The U.S. International Trade Commission slapped more tariffs on cheap steel imports that ArcelorMittal and U.S. Steel said were dumped here.
All six ITC commissioners voted that domestic steelmakers were hurt by imports of corrosion-resistant steel from China, India, Italy, Korea, and Taiwan. As a result the U.S. Department of Commerce will impose antidumping and anti-subsidy duties that range from 3 percent to 450 percent.
The United States consumed $17.1 billion worth of corrosion-resistant steel last year, and a glut of cheap imports grabbed 21.1 percent of that market share, according to the International Trade Commission. The United Steelworkers union blames the flood of imports, which stole a record 29 percent of overall steel market share last year, for more than 14,500 steelworkers layoffs nationwide.
"The domestic steel industry has suffered dramatically due to the increase in unfairly traded imports, but today's decision is an encouraging step toward a level playing field," U.S. Steel CEO Mario Longhi said last week.
The United States has been clamping down and just imposed tariffs of more than 500 percent on cold-rolled steel from China and Japan.
State Sen. Ed Charbonneau, R-Valparaiso, commended the decision.
“These unfair methods negatively affect our national economic health and the state of Indiana’s economic well-being," he said. "In Indiana, we have the sixth most jobs supported by domestic steel production, with each of those jobs supporting up to seven other jobs in our economy. The U.S. steel industry doesn’t mind competition, but China and Japan’s business practices are putting the domestic steel industry at risk of sliding back into a recession.”