U.S. Commerce Department Enforces Heavy Duties on Russian Ferrosilicon Imports
TL;DR
U.S. Commerce Department imposes heavy duties on Russian ferrosilicon, providing a competitive advantage for U.S. producers CC Metals and Ferroglobe.
Commerce's investigations into unfairly priced and subsidized ferrosilicon from Russia, Kazakhstan, Malaysia, and Brazil resulted in significant duties to address market distortions.
The duties aim to restore a level playing field in international trade, ensuring compliance with obligations and removing market distortions caused by improper government intervention.
CC Metals and Ferroglobe welcomed Commerce's announcement, confirming that Russian producers have not been playing by the rules of international trade.
Found this article helpful?
Share it with your network and spread the knowledge!
The U.S. Commerce Department announced today the imposition of preliminary antidumping duties (AD) of 283.27 percent and countervailing duties (CVD) of 748.58 percent on all imports of ferrosilicon from Russia. This decision follows petitions from U.S. ferrosilicon producers CC Metals and Alloys, LLC (CC Metals) and Ferroglobe USA, Inc. (Ferroglobe) seeking eight AD and CVD investigations into unfairly priced and subsidized imports from Russia, Kazakhstan, Malaysia, and Brazil. The investigations were initiated on April 17, 2024.
The substantial duties aim to rectify the unfair pricing and improper subsidies that Russian producers and exporters have received. CC Metals and Ferroglobe have expressed strong support for Commerce's decision. Marco Levi, Chief Executive Officer of Ferroglobe PLC, stated, “Today’s announcement confirms that Russian producers and exporters received massive government subsidies that have allowed them to flood the U.S. market with unfairly traded ferrosilicon imports. This allowed Russia to be the dominant import source, accounting for over 30% of all imports in 2023.” Levi emphasized that the preliminary duties are a critical step in eliminating market distortions caused by improper Russian government intervention.
Chris Cobb, Plant Manager of CC Metals and Alloys, Inc., added, “Commerce’s decision validates our analysis that Russian producers and exporters have not been playing by the rules of international trade that they agreed to follow. We are grateful to Commerce staff for its hard work and commitment to enforcing U.S. trade laws and ensuring that everyone complies with their international obligations. We look forward to seeing a level playing field restored.”
Once Commerce’s determination is published in the Federal Register, all importers of Russian ferrosilicon will be required to post cash deposits or a bond to secure the potential duties they may owe.
Furthermore, Commerce is continuing its investigations into imports from Kazakhstan, Malaysia, and Brazil. Preliminary CVD determinations for these countries are expected by August 12, 2024, and AD determinations by October 24, 2024. If affirmative, provisional duties will be collected based on the preliminary margins calculated by Commerce.
CC Metals, founded in 1949, is an ISO 9001 certified leading manufacturer of over 40 different products, including 18 different ferrosilicons and more than 20 different magnesium ferrosilicon inoculants. The company ships over 100,000 metric tons of finished products annually from its facility in Calvert City, Kentucky.
Ferroglobe USA, Inc., a subsidiary of Ferroglobe PLC, is a world-leading producer of silicon metal and ferroalloys, serving various fast-growing markets such as solar, automotive, consumer products, construction, and energy. Ferroglobe operates metallurgical manufacturing facilities and mining sites across several U.S. states, including Alabama, Indiana, Kentucky, Ohio, South Carolina, and West Virginia.
For more information, visit CC Metals and Ferroglobe.
View source version on newsdirect.com
Curated from News Direct
