[THE INVESTOR] The US government on Sept. 12 issued a final ruling slapping a maximum of 61 percent anti-dumping and countervailing duties on South Korean steelmaker POSCO.

The US International Trade Commission affirmed the decision by the US Commerce Department in August to impose duties on hot-rolled flat steel imported from South Korea, Japan, Turkey, Britain, Brazil, Australia and the Netherlands. 



Under the decision, Korea’s top steelmaker will face 3.89 percent anti-dumping tariff and a countervailing duty of 57.04 percent to add up to 61 percent, the highest among steelmakers in seven countries.

For the industry’s runner-up Hyundai Steel, the anti-dumping tariff was set at 9.49 percent and countervailing duty at 3.89 percent.

Brazilian steelmakers were slapped with 30 percent anti-dumping tariff on average and 10 percent countervailing duty, while Japanese counterparts were hit with 4-7 percent anti-dumping taxes on average.

South Korea is one of the largest steel exporters to the US. Every year, the country sends around US$700 million of hot-rolled steel products, which is mainly used in automotive, heavy machinery and for construction.

By Ahn Sung-mi (sahn@heraldcorp.com)