Analysis
December 22, 2025
Coated trade case finalized, but some imports sneak in duty-free
Written by Laura Miller
The US Department of Commerce has officially published the anti-dumping and countervailing duty orders on corrosion-resistant (CORE) sheet imports. The Dec. 19 postings in the US government’s Federal Register are the final step in a trade case targeting primarily galvanized and Galvalume imports. The case was originally filed more than a year ago by domestic steelmakers and steelworkers.
The agency noted minuscule changes in final calculated rates for Brazil and Mexico due to ministerial errors. In the end, the final cash deposit rates (see chart below) are nearly indistinguishable from the final dumping rates announced in August. The final CVD rates differ slightly from initial margins.
Commerce also said it would refund any cash deposits made on retroactive CORE imports from the UAE, as alleged critical circumstances were found not to exist in the final results.
Some imports slide in duty-free
At the same time, Commerce revealed it is allowing some CORE imports into the country without paying the AD or CVDs. This is due to extensions, delays, missed deadlines, and the government shutdown, which postponed official legal postings. Recall the shutdown lasted from Oct. 1 through Nov. 12. Upon returning to work, the Commerce Department then delayed some decisions by 42 days to allow government employees to catch up.
In the AD case, provisional measures (preliminary margins) expired on Oct. 6, six months after the publication of Commerce’s preliminary determinations. Commerce therefore instructed CBP to liquidate any entries made on or after Oct. 7 through Dec. 1, the day before the ITC published its final injury determinations in the Federal Register.
In CVD cases, provisional measures can be maintained for up to four months. Commerce issued initial CVD margins in February. “Therefore, entries of CORE from Brazil, Canada, Mexico, and Vietnam made on or after June 10, 2025, and prior to the date of publication of the ITC’s final determinations in the Federal Register, are not subject to the assessment of countervailing duties due to Commerce’s discontinuation of the suspension of liquidation,” Commerce stated.
This essentially means the importers of record on entries of the subject CORE imports that entered during those dates do not have to pay ADs or CVDs on the merchandise.
“Practically speaking, the effect on the market is not likely to be significant,” international trade attorney Lewis Leibowitz told SMU. “Only a trader with a crystal ball and a strong stomach would be able to take that risk.”
| Exporter/producer | Final dumping rate | Final subsidy rate |
|---|---|---|
| Australia | ||
| BlueScope and related entities | 19.10% | – |
| All others | 19.10% | – |
| Brazil | ||
| CSN | 191.26% | 16.84% |
| Usiminas | 26.15% | 4.39% |
| All others | 161.52% | 15.99% |
| Canada | ||
| ArcelorMittal Dofasco, ArcelorMittal Coteau-du-Lac | 5.59% | 1.14% |
| Stelco | 8.13% | 1.50% |
| Nova Steel | 52.08% | 34.55% |
| All others | 5.79% | 1.16% |
| Mexico | ||
| Galvasid | 24.09% | 0% |
| Ternium Mexico, Tenigal | 14.17% | 13.26% |
| All others | 17.42% | 13.26% |
| The Netherlands | ||
| Tata Steel IJmuiden, Wuppermann Staal, Service Center Maastricht | 22.64% | – |
| All others | 22.64% | – |
| South Africa | ||
| Duferco Steel Processing | 19.21% | – |
| All others | 19.21% | – |
| Taiwan | ||
| Tieh Phui Enterprise | 10.85% | – |
| Sheng Yu Steel | 67.81% | – |
| Kounan Steel | 67.81% | – |
| Meglobe | 67.81% | – |
| All others | 10.85% | – |
| Turkey | ||
| Borcelik Celik Sanayii Ticaret, ArcelorMittal Celik Ticaret, Bamesa Celik Servis, Bamesa Muradiye Demir | 6.48% | – |
| Yildiz Demir Celik Sanayi, Yildiz Entegre Agac Sanayi | 10.49% | – |
| All others | 8.06% | – |
| United Arab Emirates | ||
| Al Ghurair Iron & Steel | 7.20% | – |
| United Iron & Steel Co., United Metal Coating | 16.38% | – |
| All others | 8.40% | – |
| Vietnam | ||
| Hoa Sen Group | 110.19% | 0.30% |
| Ton Dong A | 87.07% | 1.29% |
| China Steel and Nippon Steel Viet Nam | 94.89% | 1.29% |
| Hoa Phat Steel Sheet | 94.89% | 1.29% |
| Maruichi Sun Steel | 94.89% | 1.29% |
| Nam Kim Steel | 94.89% | 1.29% |
| Pomina Flat Steel | 94.89% | 1.29% |
| Sam Hwan Vina | 94.89% | 1.29% |
| Southern Sheet Steel | 94.89% | 1.29% |
| Tay Nam Steel | 94.89% | 1.29% |
| TVP Steel Trading | 94.89% | 1.29% |
| Viet Phap Steel Corrugated | 94.89% | 1.29% |
| Vietnam Steel Pipe Co., Vina One Steel Manufacturing Corp., VNSTEEL | 162.96% | 257.83% |
| Vietnam-wide entity | 162.96% | 1.29% |
As a reminder, the CORE products covered under these AD and CVD orders include flat-rolled steel, “either clad, plated, or coated with corrosion-resistant metals such as zinc, aluminum, or zinc-, aluminum-, nickel- or iron-based alloys, whether or not corrugated or painted, varnished, laminated, or coated with plastics or other non-metallic substances in addition to the metallic coating.” The orders cover imported coils that have a width of 12.7 mm or greater, regardless of coil form. Uncoiled product of a thickness less than 4.75 mm and a width of 12.7 mm or greater and that measures at least 10 times the thickness is included, as is uncoiled product with a thickness of 4.7 mm or more and a width exceeding 150 mm and measuring at least twice the thickness.
