Seoul, March 20 (IANS) The South Korean government has launched a probe into suspected dumping of hot-rolled carbon steel and optical fibre products from China and Japan, the industry ministry said on Thursday.
The Korea Trade Commission (KTC) commenced the probe into alleged dumping of hot-rolled products of carbon steel and alloy steel by six Japanese companies, including JFE Shoji Corp., and five Chinese companies that include Benxi Iron and Steel Group.
The decision follows a complaint from Hyundai Steel Co., a major South Korean steel company, according to the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
The KTC also opened a separate investigation into allegations that three Chinese companies dumped single mode optical fibre products at lower prices than their normal value following a complaint filed by LS Cable & System Ltd., South Korea’s biggest cable company.
Following three months of preliminary investigation, the KTC plans to conduct a main investigation into the cases for another three to five months before delivering its decisions.
The KTC also held a public hearing on the ongoing investigation into suspected dumping of Chinese and Taiwanese petroleum resin products as part of efforts to guarantee the defence rights of the related parties, according to the ministry.
The KTC made a preliminary decision in December to impose a maximum of 18.52 percent of antidumping tariffs on those products.
Meanwhile, POSCO Holdings, the holding company of South Korea’s leading steelmaker POSCO, said on Thursday it will launch a new department to deal with global trade issues, a move that apparently comes in the face of U.S. President Donald Trump’s ever-changing tariff policies.
POSCO Holdings will kick off the new department Friday to handle trade issues ranging from steel and rechargeable battery materials to overseas energy resources development on behalf of its affiliates, the company said in a press release.
“There has been such a team that handles global trade affairs under POSCO, but the new department is for all affiliates under the holding company,” a company spokesperson said.
–IANS
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