Yildirim urged EC to open AD case against ferrochrome imports

20/04/2009 12:00 - 569 Views

Reuters reported that Turkey's Yildirim Group will apply to the European Commission to open an anti dumping case against ferrochrome imports from India, Russia, Kazakhstan and South Africa.

Mr Robert Yildirim CEO of Yildirim Group said that cheaper imports from India, Russia, Kazakhstan, and South Africa had driven European ferrochrome prices below the cost of production for the firm, which imports its chrome ore to Sweden from Turkey. An anti dumping tax could be exercised against the imports from the four countries if the case is decided in Yildirim's favor.

He added that "We will apply to the European Commission in Brussels to open an anti dumping case against those four countries to protect ourselves from injury. Stainless steel mills are not buying the amount their contracts oblige them to buy, which is forcing prices down. Low cost producers in India, South Africa, Kazakhstan and Russia also bring the materials to Europe at a low price. Yildirim is petitioning the European Commission on behalf of its Swedish concern Vargon."

Mr Yildirim said that Vargon is operating at 30% to 32% capacity with two furnaces working at 50% capacity, but the global slowdown in demand has forced the company to shut down output until November 1st 2009. He added that "At the end of April 2009, one more furnace will be shut down and the other one will be shut down by May 28th 2009. At the end of May, we will be shut down until November 1st 2009 and we will see. The market if it recovers we will reopen, if not we will stay closed."

from www.reuters.com

Source: steelguru.com