July 14, 2014 11:16
The U.S. Commerce Department has decided to slap a maximum 15.75 percent additional tariff on Korean-made steel tubes after accusing firms here of dumping.
As a result, Korean steel makers are expected to face tough conditions in exporting their products to the U.S. The steel tubes are used heavily in oil and gas wells in the U.S. Korean steel makers shipped 98.5 percent of their steel tube output to the U.S, with exports standing at US$830 million in 2012.
The Korean government plans to appeal the decision to the World Trade Organization.
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