India amongst 9 countries under the scanner.
By Deepak Chitnis
WASHINGTON, DC: An investigation has been launched by the United States Department of Commerce into nine different nations, including India, who are accused of selling steel inside the US at prices so low that they’re unfair to any potential competition.
Senators Sherrod Brown (D-Ohio) and Rob Portman (R-Ohio) have initiated the inquiry, and have urged the US International Trade Commission (ITC) to do everything it can to protect national interests and curtail illegal sales in the country by foreign countries and companies.
“Domestic steel pipe producers are being crippled by an onslaught of foreign competitors illegally dumping imports in the United States,” said Brown. “The International Trade Commission must commit to Ohio’s workers and businesses and crack down on countries that sell their products at unfair prices. As our trade deficit widens, leveling the playing field is the only way to protect local jobs, and in the future, create them.”
South Korea, Vietnam, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey, and Ukraine are the other eight countries that have been accused of engaging in the illegal steel sale in addition to India.
The irony is that India has recently come under fire from foreign companies with offices there for being too restrictive and protective of its national interests, and is now being accused of exploiting the system of another country for its own gains.
The US consumes large amounts of steel, but domestically its production of the metal has declined due to imports from other nations. Brown and Portman allege that steel imports into the US have increased from 840,000 tons in 2010 to 1,770,000 tons last year.
To contact the author, email to deepakchitnis@americanbazaaronline.com