U.S. Steel files complaint seeking investigation of Chinese steelmakers
From Illinois Business Journal news services
WASHINGTON, D.C. – United States Steel Corporation filed a complaint Tuesday with the U.S. International Trade Commission to initiate a tariff investigation against the largest Chinese steel producers and their distributors.
The complaint, filed under Section 337 of the Tariff Act of 1930, alleges illegal unfair methods of competition and seeks the exclusion of all unfairly traded Chinese steel products from the U.S. market.
The complaint alleges three causes of action: the illegal conspiracy to fix prices, the theft of trade secrets and the circumvention of trade duties by false labeling.
“We have said that we will use every tool available to fight for fair trade,” said President and Chief Executive Officer Mario Longhi. “With today’s filing, we continue the work we have pursued through countervailing and antidumping cases and pushing for increased enforcement of existing laws.”
Section 337 provides relief in light of specific actions, the threat or effect of which is to destroy or substantially injure a domestic industry, prevent the establishment of such an industry, or restrain or monopolize trade and commerce in the U.S. The actions covered under Section 337 include the infringement of intellectual property rights (patents and copyrights) as well as unfair methods of competition and unfair acts in the importation and sale of products in the U. S. The ITC remedy is the exclusion of the unfairly traded products from the U.S. market.
U.S. Steel on Tuesday reported a first quarter 2016 net loss of $340 million, or $2.32 per diluted share, which included supplemental unemployment and severance costs of $25 million. This compared to a first quarter 2015 net loss of $75 million, or $0.52 per diluted share, and a fourth quarter 2015 net loss of $1,133 million, or $7.74 per diluted share.
