In the news release, AK Steel Applauds U.S. International Trade
Commission Preliminary Ruling Against Unfairly Traded Imports of
Corrosion-Resistant Steel, issued 16-Jul-2015 by AK Steel over PR Newswire, we are
advised by the company that changes have been made to the original
release. The complete, corrected release follows:
AK Steel Applauds U.S. International Trade Commission Preliminary
Ruling Against Unfairly Traded Imports of Corrosion-Resistant Steel
WEST CHESTER, Ohio,
July 16, 2015 /PRNewswire/ -- AK Steel (NYSE: AKS) said
today that the U.S. International Trade Commission (ITC) has made a
unanimous preliminary determination that corrosion-resistant steel
(CORE) produced in five foreign countries is causing injury to AK
Steel and the domestic steel industry. The preliminary injury
determination means that cases against CORE producers in the five
named countries will proceed.
"We applaud the ITC's preliminary ruling that unfairly traded
imports of corrosion-resistant steel have caused injury to AK Steel
and other domestic steel producers," said James L. Wainscott, Chairman, President and CEO
of AK Steel. "This decision is an important step forward in
the process to fight dumped and subsidized CORE imports that have
significantly impacted pricing in the U.S. market."
AK Steel and certain other domestic steel producers filed
petitions with the ITC and the United States Department of Commerce
(Commerce Department) on June 3,
2015, charging that unfairly traded imports of CORE from
China, India, Italy, South Korea and
Taiwan were causing material
injury to the domestic industry. Anti-dumping cases and
counter-vailing duty cases were filed against all five countries.
The cases now move to the Commerce Department for determinations as
to whether foreign producers are violating U.S. anti-dumping law by
selling their products at less than fair value in the United States, and violating U.S.
counter-vailing duty law covering government subsidies.
The Commerce Department will calculate anti-dumping margins,
which are designed to offset the amount by which the product is
sold at less than fair value, and subsidy rates, which are designed
to offset the amount by which the product benefits from unfair
government subsidies. Estimated counter-vailing and
anti-dumping duties will be collected from importers as of the date
of the Commerce Department's preliminary determinations, which will
occur on or about August 27, 2015 and
November 10, 2015, respectively.
If foreign producers attempt to "beat the clock" by making
massive shipments into the U.S. market before the Commerce
Department's preliminary determinations, anti-dumping and
counter-vailing duties can be imposed retroactively beginning 90
days prior to the preliminary determinations.
CORE is sheet or coiled steel product that has been coated or
plated with a corrosion-or heat-resistant metal to prevent
corrosion and thereby extend the service life of the products made
from the steel. Steel coated with zinc, aluminum, or any of several
zinc-aluminum alloys comprises most of the product at issue.
Based on these unique product characteristics, CORE is widely
used in infrastructure and construction applications such as
roofing, siding, hardware, roof and bridge decks, guard rails, and
culverts. CORE is also used in the manufacture of
automobiles, trucks, appliances, industrial equipment, and
agricultural equipment.
AK Steel
AK Steel is a world leader in the production
of flat-rolled carbon, stainless and electrical steel products,
primarily for automotive, infrastructure and manufacturing,
construction and electrical power generation and distribution
markets. Headquartered in West
Chester, Ohio (Greater
Cincinnati), the company employs approximately 8,000 men and
women at eight steel plants, two coke plants and two tube
manufacturing plants across six states: Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. Additional information about AK
Steel is available at www.aksteel.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ak-steel-applauds-us-international-trade-commission-preliminary-ruling-against-unfairly-traded-imports-of-corrosion-resistant-steel-300114625.html
SOURCE AK Steel