Economy
Cliffs Cheers Commerce Decision on Tin Mill Products
June 21, 2023
The US Department of Commerce has reached a preliminary determination that producers of tin mill products from China benefit from significant countervailable government subsidies.
Cleveland-Cliffs applauded the decision in a press release on Wednesday.
The Cleveland-based steelmaker said Commerce found a subsidy rate of 542.55% for Baoshan Iron and Steel and a rate of 89.02% for Jingtang Iron and Steel, while a rate of 89.02% will apply to all other exporters. Cash deposits on the imported product will now be required.
Additionally, Commerce said it was initiating an investigation of further subsidies alleged by petitioners Cliffs and the United Steelworkers (USW) union, the release said.
Cliffs and the USW filed a trade case targeting imported tin mill products in January.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.
Manufacturing in New York state improves again in August
Business activity in New York state improved modestly in August. It was just the second positive reading for the general business conditions index in six months.
President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.