South Korea’s agency handling trade remedies said Friday that it has decided to extend the current anti-dumping tariffs imposed on some foreign stainless steel products by three additional years.
The Korea Trade Commission said it will ask the finance ministry to continue to slap anti-dumping tariffs of 3.56 to 15.39 percent on stainless steel products imported from Japan, India and Spain for three more years.
The commission is a quasi-judicial body that undertakes investigations and makes determinations of any harm done to South Korean industry by imports.
The commission launched an investigation into the impact imported products have on the market on June 3 last year to decide whether or not to extend the tariffs.
The agency said after its probe revealed that South Korean steel companies could suffer damages if anti-dumping tariffs on the three countries’ products are ended.
Seoul has imposed anti-dumping tariffs on the high-end steel products shipped by the three countries since July 2004. Stainless steel bars are value-added products mainly used in autos, nuclear power plants and construction.
The Ministry of Strategy and Finance is required to make a decision by June 3 on whether to continue anti-dumping tariffs on the foreign stainless steel bars.