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U.S. Agency Votes to Block Steel Duties

May 11, 1999|Bloomberg News

A U.S trade agency rejected a complaint from U.S. steelmakers that stainless steel round wire imports from Japan, South Korea and four other countries hurt their business, marking a rare setback for a domestic industry trying to shut out imports. The International Trade Commission, an autonomous government agency that monitors the effects of trade on industries, voted 6 to 0 to block the Commerce Department from collecting proposed duties of up to 36% on the imports. Ten steel companies had filed a trade complaint with the ITC and Commerce Department in March 1998 against the six countries' steelmakers. Imports of stainless steel round wire from the targeted countries totaled less than $36.7 million in 1997, although the industry took action because prices are down by as much as 50% from two years ago.

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