Korea won a case at the World Trade Organization against the United States over the country slapping anti-dumping duties on steel pipes, a panel report showed on Nov. 14.
In July 2014, the US Commerce Department levied 9.9 percent to 15.8 percent anti-dumping duties on oil country tubular goods imports from Hyundai Steel, Nexteel, Seah Steel and Husteel.
Five months later, Korea submitted an appeal with the WTO against the tariff, arguing that the US calculation of margins for Korean products was not “reasonable” when compared to the rate of global profit margins.
The WTO dispute settlement panel sided with Seoul’s claim that the US incorrectly applied the term “same general category of products” in determining for OCTG products and didn‘t use the actual profit data. The Korean companies exported 98 percent of their products to the United States.
“If the panel ruling is confirmed and the US complies with it, anti-dumping measures on Korean OCTG will be lifted,” Seoul’s Trade Ministry said in a release. “It would enhance the business environment for Korean companies in the US market.”
The ruling will be confirmed if the two sides don’t appeal within 60 days.
By Alex Lee and newswires (email@example.com