Hyundai Steel was cleared of antidumping charges from the United States, while other Korean steel exporters walked away with light penalties in final determination on dumping allegations on coated steel sheets.

The U.S. Department of Commerce delivered its final ruling on Korean-made coated steel sheets – levying zero on Korean second largest steelmaker Hyundai Steel and 2.43 percent on Dongkuk Steel Mill and other local makers.

The ruling was little relief on virus-stricken market. Hyundai Steel shares on Thursday closed 7.9 percent lower at 20,400 won ($16.92), and Dongkuk Steel Mill shares 4.19 percent down at 3,885 won in Seoul.

Hyundai Steel was unchanged from preliminary evaluation in March last year. The rates for Dongkuk Steel Mill and others, however, were trimmed from heavier 7.33 percent.

Countervailing duties on the products also were cut to 0.44 percent from 0.57 percent for Hyundai Steel and to 7.16 percent from 8.47 percent for Dongkuk Steel Mill and others.

Earlier, the U.S. set countervailing duties of 0.49 percent on steel plates made by Hyundai Steel and 0.15 percent on those made by Dongkuk Steel Mill in its preliminary ruling on Mar. 2.

“U.S. Department of Commerce recently has made decisions after carefully reviewing documents submitted by Korean steelmakers. Still, there’s a risk of judgment based on particular market situation (PMS),” said an industry official.

The PMS provides a basis of the authorities to use its discretion when imposing tariffs, not to trust the cost documents submitted from the exporter.

By Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]