US to Lower Punitive Tariffs for S. Korean Steel Pipe Imports

According to the Ministry of Trade, Industry and Energy announced on October 10, the United States Commerce Department has decided to lower punitive tariffs imposed on oil country tubular goods imports from South Korea by as much as 9.83 percentage points, compared with the initial determination, at an annual retrial of antidumping preliminary decision.

If the decision is maintained at a final meeting scheduled for April next year, South Korean steel makers are each expected to receive a refund in tariffs of US$66 million (73.6 billion won). Accordingly, the ministry expects that it will reduce the domestic firms’ burden on exports to the U.S. in the future.

By corporation, punitive tariffs imposed on Nexteel will fall from 1.85 percent point. Tariffs for SeAh Steel will go down by 9.02 percent point, Hyundai Steel 9.83 percent point and others 6.9 percent point.

The U.S. government imposed antidumping duties on oil country tubular goods imports from South Korea in July 2014 that was substantially higher than the zero percent levied at the preliminary determination in February 2014.