The US is set to conduct more antidumping investigations into South Korean steel products, according to South Korean sources.
US Steel and other American steelmakers are accusing South Korean steel mills of selling products below cost, said KOTRA, the Korean Trade Investment Promotion Agency. The US steelmakers' main target is China, the largest steel exporter to US, but South Korea is also likely to be targeted after China as the third largest exporter to the US, KOTRA has stated.
South Korea's steel shipments to America are soaring at present, especially due to the weakness of the domestic currency. South Korea exported 235,600 mt in January, up 130.8 percent year-on-year, accounting for 11 percent of the US market. In the same month, China's exports shrank 10.2 percent to 396,100 mt.
Currently, 11 of the 15 US import restriction cases on South Korean goods concern steel products, raising fears on further restrictions on South Korean steel mills.
In addition, the US International Trade Committee (ITC) has decided to extend its steel imports monitoring system until 2013, aiming at promptly imposing restrictive measures.