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US opens anti-dumping probe on US$2b in steel imports
[WASHINGTON] The US Commerce Department launched a probe on Tuesday into alleged dumping by several foreign steel producers accused of undercutting America's domestic industry.
US officials said seven nations were involved in underpricing some two billion dollars worth of steel: Australia, Brazil, South Korea, the Netherlands, Britain, Japan and Turkey.
Japanese producers were selling hot-rolled steel flat products into the United States at 16 per cent under the market prices while producers from Turkey discounted their steel by one-third.
South Korea is the largest supplier of cold-rolled flat steel to the United States, exporting US$678.8 million worth last year.
The probe was brought on behalf of major US steel producers who have been hit with competition from cheaper imports as the global steel industry endures a supply glut, mainly due to China's downturn.
The Commerce Department said it would reach a preliminary determination on the probe by September 25, and could set anti-dumping and anti-subsidy duties beginning as early as November.