U. S. Steel Reacts to Important Department of Commerce Preliminary Results
December 05 2024 - 5:03PM
Business Wire
Oil country tubular goods from Argentina and
Mexico were found to be dumped in the U.S.
United States Steel Corporation (NYSE: X) (“U. S. Steel”) today
reacted to the U.S. Department of Commerce’s preliminary findings
regarding oil country tubular goods (OCTG) from Argentina and
Mexico. In its release, Commerce preliminarily found that Argentine
OCTG produced/exported by Tenaris’ Siderca S.A.I.C and Mexican OCTG
produced/exported by Tenaris’ Tubos de Acero de Mexico, S.A.,
continued to be dumped in the U.S. market at rates of 6.80% and
30.38%, respectively, during the 2022-2023 review period.
U. S. Steel’s SVP, General Counsel and Chief Ethics and
Compliance Officer, Duane Holloway, said, “We are encouraged by the
Commerce Department’s diligence in enforcing trade laws in its
review of Mexican OCTG, but have concerns that Argentine OCTG is
being dumped at much higher levels than the preliminary rate. We
look forward to continuing to engage in the reviews so that
Commerce can calculate fair and accurate dumping margins in their
final results next year. As we have for decades, U. S. Steel will
continue to lead the domestic industry in the fight against
unfairly traded imports on behalf of our steelworkers, communities,
and customers.”
Until the U.S. Department of Commerce calculates a dumping
margin, all imports of Tenaris’ Argentine OCTG remain subject to
78.3% cash deposits and Mexican OCTG remain subject to 44.93% cash
deposits. Argentine OCTG is also subject to an annual Section 232
quota of 148,000 metric tons.
U. S. Steel produces billets and seamless OCTG in Fairfield,
Alabama, to serve the U.S. energy sector.
About U. S. Steel
Founded in 1901, United States Steel Corporation is a leading
steel producer. With an unwavering focus on safety, the Company’s
customer-centric Best for All® strategy is advancing a more secure,
sustainable future for U. S. Steel and its stakeholders. With a
renewed emphasis on innovation, U. S. Steel serves the automotive,
construction, appliance, energy, containers, and packaging
industries with high value-added steel products such as U. S.
Steel’s proprietary XG3® advanced high-strength steel. The Company
also maintains competitively advantaged iron ore production and has
an annual raw steelmaking capability of 25.4 million net tons. U.
S. Steel is headquartered in Pittsburgh, Pennsylvania, with
world-class operations across the United States and in Central
Europe. For more information, please visit www.ussteel.com.
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