US steelmakers slammed for benefiting unfairly from subsidies
A group has accused the US steelmakers of benefiting unfairly from subsidies amid a growing confrontation between American companies and their rivals.
By PTI |
NEW YORK: A group representing international steel exporters, importers and consumers has accused the US steelmakers of benefiting unfairly from subsidies amid a growing confrontation between American companies and their rivals.
The US steel industry has won about USD 17 billion in various subsidies over the past seven years and continues to win favorable trade decisions restricting imports even though demand outpaces domestic supply, a report by the American Institute for International Steel said.
In recent decisions, the US International Trade Commission has agreed to renew duties on steel from India, China, Japan and Brazil, involving some of their most profitable products.
Last month, the trade commission denied a request by six countries to end duties on imported hot-rolled steel, a product used in everything from cars to appliances, the paper said.
The study, the Wall Street Journal said, marks a ratcheting up in the war of words between US steelmakers and their rivals.
The decisions come as several duties and tariffs on imported steel come up for review, five years after they were imposed in the wake of a wave of bankruptcy filings among US steelmakers from 2000 through 2003, the Journal said.
Those reviews, it noted, so far are generally favoring US producers. Since 2004, the commission has eliminated duties on steel imported from 20 smaller producers such as Sweden, Romania and Kazakhstan. But it has kept the duties in place for 17 larger steel-producing countries.
The US steel industry has won about USD 17 billion in various subsidies over the past seven years and continues to win favorable trade decisions restricting imports even though demand outpaces domestic supply, a report by the American Institute for International Steel said.
In recent decisions, the US International Trade Commission has agreed to renew duties on steel from India, China, Japan and Brazil, involving some of their most profitable products.
Last month, the trade commission denied a request by six countries to end duties on imported hot-rolled steel, a product used in everything from cars to appliances, the paper said.
The study, the Wall Street Journal said, marks a ratcheting up in the war of words between US steelmakers and their rivals.
The decisions come as several duties and tariffs on imported steel come up for review, five years after they were imposed in the wake of a wave of bankruptcy filings among US steelmakers from 2000 through 2003, the Journal said.
ADVERTISEMENT
Those reviews, it noted, so far are generally favoring US producers. Since 2004, the commission has eliminated duties on steel imported from 20 smaller producers such as Sweden, Romania and Kazakhstan. But it has kept the duties in place for 17 larger steel-producing countries.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
