IPSCO Steel Inc. Announces the Filing of a Trade Case
17 February 1999
IPSCO Steel Inc. Announces the Filing of a Trade Case
MUSCATINE, Iowa--Feb. 16, 1999--IPSCO(TSE:IPS.) (Alberta Stock Exchange:IPS.) IPSCO Steel Inc. announced today that, together with four other companies and the United Steelworkers of America, it has filed a trade case against the major exporters of cut-to-length plate products to the United States.
Antidumping suits were filed against South Korea, France, Italy, Macedonia, India, the Czech Republic, Japan and Indonesia. Countervailing duty suits were filed against South Korea, France, Italy, Macedonia, India and Indonesia. The petitioners, IPSCO Steel Inc.; Bethlehem Steel Corporation; Gulf States Steel, Inc.; Tuscaloosa Steel Company and U.S. Steel Group, a unit of USX Corporation, accounted for 80 percent of shipments of cut-to-length steel products by domestic producers in 1998.
Dumped and heavily subsidized steel imports from major foreign producers have overwhelmed the U.S. market. These unfairly traded imports have caused prices to plummet and forced U.S. companies to cut back production significantly. The actions of these foreign producers have caused serious injury to the domestic industry. In order to act in the best interests of its workers and its shareholders and the communities in which it operates, IPSCO Steel Inc. stated that it planned to use all tools available under the law to fight back against these unfair trade practices.
The cases filed today allege antidumping margins as high as 119 percent and subsidy margins as high as 56 percent. Imports of cut-to-length plate products from the countries cited in these cases have increased by 521 percent since 1995. Imports from these countries now represent over 60 percent of all imports of cut-to-length plate products.
The U.S. steelmaking industry is among the world's most efficient steelmakers. Many foreign producers have not made the commitment to investment and modernize that the U.S. industry and its workers have. These foreign producers continue to rely on dumping and subsidization to compete. They often operate in closed home markets which allow them to engage in these unfair trade practices.
The U.S. steelmaking industry seeks the full relief available under the law to ensure that unfairly traded imports do not undermine American steel companies and their workers. The industry is committed to using the trade laws fully and aggressively to counter unfair trade.
This news release contains forward looking information with respect to IPSCO's operations and beliefs. Actual results may differ from these forward looking statements due to numerous factors, including those discussed in IPSCO's 1997 Annual Report for its fiscal year ended December 31, 1997.