April 14, 2005
Nucor Corp. and U.S. Steel Corp. today praised the decision of the U.S. International Trade Commission (ITC) to extend the antidumping and countervailing duty orders and suspension agreement covering imports of hot-rolled steel from Brazil, Japan, and the Russian Federation for an additional five years. The Commission's vote was four to two in favor of extension. The ITC made its decision in its "sunset review" after a full investigation of whether revocation of the orders and suspension agreement would likely lead to the continuation or recurrence of material injury to the domestic industry.
"The orders on Brazil and Japan, and the suspension agreement covering imports from Russia, continue to play a major role in helping the U.S. hot-rolled steel industry to consolidate and become consistently profitable," said Dan DiMicco, Nucor's vice chairman, president and CEO. "We are pleased that the ITC has recognized the importance of these measures. This will not only be good for the domestic steel industry, but, by strengthening the industry, will be positive for our customers as well."
"The industry has made great strides in terms of remaking itself and recovering from the steel crisis, but the work is not complete," said John P. Surma, president and CEO of U. S. Steel. "This decision correctly recognizes that there is no place in this market for unfairly traded imports—particularly as the industry tries to solidify and build upon its recent progress."