Korea Steel Hit with Extra Duties for Unfair Aid
Published Date: 4/16/2025
Notice
Summary
The U.S. Department of Commerce found that some Korean companies making stainless steel coils got unfair government help in 2022. Because of this, certain extra taxes (countervailing duties) will apply to their products starting April 16, 2025. This decision affects importers and helps keep the playing field fair for U.S. steel makers.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Final countervailing duty rates set
Commerce determined net countervailable subsidy rates for stainless steel sheet and strip in coils from Korea for the period January 1, 2022 through December 31, 2022. The final rates are: Hyundai BNG Steel Co., Ltd. 0.57%, Hyundai Steel Company 2.47%, and Geumok Tech. Co., Ltd. 17.04%.
Cash deposit collection begins on publication date
CBP will collect cash deposits of estimated countervailing duties for shipments of the subject merchandise entered or withdrawn for consumption on or after the date of publication (April 16, 2025). Commerce will instruct CBP to collect deposits in the amounts shown for companies subject to this review, and these deposits will remain in effect until further notice.
Decision intended to protect U.S. steel makers
The Department of Commerce states this decision affects importers and helps keep the playing field fair for U.S. steel makers by imposing countervailing duties on subsidized Korean stainless steel sheet and strip in coils. The final results apply to imports tied to the January 1, 2022 through December 31, 2022 review period and are applicable April 16, 2025.
Assessment timing and potential hold on liquidation
Commerce intends to issue assessment instructions to U.S. Customs and Border Protection no earlier than 35 days after publication of the final results (publication April 16, 2025). If a timely summons is filed at the U.S. Court of International Trade, the instructions will direct CBP not to liquidate relevant entries until the time to seek a statutory injunction has expired (within 90 days of publication).
Rescission for Samsung STS due to no shipments
Commerce is rescinding the administrative review for Samsung STS Co., Ltd. because it had no reviewable shipments, sales, or entries of subject merchandise during the period January 1, 2022 through December 31, 2022. For that company, Commerce will instruct CBP to assess countervailing duties at a rate equal to the cash deposit required at the time of entry for any appropriate entries during that period.
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Key Dates
Department and Agencies
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