The European Union on Thursday imposed anti-dumping tariffs on some Chinese and Russian steel imports for the next five years in a fresh effort to protect domestic manufacturers struggling with overcapacity.

The duties, which range from 19.7% to 22.1% for Chinese companies and from 18.7% to 36.1% for Russian producers, apply to so-called cold-rolled steel, a product used in the packaging, automotive, construction sectors.

The expected move comes days after the EU imposed tariffs on so-called rebars, steel products used to reinforce concrete.

European manufacturers in recent years have lodged multiple complaints that their Chinese competitors are exporting steel products to Europe at unfairly low prices.

The bloc had provisionally imposed tariffs in February, but the new rates are significantly higher. In a first time move by the Commission, they are also backdated to apply retroactively to December 2015, before the provisional tariffs were agreed.

“This shows our continuous efforts to use to full extent the available trade-defense instruments to fight unfair imports of steel products,” said Mina Andreeva, a spokeswoman for the European Commission.

The U.S. has also imposed preliminary duties on imports of cold-rolled steel on seven countries, including China at far higher rates. The U.S. set the duties for Chinese steelmakers at 265.79% in March.

Russia anti-dumping dutiescould oppose the decision to impose import duties on their steel products, Economy Minister Alexei Ulyukayev said.

 

Source : wsj.com

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