Economy
Cliffs Cheers Commerce Decision on Tin Mill Products
June 21, 2023
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
Latest in Economy
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey
Construction adds 13,000 jobs in March
The construction sector added 13,000 jobs, seasonally adjusted, in March, but tariffs could undermine the industry.
Supply chains, end-users brace for impact from tariffs
Supply chains are working through what the tariffs mean for them