The US Department of Commerce may cut anti-dumping duty levied on certain hot-rolled steel manufactured by Hyundai Steel following a preliminary investigation on subsidies received by the Korean steel maker. The US authorities calculated the net subsidy rate for Hyundai Steel to be 0.45pc, according to documents available with Davis Index.
US had launched a review of anti-dumping duty on hot-rolled steel imported from South Korea for the period of investigation (POR) between Jan 1, 2017 to Dec 31, 2017. The intimation regarding the investigation was issued on Dec11, 2018.
The authority’s weighted average dumping margin for Hyundai Steel following this finding is expected to be 0.94pc from 5.44pc calculated on July 7, 2019 for POR March 22, 2016 through September 30, 2017.