Aug 30, 2019
Taiwan extends anti-dumping tariffs on Chinese, Korean steel firms

Taipei, Aug. 30 (CNA) Taiwan has extended anti-dumping tariffs on steel makers from China and South Korea for another five years after an investigation found firms from those countries have sold their products at unfairly low prices in the Taiwan market, causing material damage to their Taiwanese counterparts.

In an announcement posted by the Customs Administration of the Ministry of Finance Thursday, the punitive financial burden has been extended from Aug. 29, 2019 to Aug. 28, 2024 against Chinese and South Korean exporters of certain steel products such as stainless steel and cold-rolled coils and sheets.

According to the administration, the steel items in the case are used for production in a wide range of products such as car parts, kitchen equipment, computer components, electrical motors, cable cars, shipping containers and building materials.

The tariffs faced by Chinese and South Korean firms stand at 38.11 percent and 37.65 percent, respectively, the administration said.

Before the previous punitive tariffs ended, the administration said, Yieh United Steel Corp. Tang Eng Iron Works Co., two of the leading steel makers in Taiwan, filed a petition on Aug. 8, arguing that the termination of the punishment could harm the Taiwan steel market if Chinese and South Korean firms continued to dump their products here.

Therefore, the administration launched a probe into the allegations from Yieh United Steel and Tang Eng Iron, and after consulting with the Ministry of Economic Affairs, ruled that no evidence showed the extension of the anti-dumping tariffs would hurt Taiwan's economy. So it decided to extend the tariffs for another five years.

During the previous round of punitive tariffs from Aug. 15, 2013 to Aug. 14, 2018, Chinese steel makers previously had tariffs ranging from 20.18 percent to 38.11 percent on their products, while South Korean firms faced tariffs of 26.53 percent to 37.65 percent.

Shanxi Taigang Stainless Steel Co. of China and Pohang Iron and Steel Co. (POSCO) of South Korea faced lower tariffs at 20.18 percent and 26.53 percent, respectively, since they provided evidence that their dumping was less serious than their counterparts.

However, the two companies failed to provide any mitigating evidence to warrant lower punishments during the administration's most recent investigation and so higher duties were imposed, the agency said.