Economy

xchrom

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37. U.S. Steel Gains as Obama Sets Duties on Steel Imports

Sun Jul 13, 2014, 07:46 AM

Jul 2014

http://www.bloomberg.com/news/2014-07-12/u-s-steel-gains-as-obama-sets-duties-on-steel-imports.html

The Obama administration handed a victory to U.S. Steel Corp. (X) and the United Steelworkers union yesterday by imposing duties on steel pipe imports from South Korea and eight other nations.

The U.S. Commerce Department set duties from 9.89 percent to 15.75 percent on Korean pipe, which is used in oil drilling, the agency said in a fact sheet released yesterday.

“We applaud their decision to prevent further gamesmanship of our laws and to secure our nation’s economy,” U.S. Steel Chief Executive Officer Mario Longhi said in an e-mailed statement. U.S. Steel rose 3.2 percent in New York trading.

Last year, pipe worth $818 million was exported to the U.S. from South Korea. Duties ranging from 2.05 percent to 118.32 percent also were imposed on pipe from the other nations, which sent $722 million worth of pipe to the U.S. last year.

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