AK Steel Applauds Commerce Department's Affirmative Preliminary Determinations In Antidumping Investigations Concerning Non-Oriented Electrical Steel From Six Countries - KiiiTV.com South Texas, Corpus Christi, Coastal Bend

AK Steel Applauds Commerce Department's Affirmative Preliminary Determinations In Antidumping Investigations Concerning Non-Oriented Electrical Steel From Six Countries

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE AK Steel

WEST CHESTER, Ohio, May 16, 2014 /PRNewswire/ -- AK Steel (NYSE: AKS) said today that the U.S. Department of Commerce has announced its preliminary determinations that imports of non-oriented electrical steel ("NOES") from China, Germany, Japan, South Korea, Sweden and Taiwan are being sold at less than fair value ("dumped") in the United States.  As a result, the Commerce Department will instruct U.S. Customs and Border Protection ("CBP") to begin requiring U.S. importers of NOES from these six countries to deposit estimated antidumping duties at the time of importation, as follows:

 

Country                 

Dumping Margins                

China                        

407.52 percent

Germany                  

86.29 – 98.84 percent

Japan                        

135.59 – 204.79 percent

South Korea             

6.91 percent

Sweden                  

98.46 – 126.72 percent

Taiwan                   

28.14 – 52.23 percent

                       

The Commerce Department also reached affirmative preliminary critical circumstances findings with respect to China, Germany, Japan and Sweden.

The Commerce Department's determinations follow the filing, on September 30, 2013, of antidumping and countervailing duty petitions by AK Steel Corporation (NYSE: AKS).  On March 25, 2014, the Commerce Department announced its preliminary determinations that imports of NOES from China and Taiwan benefit from subsidies bestowed by the respective governments.  The preliminary countervailing duty rates are 125.83 percent of the value of the imported steel from China and up to 12.82 percent of the value of the imported steel from Taiwan. 

"AK Steel applauds the Commerce Department's preliminary ruling that imports of non-oriented electrical steel are being dumped into the United States," said James L. Wainscott, Chairman, President and CEO of AK Steel.  "These determinations will help level the playing field by taking away the unfair advantage that many of our foreign competitors have enjoyed for years."

The next step in the trade action will be the Commerce Department's verification of factual information submitted by producers in South Korea and Taiwan. 

There will then be an opportunity for parties to submit case and rebuttal briefs to the Commerce Department and to participate in a hearing.  Following these events, the Commerce Department will issue its final antidumping and countervailing determinations.  The current deadline for the announcement of these final determinations is July 29, 2014, but that date can be extended to early October 2014. 

NOES is an alloy steel that contains by weight more than 1.0 percent but less than 3.5 percent of silicon and not more than 0.08 percent of carbon or 1.5 percent of aluminum.  NOES has a surface oxide coating, to which an insulation coating may be applied.  The petitions cover NOES whether or not in coils, regardless of width, and having a thickness of 0.20 mm or more.  NOES is manufactured using a specialized rolling and annealing process.  It has a core loss that is substantially equal in any direction of magnetization in the plane of the material.  Based on these unique product characteristics, NOES is used primarily in the production of motors and generators.   

AK Steel is represented in these actions by Joseph W. Dorn and Stephen A. Jones of the law firm King & Spalding LLP.

AK Steel
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets.  The company employs about 6,100 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio.  Additional information about AK Steel is available on the company's web site at www.aksteel.com.

AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana.  AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets.  Additional information about AK Tube LLC is available on its web site at www.aktube.com.  

AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, produces metallurgical coal from reserves in Somerset County, Pennsylvania.  AK Steel also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate from previously mined ore reserves.

©2012 PR Newswire. All Rights Reserved.

  • Training Aimed At Building Stronger Cases Against Suspected Child Abusers

    Training Aimed At Building Stronger Cases Against Suspected Child Abusers

    Friday, July 25 2014 12:10 AM EDT2014-07-25 04:10:34 GMT
    Several dozen professionals are taking part in a two day training seminar put on by the Department Of Family Protective Services. The professionals are learning techniques that will help them make better cases against those suspected of child abuse.More >>
    Several dozen professionals are taking part in a two day training seminar put on by the Department Of Family Protective Services. The professionals are learning techniques that will help them make better cases against those suspected of child abuse.More >>
  • Man Indicted For Fatal Punch

    Man Indicted For Fatal Punch

    Friday, July 25 2014 12:07 AM EDT2014-07-25 04:07:27 GMT
    A Nueces County grand jury has indicated a man accused of fatally punching another man at a local strip club in April of this year. The victim later died from his injuries.More >>
    A Nueces County grand jury has indicated a man accused of fatally punching another man at a local strip club in April of this year. The victim later died from his injuries.More >>
  • Minimum Wage - Does it Make Cents?

    Minimum Wage - Does it Make Cents?

    Friday, July 25 2014 12:03 AM EDT2014-07-25 04:03:27 GMT
    By executive order, President Obama is increasing the federal minimum wage from $7.25 to $10.10. The President hopes to have the private sector follow suit with the pay increase. Meanwhile, the debate continues as to whether the increase would actually help or hinder American workers and our economy.We examine three reasons the increase is good, and three reasons it is not so good in a 3News Special Report: Minimum Wage - Does it Make Cents?More >>
    By executive order, President Obama is increasing the federal minimum wage from $7.25 to $10.10. The President hopes to have the private sector follow suit with the pay increase. Meanwhile, the debate continues as to whether the increase would actually help or hinder American workers and our economy.We examine three reasons the increase is good, and three reasons it is not so good in a 3News Special Report: Minimum Wage - Does it Make Cents?More >>