Imports of some corrosive-resistant steel from China may be taxed as much as 236 percent based on the level of subsidies they receive, according to a preliminary finding by the U.S. Department of Commerce.
The department found five Chinese exporters including Angang Group Hong Kong Co. and Baoshan Iron & Steel Co. got subsidies of that amount, it said in an e-mailed statement. U.S. Customs and Border Protection will be instructed to require cash deposits based on the subsidy rates. A Baosteel Group Corp. spokesman said the company’s operations are based on market forces.