Import analysis
Note the analysis below is based on the import categories of galvanized sheet and strip and other metallic-coated sheet and strip, as defined by the US government. It also considers current import license figures for October and November, and not their final import tallies.
Data from the US government still show significant amounts of coated steel coming from the 10 countries targeted by the CORE trade case.
Considering the first 11 months of 2025, total imports of galvanized and other metallic-coated sheet and strip are down 42% vs. the same period of 2024. Canada remains the top supplier. Import totals have declined year over year (y/y) for every country involved in the CORE case (bolded countries below. That is, except for Taiwan, which has grown its CORE exports to the US by 4.6% this year.
Non-case-related countries notably increasing their CORE shipments to the US this year include Thailand (+848%), Indonesia (+554%), Saudi Arabia (+309%), Pakistan (+106%), and Japan (+36%).
| Country | Jan-Nov 2024 total | Jan-Nov 2025 total | y/y change | Jan-Nov 2024 % of total | Jan – Nov 2025 % of total |
|---|---|---|---|---|---|
| Total CORE imports from all countries | 4,102,695 | 2,381,696 | -41.9% | 100% | 100% |
| Canada | 1,011,228 | 806,143 | -20.3% | 25% | 34% |
| Vietnam | 846,246 | 7,349 | -99.1% | 21% | 0% |
| Mexico | 556,613 | 178,315 | -68.0% | 14% | 7% |
| South Korea | 378,599 | 335,127 | -11.5% | 9% | 14% |
| Taiwan | 332,058 | 347,469 | 4.6% | 8% | 15% |
| Brazil | 240,528 | 68,613 | -71.5% | 6% | 3% |
| United Arab Emirates | 109,185 | 50,125 | -54.1% | 3% | 2% |
| Austria | 90,258 | 73,016 | -19.1% | 2% | 3% |
| South Africa | 100,983 | 36,919 | -63.4% | 2% | 2% |
| Germany | 65,266 | 65,613 | 0.5% | 2% | 3% |
| Japan | 53,777 | 73,305 | 36.3% | 1% | 3% |
| Indonesia | 13,823 | 90,381 | 554% | 0% | 4% |
| Netherlands | 52,444 | 43,871 | -16.3 | 1% | 2% |
| Australia | 68,797 | 20,593 | -70.1% | 2% | 1% |
| Belgium | 35,968 | 25,377 | -29.4% | 1% | 1% |
| Turkey | 60,851 | 2,440 | -96% | 1% | 0% |
| Pakistan | 15,788 | 32,482 | 106% | 0% | 1% |
| Thailand | 3,229 | 30,623 | 848% | 0% | 1% |
| Saudi Arabia | 4,575 | 18,697 | 309% | 0% | 1% |
From June through November, CORE imports from the 10 case countries totaled 553,886 short tons (st) and accounted for 60% of total US CORE imports. Canada and Taiwan were the top suppliers during the five-month period, sending 337,945 st and 140,463 st, respectively. UAE and the Netherlands each sent over 30,000 st.
Looking at the two-month period of October and November, Canada and Taiwan remain the top CORE suppliers, sending 127,074 st and 47,354 st, respectively. The Netherlands sent 18,608 st during that time and the UAE 8,572 st.
