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| European Commission sets 24% AD duty on Chinese wire rod - 24 Jun, 2009 | ||
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EU member states have agreed to support a proposal of the European Commission to impose an anti-dumping duty of 24% on imports of wire rod from China. The measure is applicable for five years as from the beginning of August 2009. The European Confederation of Iron and Steel Industries strongly welcomed the decision. Mr Gordon Moffat director general of EUROFER said “We are satisfied with this outcome which sends out the clear message that unfair trade practices are not tolerated by Europe.” Mr Moffat added that “Since the onset of the financial and economic crisis we have seen a proliferation of protectionist measures worldwide which is affecting about 70% of world steel production”.” Europe is notable by the complete absence of protectionist measures on its market. However, the consequence of this is that protectionism elsewhere drives dumped imports onto the open European market. This has been a contributory factor in EUROFER’s legitimate use of trade defence against dumped imports of wire rod from China. Represented by EUROFER, the European steel industry is the world leader in its sector with a turnover of about EUR 190 billion and direct employment of 420 thousand people, producing 200 million tonnes of steel per year. In February 2009, the EC decided to impose a 24% provisional antidumping duty on Chinese wire rod following a proceeding which was initiated by the EC in May 2008, with the investigation of dumping and injury covering the period from April 1st 2007 to March 31st 2008. | ||
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