EU Imposes Countervailing Duty on Stainless Steel Cold-Rolled Flat Products From India, Indonesia
The EU imposed a countervailing duty on imports of stainless steel cold-rolled flat products from India and Indonesia, the European Commission said in a March 16 regulation. The new duty applies to "flat-rolled products of stainless steel, not further worked than cold-rolled (cold-reduced)." The following duty rates apply to India: 4.3% for Jindal Stainless, 4.3% for Jindal Stainless Hisar, 7.5% for Chromeni Steels Private, and 7.5% for all other Indian companies. The following duty rates apply to Indonesia: 21.4% for PT. Indonesia Ruipu Nickel and Chrome Alloy, 0% for PT. Jindal Stainless Indonesia, 13.5% for non-sampled cooperating company, and 20.5% for all other Indonesian companies.
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The commission, in an accompanying news release, said the duties are meant as a counter to steel subsidies stemming from export restrictions on raw materials and transnational subsidies from China. “Today we are taking action to counter unfair state-sponsored subsidies in India and Indonesia that directly hurt our workers and companies in this vital industrial sector," EU Trade Commissioner Valdis Dombrovskis said. "Subsidies involving export restrictions are among the most distortive because they massively bring down the cost of raw materials in the exporting country -- and directly undermine fair competition with EU companies. This calls for our robust response to level the playing field, in line with WTO rules. In this investigation we are also addressing complex Chinese transnational subsidy schemes with third countries that directly threaten our industry.”