Dragon fire singes US too

|
  • 0

Dragon fire singes US too

Saturday, 30 April 2016 | AP

Dragon fire singes US too

United States Steel Corporation has filed a complaint with US regulators against the biggest Chinese steel producers, accusing them of conspiring to fix prices, stealing trade secrets and skirting duties on imports in the US with false labelling. The big steelmaker is alleging illegal unfair competition by the Chinese producers and their distributors, and is seeking “the exclusion of all unfairly traded Chinese steel products from the US market.”

US Steel has lodged the complaint with the US International Trade Commission. Normally the independent federal agency decides within 30 days whether or not to act. The case would go before an administrative law judge at the agency if it decides to proceed.

Pittsburgh-based US Steel brought the complaint under a section of the Depression-era Tariff Act, which empowers the US Government to bar imports deemed to be anti-competitive. The provision has mostly been used against perceived violations of intellectual property rights. “We have said that we will use every tool available to fight for fair trade,” US Steel president and CEO Mario longhi said in a statement.

The United Steelworkers union voiced support for the company’s action. “America’s steel sector is under attack by China,” union president leo Gerard said in a statement. “Repeated illegal and predatory trade practices have devastated production and employment in steel and many other sectors.”

US Steel and the union, though sometimes at odds on labor issues, have been united in decrying low-priced steel imports from China and elsewhere. The sharp decline in oil prices in recent months has crimped oil and gas drilling, reducing the demand for steel. US Steel has taken cost-cutting measures including closing and idling mills across the country, and laying off thousands of workers.           

Sunday Edition

Grand celebration of cinema

17 November 2024 | Abhi Singhal | Agenda

Savouring Kerala’s Rich Flavours

17 November 2024 | Abhi Singhal | Agenda

The Vibrant Flavours OF K0REA

17 November 2024 | Team Agenda | Agenda

A Meal Worth Revisiting

17 November 2024 | Pawan Soni | Agenda

A Spiritual Getaway

17 November 2024 | Santanu Ganguly | Agenda

Exploring Daman A Coastal Escape with Cultural Riches

17 November 2024 | Neeta Lal | Agenda