Market Data
June 21, 2023
Cliffs Cheers Commerce Decision on Tin Mill Products
The US Department of Commerce has reached a preliminary determination that producers of tin mill products from China benefit from significant countervailable government subsidies.
Cleveland-Cliffs applauded the decision in a press release on Wednesday.
The Cleveland-based steelmaker said Commerce found a subsidy rate of 542.55% for Baoshan Iron and Steel and a rate of 89.02% for Jingtang Iron and Steel, while a rate of 89.02% will apply to all other exporters. Cash deposits on the imported product will now be required.
Additionally, Commerce said it was initiating an investigation of further subsidies alleged by petitioners Cliffs and the United Steelworkers (USW) union, the release said.
Cliffs and the USW filed a trade case targeting imported tin mill products in January.
By Ethan Bernard, ethan@steelmarketupdate.com
