March 3, 2023
(press release)
–
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the U.S. International Trade Commission’s unanimous affirmative preliminary determination on all countries in response to antidumping and countervailing duty petitions on tin and chromium coated sheet steel products (“tin mill products”) filed by Cleveland-Cliffs and the United Steelworkers (“USW”). This affirmative preliminary determination relates to petitions seeking antidumping duties on U.S. imports of tin mill products from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom. The petitions also seek the imposition of countervailing duties on U.S. imports of tin mill products from China. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, stated, "Today’s affirmative vote by the U.S. International Trade Commission signals real progress on our joint effort with the USW to remedy surging imports of dumped and subsidized tin mill products in the U.S. market. Cleveland-Cliffs is committed to this antidumping and countervailing duty action and we are optimistic that we will see continued progress in this case before both the U.S. Department of Commerce and the U.S. International Trade Commission. Today’s vote should give pause to those facilitating the import of dumped and subsidized tin mill products from the countries at issue in this case.” The eight countries covered by the antidumping petitions and their respective alleged margins are as follows: Country Dumping Margins Canada 79.59% China 122.52% Germany 70.15% Netherlands 125.10 - 296.04% South Korea 13.28 – 110.5% Taiwan 46.76 - 59.61% Turkey 87.73 - 97.21% United Kingdom 111.92% Census data indicates that the United States imported over 1.42 million short tons of tin mill products from the eight subject countries in 2022, an increase of 37.7 percent since 2019. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230303005259/en/ MEDIA CONTACT: INVESTOR CONTACT: Source: Cleveland-Cliffs Inc. Released March 3, 2023
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
James Kerr
Manager, Investor Relations
(216) 694-7719
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
