EU Widens Steel-Trade Protection With Russia, China Tariffs
- Import duties imposed on Russian, Chinese non-stainless steels
- Producers in Europe win provisional six-month levies
Russian and Chinese makers of non-stainless steels face European Union tariffs as high as 26.2 percent after the EU found that imports from the two countries unfairly undercut producers in Europe such as ArcelorMittal and ThyssenKrupp AG.
The duties punish Russian and Chinese exporters of certain cold-rolled flat products of iron or non-alloy steel for allegedly selling the goods in the EU’s 4.5 billion-euro ($5.1 billion) market below cost, a practice known as dumping. The targeted producers of this kind of steel -- used in everything from washing machines and air-conditioning equipment to cars and power lines -- include Russia’s Novolipetsk Steel OJSC, Severstal PJSC and Magnitogorsk Iron & Steel Works OJSC; and China’s Baoshan Iron & Steel Co., Hebei Iron & Steel Co. and Angang Steel Co.