Market Segment
February 18, 2026
Mexico launches cold-rolled steel trade case vs. US, China, Malaysia
Written by Laura Miller
As referenced in Michael Cowden’s last Final Thoughts, Mexico has opened a formal investigation into cold-rolled steel imports from the US, China, and Malaysia. Here are the details.
The Ministry of the Economy announced in the country’s Diario Oficial on Feb. 16 that it has launched an anti-dumping investigation into CR imports from the three nations. Additionally, it will be investigating the US for allegedly subsidizing its CR steel industry.
The case follows a formal request from Ternium Mexico in October 2025.
Complaint
“The Applicant stated that imports of cold-rolled steel originating in the United States, Malaysia, and China were carried out in significant volumes and under conditions of price discrimination, causing injury to the domestic industry, with the likelihood of further injury,” the Ministry of the Economy said.
“Furthermore, imports originating in the United States benefit from support, subsidies, and other distortions or forms of income support promoted by government authorities in that country,” it added.
US subsidy investigation
As part of the US subsidy probe, the Ministry will investigate a host of federal and state programs including Section 232 tariffs, which Ternium says function as a production subsidy.
“By restricting access to imports and artificially raising the domestic price of the product, domestic producers are guaranteed incomes above those that would prevail under market conditions. Such a measure fits the notion of a financial contribution,” the Ministry noted.
It will additionally look at potential subsidies received via the Inflation Reduction Act, Export-Import Bank of the United States loan guarantee programs, and other government initiatives.
It will also consider President Trump’s “golden share,” granted as part of Nippon Steel’s acquisition of U.S. Steel.
“This agreement constitutes a financial contribution because the United States government authorized the sale of the company under strict conditions. These conditions included a requirement for an $11 billion investment in an electric arc furnace, making the transfer of funds to US Steel a government subsidy,” Ternium’s petition argues.
“Furthermore, by establishing limits on job cuts, production reductions, and facility closures, employment and productivity are guaranteed, effectively subsidizing and benefiting the company’s production,” it said.
Case details
The Ministry set the period of investigation from April 1, 2024, to March 31, 2025, and the period for injury analysis from April 1, 2022, to March 31, 2025.
Interested parties have until March 25 to indicate their intentions to participate in this trade investigation.
The data
The US exports significant tonnages of CR steel to Mexico. In 2024, the US sent 608,277 metric tons (mt) of CR sheet, according to US government figures. In the first 11 months of 2025, it exported 504,864 mt.
