U.S. to Impose 6.88% Anti-Dumping Duty on S. Korea's NOES

07/11/2014 12:00 - 499 Views

The U.S. trade watchdog concluded Thursday that South Korea’s non-oriented electrical steel (NOES) is causing damage to the domestic steel industry due to its low price.

The decision by the U.S. International Trade Commission will be followed by the U.S. Department of Commerce imposing six-point-88 percent of countervailing duty on the South Korean products.

South Korea’s biggest steelmaker POSCO produces NOES, which is a high value-added steel product, while Hyundai Corporation exports the product.

A source in Washington said that the anti-dumping duty on the South Korean NOES is much more lenient than those imposed on the products made by South Korea’s rivals. China, Japan and Germany have anti-dumping duties up to 407-point-52 percent.

The source said the decision could rather help create an opportunity for South Korea to increase its export of NOES to the U.S.

Source: kbs.co.kr