Chinese steel faces stiff US tariffs based on subsidies received

New York

IMPORTS of some corrosive-resistant steel from China may be taxed as much as 236 per cent based on the level of subsidies they receive, according to a preliminary finding by the US Department of Commerce.

The department found five Chinese exporters including Angang Group Hong Kong Co and Baoshan Iron & Steel Co got subsidies of that amount, it said in an e-mailed statement. US Customs and Border Protection will be instructed to require cash deposits based on the subsidy rates. A Baosteel Group Corp spokesman said the company's operations are based on market forces.