SEOUL, Jan. 15 (Korea Bizwire) — The World Trade Organization’s ruling against the United States over the country slapping anti-dumping duties on steel pipes has been confirmed, Seoul’s trade ministry said Monday.
In July 2014, the U.S. Commerce Department levied 9.9 percent to 15.8 percent anti-dumping duties on oil country tubular goods (OCTG) imports from South Korean steelmakers, such as Hyundai Steel, Nexteel, Seah Steel Corp. and Husteel.
OCTG is one of the fastest growing sectors in the pipelines market and South Korean producers enjoyed a boom in the North American country’s oil and gas industry.
Five months later, South Korea submitted an appeal with the WTO against the tariff, arguing that the U.S. calculation of margins for Korean products was not “reasonable” when compared with the rate of global profit margins.
In November of last year, the WTO dispute settlement panel sided with Seoul’s claim that the U.S. incorrectly applied the term “same general category of products” in determining for OCTG products and didn’t use the actual profit data. The Korean companies exported 98 percent of their products to the United States.
The ruling was confirmed as the U.S. did not appeal within 60 days.
South Korea exported $818 million worth of OCTG to the world’s largest economy in 2013, but the amount shrank to $262 million in 2015 and $271 million in 2016, the ministry said.