SEOUL, KOREA- American steel companies sent a petition to the U.S. International Trade Commission to investigate whether Korean steel suppliers, including SeAH Steel, Husteel, and other eight steel pipe makers, are dumping their steel pipes in the U.S. market. According to U.S. Steel, Korean-made steel pipes cost only 70 percent of the world average.

The share price of SeAH Steel, which relies more than 50 percent of its export volume on the U.S. market, declined more than 12 percent on the same day. Other steel suppliers such as AjuBesteel, Daewoo International, and Dongbu Steel are fretting over the prospect of anti-dumping lawsuits.

According to the Korea International Trade Association, import restrictions on Korean exports have increased noticeably for the past few years. In 2008, for example, the cases of import restrictions including anti-dumping litigation, countervailing duty imposition, and safeguard measure invocation were only five. The number has since grown to eight in 2009, nine in 2010, and 12 in 2011. But the number last year shot up to 21.

Of the ongoing 130 cases of import restrictions, most were raised by newly emerging economies, including India (25 cases), China (17), Brazil (10), and Turkey (10). By industrial sector, chemical took the largest portion with 52, followed by steel and metals (44), textile and apparel (15), and electric and electronics (5).

Thursday, July 4th, 2013

Source: koreaittimes.com