U.S. Steel Corp., Nucor Corp. and other steel companies have filed the third case this year seeking protection from imports of the metal that they say are sold at unfairly low prices.
A suit filed Aug. 11 with the U.S. Department of Commerce and the U.S. International Trade Commission asks for penalties of as much as 200.8 percent of the value of hot-rolled steel products from Australia, Brazil, Japan, South Korea, Netherlands, Turkey and the United Kingdom.
Domestic steel mills are struggling as slowing Chinese consumption of raw materials has contributed to a global glut of metals such as steel, copper and aluminum. At the same time, a strong U.S. dollar and climbing demand have made the United States an attractive market for global supplies.
Imports from the countries named in the most recent petition jumped 57 percent last year, to 6.9 million tons of hot-rolled steel, according to data contained in the filing. Adding all countries together, U.S. steel imports climbed 38 percent, to 40.2 million tons, according to data from the U.S. Census Bureau.•