Grupo Simec Comments on U.S. Imposition of Rebar Import Duties
02/09/2015 - Grupo Simec S.A.B. de CV is providing comments on the effects of what it called a “surprising” decision by the U.S. Department of Commerce to impose an antidumping duty of 66.7% on rebar shipments from the company.
During the years 2012, 2013 and 2014 (January to September), the company exported to the U.S. 2,199; 1,682; and 1,204 metric tons of rebar, respectively. This accounted to 0.10%, 0.08% and 0.07%, respectively, of the total steel shipped, and a similar but lower percentage of EBITDA, due to the lower profit margin of the rebar within the steel products mix manufactured by Simec.
The U.S. Commerce Department issued its final decision in the antidumping case brought by various U.S. producers against rebar imports originated in Mexico and Turkey on 8 September 2014. The International Trade Commission (ITC) issued its final injury determination on 14 October 2014 that resulted in the duties being imposed on rebar shipments from Simec. The Mexican company says is important to clarify that these duties will not significantly impact its results, since sales of the company’s rebar to the U.S. are insignificant, as mentioned in the previous paragraph.
During the period of the antidumping review (1 July 2012 to 30 June 2013), the company’s total sales of rebar into the U.S. were 1,489 metric tons, representing 0.25% of the company’s total exports.
Despite the aforementioned above, Simec is submitting the appropriate legal actions to the NAFTA panel to reverse the dumping fee that has been imposed. With the advice of Greenberg Tauring LLP, the company has expressed disagreement with the decision of the authorities of the US., and requested the possibility to export to the country in the near future.
The U.S. Commerce Department issued its final decision in the antidumping case brought by various U.S. producers against rebar imports originated in Mexico and Turkey on 8 September 2014. The International Trade Commission (ITC) issued its final injury determination on 14 October 2014 that resulted in the duties being imposed on rebar shipments from Simec. The Mexican company says is important to clarify that these duties will not significantly impact its results, since sales of the company’s rebar to the U.S. are insignificant, as mentioned in the previous paragraph.
During the period of the antidumping review (1 July 2012 to 30 June 2013), the company’s total sales of rebar into the U.S. were 1,489 metric tons, representing 0.25% of the company’s total exports.
Despite the aforementioned above, Simec is submitting the appropriate legal actions to the NAFTA panel to reverse the dumping fee that has been imposed. With the advice of Greenberg Tauring LLP, the company has expressed disagreement with the decision of the authorities of the US., and requested the possibility to export to the country in the near future.
