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'US steelmakers make unreasonable claim against POSCO'
21/06/2018 12:00
POSCO does not use Posco-Vietnam to bolster steel exports to the United States, the company said Tuesday.
Korea's largest steelmaker is dismissing the claim by its U.S. rivals that the company increased shipments, bound for the United States, from Posco-Vietnam, while reducing exports from Korea to the world's largest economy, as made-in-Korea steel is subject to countervailing duties.
Six U.S. steelmakers, including United State Steel and Nucor, have filed complaints with the U.S. Department of Commerce, claiming Korean cold rolled steel was shipped to the U.S. through Vietnam to avoid hefty anti-dumping and countervailing duties.
In their complaints, they pinpointed POSCO, citing its foundry in Vietnam as the main site receiving hot rolled products from Korea and processing it into cold rolled steel.
POSCO flatly denied the allegation that it is circumventing products to the U.S. through Vietnam.
"POSCO Vietnam was established as POSCO's main base for the Southeast Asian market and has been importing hot rolled materials from POSCO for the past 10 years," a POSCO official said.
"After importing hot rolled steel, it is processed into cold rolled steel plates and distributed through the Vietnam market and other countries. This process has been continuing for more than 10 years, so how can this be a trick to avoid the duties which took effect since 2016?"
The U.S. Department of Commerce has been slapping a 58.36 percent duty on POSCO's cold rolled plates and a 34.33 percent duty on that of Hyundai Steel since July 2016.
The U.S. companies cited the changes in the inbound volume of cold rolled plates coming from Korea and Vietnam as their ground.
After the hefty tariff, the U.S. became Korea's 19th largest cold rolled steel importer last year, slipping from No. 8 in 2014.
According to the Korea International Trade Association, the U.S. imported 239,000 tons of cold rolled steel by the end of 2016 down from 306,000 tons in 2015. During the same period, U.S. imports from Vietnam surged from 68,000 tons to 468,000 tons.
However, industry officials say the surge in Vietnamese cold rolled steel is also attributable to the tariff war between the U.S. and China, in which China's steelmakers resorted to Vietnam to evade hefty duties.
"Domestic steelmakers virtually gave up shipping cold rolled steel to the U.S. after the duties were imposed," an industry official said.
"What is irking companies is that the alleged volume does not account for much in their overall cold rolled steel volume. It seems that U.S. steelmakers are making unfair claims."
Korea's largest steelmaker is dismissing the claim by its U.S. rivals that the company increased shipments, bound for the United States, from Posco-Vietnam, while reducing exports from Korea to the world's largest economy, as made-in-Korea steel is subject to countervailing duties.
Six U.S. steelmakers, including United State Steel and Nucor, have filed complaints with the U.S. Department of Commerce, claiming Korean cold rolled steel was shipped to the U.S. through Vietnam to avoid hefty anti-dumping and countervailing duties.
In their complaints, they pinpointed POSCO, citing its foundry in Vietnam as the main site receiving hot rolled products from Korea and processing it into cold rolled steel.
POSCO flatly denied the allegation that it is circumventing products to the U.S. through Vietnam.
"POSCO Vietnam was established as POSCO's main base for the Southeast Asian market and has been importing hot rolled materials from POSCO for the past 10 years," a POSCO official said.
"After importing hot rolled steel, it is processed into cold rolled steel plates and distributed through the Vietnam market and other countries. This process has been continuing for more than 10 years, so how can this be a trick to avoid the duties which took effect since 2016?"
The U.S. Department of Commerce has been slapping a 58.36 percent duty on POSCO's cold rolled plates and a 34.33 percent duty on that of Hyundai Steel since July 2016.
The U.S. companies cited the changes in the inbound volume of cold rolled plates coming from Korea and Vietnam as their ground.
After the hefty tariff, the U.S. became Korea's 19th largest cold rolled steel importer last year, slipping from No. 8 in 2014.
According to the Korea International Trade Association, the U.S. imported 239,000 tons of cold rolled steel by the end of 2016 down from 306,000 tons in 2015. During the same period, U.S. imports from Vietnam surged from 68,000 tons to 468,000 tons.
However, industry officials say the surge in Vietnamese cold rolled steel is also attributable to the tariff war between the U.S. and China, in which China's steelmakers resorted to Vietnam to evade hefty duties.
"Domestic steelmakers virtually gave up shipping cold rolled steel to the U.S. after the duties were imposed," an industry official said.
"What is irking companies is that the alleged volume does not account for much in their overall cold rolled steel volume. It seems that U.S. steelmakers are making unfair claims."
Source: Korea Times
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