Concern over possible impact of US probe on SA steel industry

The Steel and Engineering Industries Federation of Southern Africa (Seifsa) says it is extremely concerned that the challenges facing the local steel industry will only worsen if the US Department of Commerce and the US International Trade Commissions’ (ITC’s) parallel investigations to determine if US producers have been harmed by carbon and alloy steel wire rod imports from Italy, the Republic of Korea, South Africa, Spain, Turkey, Ukraine and/or the UK, prove positive. Seifsa chief economist Michael Ade said in a statement on Monday that affirmative determinations, coupled with the ITC’s final injury determinations, will result in the commerce department issuing antidumping orders and imposing relevant duties, thus increasing local steel producers’ exporting costs, and this will eventually squeeze their profit margins.