The US Department of Commerce has preliminarily determined that Korea’s Hyundai Steel Company received countervailable subsidies on hot-rolled steel exported to the US.
In a notification issued on Feb 16, Commerce indicated that in a countervailing duty (CVD) investigation initiated on Korean hot-rolled steel imported to the US in December 2019, it had found that Hyundai had received subsidies on exports of this product from January 1, 2018, to December 31, 2018.
As a result, Commerce has imposed a preliminary CVD of 0.51pc and plans to issue assessment instructions to the Customs and Border Protection to implement this duty on the material once it issues the final determination.