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.