ITC OKs Probe of Carbon Steel Plate Imports

The U.S. International Trade Commission found that a surge in low-priced carbon steel plate from Japan, South Korea and four other countries may have injured U.S. steelmakers enough to warrant consideration of punitive tariffs. ITC board members voted 6 to 0 to proceed with an investigation of whether companies such as Japan’s Nippon Steel Corp. and South Korea’s Pohang Iron & Steel Co. are selling cut-to-length steel plate used to build ships, bridges and containers in the U.S. at unfairly low prices. The ruling also targets producers in India, Italy, France and Indonesia. The decision by the ITC, an agency that investigates the impact of trade on U.S. industries, is the latest step by the government, U.S. steelmakers and unions to drive down imports they blame for depressing prices and profits and costing thousands of jobs. If the Commerce Department decides steel plate from the eight countries is being sold at cheaper prices in the U.S. than at home, it may move to impose duties on those imports. Steel plate makes up only about 5% of the total steel used in the U.S.