Mesabi Daily News: STEEL TARIFFS ARE FINALIZED BY ITC
WASHINGTON — The U.S. International Trade Commission has finalized hefty tariffs on illegally subsidized steel from China.
Those imports have been cited as the main culprit in devastating the nation’s iron ore and steel industries the past year and leading to closing of plants and layoffs of tens of thousands workers across the country, including on the Iron Range.
The new tariffs, which are the same as taxes, are:
• An anti-dumping 265 percent rate and a countervailing rate of 256 percent on Chinese cold-rolled steel.
• An anti-dumping 209 percent rate and a 241 countervailing rate on Chinese corrosion-resistant steel.
The tariffs had been announced weeks ago, but they are now actually being imposed.
Eighth District Democratic U.S. Rep. Rick Nolan praised the action, and said they will aid the ongoing recovery of ore and steel businesses.
“Economic recovery on the Range still has a long way to go,” Nolan said. “But as a result of these new tariffs and countervailing duties, U.S. steel mills are now operating at 75% capacity, up from 60% in 2015; iron ore prices are rising and have jumped from $40 to nearly $60 a ton; steel imports have decreased 31% for the first five months of 2016 compared to the same time period in 2015,” he said.
On the Iron Range, Nolan said “Cliffs Natural Resources is putting 1,000 miners back to work and investing $65 million in next generation mining technologies at its Eveleth and Forbes operations. This is all good news that promises a more hopeful summer on the Range.”