S. Korea to extend antidumping duties on imports of steel bars

SEOUL, Dec. 24 (Yonhap) -- South Korea's trade watchdog said Thursday it will
recommend extending antidumping duties on imports of steel bars from Japan, India
and Spain for three years.
The government has been imposing anti-dumping tariffs on stainless steel bars
from the three countries, ranging from 5.11 percent to 15.39 percent, since July
30, 2004.
Stainless steel bars are mostly used for construction, auto parts, utensils and
home appliances.
The Korean Trade Commission (KTC) said it made the final ruling to slap a 3.33
percent duty on products from India's Viraj Inc. and 15.39 percent on products
sold at below-market prices from the other countries.
Japan's Sanyo Special Steel Co. will not be subject to the punitive action, as it
has agreed to a so-called price undertaking arrangement whereby the firm itself
will raise its export prices above a certain level.
The KTC will make the recommendation to the Ministry of Strategy and Finance
later Thursday. The ministry holds the power to levy tariffs and almost always
accepts the commission's recommendations.
The move will go into effect within a month, a KTC official said.
ygkim@yna.co.kr
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