Brazil's International Trade Secretariat characterized exports of hot rolled steel from China and Russia as "dumping" in an announcement in the Official Gazette on Tuesday but requested more information before raising tariffs.

"A preliminary judgment has determined in the affirmative in regards to dumping," the entry read, adding the secretariat's decision was to hold off on taking any immediate action.

The investigation was opened in July at the request of Brazilian steel companies CSN and Gerdau SA as well as the Brazil subsidiary of ArcelorMittal .

The companies complained that cheap steel imports were unfairly eating into the domestic market when steelmakers in Latin America's largest economy are struggling due to a deep recession.

 

Source:reuters.com

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