7/31/2009
NEWS BRIEFS
EU Approves 24% Duty on Chinese Wire Rod

Foreign ministers from all 27 members of the European Union approved “definitive” antidumping duties of up to 24% on steel wire and rod imports from China starting August 1, 2009 and continuing for five years. The action must now be approved by member states.

The European Commission initiated its antidumping investigation in May 2008, with a provisional 25% duty imposed on Chinese steel wire and rod imports since February 2009.

China’s Ministry of Commerce called the action “unnecessary,” claiming Chinese wire rod exports to the EU have fallen since 2008, when China imposed a 15% export duty.

The European Confederation of Iron and Steel Industries (EUROFER) welcomed the tariffs.

“We are satisfied with this outcome which sends out the clear message that unfair trade practices are not tolerated by Europe,” said Gordon Moffat, EUROFER director general.

The global economic crisis has proliferated protectionist measures in markets around the world, driving dumped imports onto the European market, Moffat stated.

“This has been a contributory factor in EUROFER’s legitimate use of trade defense against dumped imports of wire rod from China.”

The EUR 190 billion European steel industry employs about 420,000 people to produce 200 million tons of steel annually. ©2009 GlobalFastenerNews.com

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