11:48 11.10.2017

Ukraine's economy ministry officially confirms imposing 37.89% antidumping duty on Metinvest's hot rolled angle bars from Nov 4 by EEC

Ukraine's economy ministry officially confirms imposing 37.89% antidumping duty on Metinvest's hot rolled angle bars from Nov 4 by EEC

Ukraine's Economic Development and Trade Ministry has officially confirmed imposing a five-year 37.89% antidumping duty on hot rolled angle bars made by Metinvest Group by the Eurasian Economic Commission (EEC).

According to a report of the ministry on Tuesday, EEC decided to take the antidumping measures for the period of four years and eight months towards imports of hot rolled angle bars originated from Ukraine under 7216210000, 7216401000, 7216501000, 7216509900 and 7228701000 tariff codes.

According to the decision, from November 4, 2017 the 37.89% duty will be collected from products made by Yenakiyeve Steel Works and Azovstal.

As reported, the EEC last August started investigating into imports of angle bars from Ukraine following the applications of two Evraz plants – Evraz ZSMK and Evraz NTMK, as well as Magnotogorsk Iron and Steel Works and Severstal. The share of these companies of total hot rolled steel angle bars production in the Eurasian Economic Union (EEU) was 90.6% from January 2013 through March 2016.

The impact of dumping imports has worsened the production and financial and economic indicators of the metallurgical sector of the EEU economy. For example, the volume of production in industry during the investigation period decreased by 14.4% compared to the same period last year, sales - by 11.8%, profit - by 50.3%, profitability from fixed assets fell by 60%, the commission said.

Azovstal and Yenakiyeve Steel Works are part of Metinvest Group, the key shareholders of which are PrJSC System Capital Management (71.24%) and Smart-holding (23.76%).

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