UNITED KINGDOM August 08 2016 10:25 AM
LONDON (Scrap Register): Non-stainless steel producers of China and Russia were hit by the European Union with five-year anti-dumping tariffs as high as 36.1 percent.
The anti-dumping tariffs were imposed after founding that imports from the two countries unfairly undercut manufacturers in Europe such as ThyssenKrupp AG and ArcelorMittal.
Some of the Russian and Chinese exporters have sold certain cold-rolled flat products of iron or non-alloy steel in the EU’s 4.5 billion-euro ($5 billion) market below cost, a practice known as dumping.
The exporters include Russia’s Magnitogorsk Iron & Steel Works OJSC, Novolipetsk Steel PJSC and Severstal PJSC; and China’s Angang Steel Co. and Shougang group.