Hyundai Steel plant in Dangjin
The United States Court of International Trade (CIT) ordered the country’s Department of Commerce to reassess the anti-dumping margin it had slapped on South Korea’s steel maker Hyundai Steel Co., questioning its use of the adverse facts available (AFA) on the exporter.
Hyundai Steel said on Thursday that it received a slip opinion, or first version of the court finding, that sided with the Korean steelmaker in its argument that the Commerce Department was unfair by rejecting it of an opportunity to submit additional materials regarding its sales in corrosion-resistant steel products.
The department in May 2016 imposed final anti-dumping duties of 47.8 percent on imports of Hyundai Steel’s corrosion-resistant products, more than 13 times higher than its preliminary duties of 3.51 percent.
It said it applied AFA because Hyundai Steel had submitted deficient data and did not hand in additional materials on time. The AFA is a provision that allows the authority to levy the highest-possible rate when companies fail to fully cooperate in the investigation.
Hyundai Steel appealed that it did not receive request of additional data nor was it given the chance to provide supplementary document. The Commerce Department must amend its punitive levy if it cannot argue back to the court within the next 60 days.
Hyundai Steel said that it expects the duties to be lowered significantly after re-examination.
Shares of Hyundai Steel closed Friday up 1.85 percent at 60,500 won.
By Woo Je-yoon and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]