High duty imposed on KS exports

High duty imposed on KS exports

JAKARTA (JP): Indonesia's PT Krakatau Steel has been slapped
with a 47.86 percent countervailing duty for its hot-rolled
carbon steel flats (HRC) exports to the United States, the
Ministry of Industry and Trade has said.

A statement from the ministry said on Friday that Indonesia
was also fined 10.21 percent for subsidizing the commodity.

State-owned Krakatau Steel is Indonesia's major exporter for
hot-rolled carbon steel, it said, adding that Indonesia holds
3.98 percent of the U.S. import market for the product.

"During the investigation period, HRC exports to the U.S.
totaled 189,200 tons valued at US$52.08 million," the ministry
said.

Indonesia was initially charged with causing material injury
to the U.S. industry and was petitioned for a 59.25 percent
countervailing duty and subsidy fine of 31.12 percent.

According to the statement, the final figures were reached
after extensive lobbying by the Indonesian government,
particularly the Ministry of Industry and Trade, Ministry of
Finance and Bank Indonesia.

The final affirmation is pending a decision by the U.S.
International Trade Commission, which will convene on Nov. 8, and
if affirmed, the duties will become effective Nov. 15.(tnt)