Congressman Rick Nolan

Representing the 8th District of Minnesota
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Nolan Brings Down the Hammer on Illegal Foreign Steel

Aug 25, 2016
Press Release

U.S. Rep. Rick Nolan today announced the dramatic results of his work against illegal foreign steel dumping. The Obama Administration’s historic crackdown began after White House Chief of Staff Denis McDonough visited Minnesota’s Iron Range at Nolan’s request last December, which resulted in some of the highest tariffs and taxes ever imposed on steel from China and 11 other trade cheater nations. In the three most important trade cases for the U.S. iron ore and steel industry in 15 years, China was hit the hardest with combined steel tariffs and taxes of up to 522%.

The tariffs and taxes implement a virtual moratorium on low-grade, foreign government-subsidized steel that came after numerous appeals from Nolan to the White House, the Commerce Department and the International Trade Commission to bring the hammer down on illegal steel imports that devastated the Iron Range economy.

“That’s why some 1,000 Iron Range miners are already back to work,” Nolan said. “Thanks to these cripplingly high new tariffs and taxes, Range iron ore prices are up, steel imports are down, the glut of foreign steel is disappearing and America’s steel industry – the foundation of our economic and military security – is on the rebound.”

Cliffs Natural Resources President & CEO Lourenco Goncalves pointed out at the groundbreaking ceremony for the new 21st Century, $65 million ‘Mustang’ project in Forbes, it will likely be many years before these nations consider another attack on America’s iron ore and steel market.

Below are the tariffs and taxes (rounded off) that have been finalized by the Department of Commerce to level the playing field and allow America’s iron ore and steel industry to compete fairly on the global playing field:

Tariffs & Taxes on Foreign Corrosion-Resistant Steel

China...... 451%

Korea...... 48%

India....... 29%

Italy........ 92%

Taiwan.......4%

 

Tariffs & Taxes on Foreign Cold-Rolled Steel

China........ 522%

Korea........ 59%

Japan........ 71%

Brazil........ 32%

UK............ 26%

Russia...... 13%

India......... 10%

 

Tariffs & Taxes on Foreign Hot-Rolled Steel

Korea........... 57%

Brazil........... 31%

UK............... 33%

Australia....... 29%

Turkey.......... 7%

Japan........... 8%

Netherlands... 4%