, automotive and other markets. Additional information about AK Tube
LLC is available on its web site at www.aktube.com.
AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, produces
metallurgical coal from reserves in Somerset County, Pennsylvania. AK Steel
also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand
Rapids, Minnesota, which produces iron ore concentrate from previously mined
SOURCE AK Steel
Contact: Media - Michael P. Wallner, General Manager, Communications and PR
(513) 425-2688; Investors - Roger K. Newport, Vice President, Finance and
Chief Financial Officer (513) 425-5270
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