China, Taiwan Hit With European Tariffs on Stainless Steel
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The European Union imposed tariffs as high as 25.2 percent on stainless steel from China and Taiwan to curb competition for EU producers such as Acerinox SA and Outokumpu Oyj. Steel shares in Europe rose after the announcement.
The duties punish Chinese and Taiwanese exporters of cold-rolled flat products for allegedly selling them in the EU’s 5.5 billion-euro ($6 billion) market below cost, a practice known as dumping. This kind of steel is used in everything from elevators and tanks to boilers and kitchen equipment.