Senators want Biden to lower South Korean import quota for piping products (updated)

Oil Country Tubular

30/08/2024 19:02

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    By David Shepardson
       WASHINGTON, Aug 30 (Reuters) - Three Democratic U.S.
senators urged the Biden administration on Friday to reduce the
current import quota set on oil and gas drilling pipes from
South Korea, saying it has impacted companies with operations in
Ohio and Pennsylvania.
    The senators, Sherrod Brown of Ohio and Bob Casey and John
Fetterman of Pennsylvania, noted the market for products known
as Oil Country Tubular Goods, used for drilling, extraction and
transport of oil and natural gas, has declined and resulted in
layoffs by companies with U.S. operations. The reduced demand
and quota has impacted companies like Tenaris  TENR.MI , which
has operations in Ohio and Pennsylvania, and Vallourec
 VLLP.PA , which has operations in Ohio, the senators said.
    The companies did not immediately comment.
    In 2018, the United States imposed tariffs on some steel and
aluminum imports, including OCTG, covering most U.S. trading
partners, but granted exemptions for some allies including South
Korea, which includes an annual quota for South Korean OCTG
imports. 
    "We urge the administration to take action to ensure that
the industry does not continue to suffer additional job losses
because of this outdated quota,” the senators wrote to U.S.
Trade Representative Katherine Tai and Commerce Secretary Gina
Raimondo.
    USTR, Commerce and the South Korean embassy in Washington
did not immediately respond to requests for comment.
    The senators said OCTG companies with U.S. operations have
seen more than 220 layoffs or reductions in workforce at plants
in Ohio, Pennsylvania, Oklahoma, and Texas.

 (Reporting by David Shepardson, Editing by William Maclean)
 ((David.Shepardson@thomsonreuters.com; 2028988324;))