China: Gov slams US investigation into alleged steel price-fixing

China “resolutely opposes” a probe by the United States International Trade Commission into complaints of price-fixing by Chinese steelmakers, the Ministry of Commerce said yesterday.

The country is “strongly dissatisfied” with the decision and will encourage its firms to legally defend their interests.

Trade remedy measures recently taken by the US are “protectionism,” and will disrupt trade rather than solve US steel industry problems, the ministry said in a statement.

The current steel industry woes are global challenges that require coordinated efforts to solve, it said.

The USITC said on Thursday that it will investigate a complaint by US Steel Corp of Pittsburgh, which claimed Chinese steelmakers and distributors conspired to fix prices, stole trade secrets and misrepresented the origin of their exports to the US.

In its complaint under section 337 of the main US tariff law, the company is seeking to bar nearly all imports from China’s largest steelmakers.

The investigation will involve 40 Chinese steel producers and distribution subsidiaries, including Baosteel, Hebei Iron and Steel, Wuhan Iron and Steel, and Anshan Iron and Steel.

Baosteel Group yesterday accused the US of breaking World Trade Organization rules and vowed to appeal against the investigation.

Full Content: China Daily

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