US Raises Import Tariff for Nippon Steel After Review
- Preliminary determination finds 29% duty, up from 1.39%
- Nippon Steel says it won’t import foreign made steel slabs
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The US Commerce Department has ratcheted up tariffs on Nippon Steel Corp. just as the Japanese steelmaker made an anti-import promise to gain support for its $14.1 billion takeover of United States Steel Corp.
The Commerce Department imposed a dumping margin of 29% on Nippon Steel for selling hot-rolled steel in the US at prices below normal value from October 2022 through September 2023, according to a preliminary ruling published to the Federal Register. The Nov. 13 decision was part of the department’s annual administrative review of a dumping case that has existed since 2016, when the four major US steelmakers first filed the complaint.