EU sets steel import duties to counter Chinese subsidies

Brussels

THE European Union has set duties of up to 35.9 per cent on imports of hot-rolled flat steel from China to counter what it says are unfair subsidies in a finding challenged by Beijing.

The European Commission (EC), which conducted an investigation on behalf of the 28 EU members, found a number of Chinese companies had benefited from preferential lending from state-owned banks, grants, tax deductions and the right to use industrial land.

"We are continuing to act, when necessary, against unfair trading conditions in the steel sector, and against foreign dumping," EU Trad…