The US has imposed countervailing duties (CVD) on carbon and alloy steel cut-to-length (CTL) plates imported from South Korea in 2018.
In an order giving the preliminary results of a CVD administrative review, the US Department of Commerce said it had found that 35 South Korean companies, including Posco, were given countervailable subsidies for the material from January 1 to December 31, 2018.
The order also rescinded the CVD review on CTL from Hyundai Steel and Dongkuk Steel since both the companies provided Commerce with certifications of no shipments of the material during the period of review. Both Hyundai and Dongkuk were initially slated for an individual CVD review along with Posco.
With Hyundai and Dongkuk proving they had zero shipments, Commerce found that all the other 35 companies were being given a net countervailable subsidy of 0.5pc for CTL plates in 2018. The agency has said it will instruct the Customs Border Patrol to continue collecting cash deposits of CVD at the most recent company-specific rates or the currently existing rate for all other companies of 4.31pc.