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US Opens Anti-Dumping Probe on $2 Billion in Steel Imports

Seven nations are accused of "dumping," and undercutting America’s domestic steel industry.

WASHINGTON – The U.S. Commerce Department launched a probe Tuesday into alleged dumping by several foreign steel producers accused of undercutting America’s domestic industry.

U.S. officials said seven nations were involved in underpricing some $2 billion worth of steel: Australia, Brazil, South Korea, the Netherlands, Britain, Japan and Turkey.

Japanese producers were selling hot-rolled steel flat products into the United States at 16% under the market prices while producers from Turkey discounted their steel by one-third.

South Korea is the largest supplier of cold-rolled flat steel to the United States, exporting $678.8 million worth last year.

The probe was brought on behalf of major U.S. steel producers that have been hit with competition from cheaper imports as the global steel industry endures a supply glut, mainly due to China’s downturn.

The Commerce Department said it would reach a preliminary determination on the probe by Sept. 25, and could set anti-dumping and anti-subsidy duties beginning as early as November.

Copyright Agence France-Presse, 2015

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