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MTS - ArcelorMittal SA News Story

€27.04 0.7  2.6%

Last Trade - 07/05/21

Sector
Basic Materials
Size
Large Cap
Market Cap £25.39bn
Enterprise Value £31.03bn
Revenue £39.09bn
Position in Universe 11th / 727

EU extends steel pipe tariffs for Belarus, China and Russia

Mon 19th April, 2021 2:22pm
BRUSSELS, April 19 (Reuters) - The European Union has
extended tariffs on imports of iron and steel welded tubes and
pipes from Belarus, China and Russia for five years, saying they
are sold at unfairly low prices.
    The European Commission, which oversees trade policy for the
27 EU countries, said in the EU official journal on Monday that
the duties of between 10.1% and 90.6% would continue to apply.
    Chinese producers including Zhejiang Kingland  002443.SZ 
face the highest rate of 90.6%. The rate for manufacturers in
Belarus is 38.1%, while Russia's OMK Group and TMK Group
 TRMK.MM  pay 10.1% and 16.8% respectively. Other Russian
companies, such as PAO Severstal  CHMF.MM , face tariffs of
20.5%.
    The duties, in place since 2008, followed a complaint by a
group representing 50% of EU production. The investigation cites
ArcelorMittal  MT.LU , Spain's Celsa Atlantic and Italy's Arvedi
Tube Acciaio as EU producers. 
    The Commission concluded that China, Belarus and Russia have
significant spare production capacity and that dumping is likely
if measures are removed. 
    The three countries each currently hold a less than 0.5%
share of the EU market. In 2006/2007, they had a combined market
share of 18.7%. Turkey, whose producers are not subject to
duties, has 28% of the EU market.

 (Reporting by Philip Blenkinsop
Editing by David Goodman)
 ((philip.blenkinsop@thomsonreuters.com; +32 2 585 2869; Reuters
Messaging: @reutersPhilB))
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