The US Department of Commerce has determined that two Indian firms exporting finished carbon steel flanges received countervailable (CV) subsidies between November 2016 and December 2017.
In an order issued on Tuesday, Commerce said the two firms, Norma (India) and RN Gupta & Co, would pay subsidy rates of 5.39pc and 4.69pc, respectively, for the period under consideration. The subsidy rate for all other firms investigated for exporting steel flanges to the US during this period is 5.03pc.
The department said it would release the basis for calculating these rates within five days and will also issue instructions to Customs and Border Protection (CBP) to apply these rates to any shipments exported by these companies in proportion to the estimated value of the goods shipped between Nov 29, 2016 and Dec 31, 2017. Additionally, Commerce indicated that these firms would have to pay cash deposits at rates equal to the subsidy rates.