Business / Industries

China 'resolutely opposes' US steel probe

(Xinhua) Updated: 2016-05-27 17:23

BEIJING - China "resolutely opposes" a probe by the US International Trade Commission (USITC) into complaints of price fixing by Chinese steel companies, the Chinese Ministry of Commerce said on Friday.

The ministry said the country was "strongly dissatisfied" with the US decision and would encourage its firms to legally defend their interests.

Trade remedy measures recently taken by the United States were protectionism, and would disrupt trade rather than solve US steel industry problems, according to a statement on the ministry's website.

It said current steel industry woes were global challenges that required coordinated efforts to solve.

The USITC said on Thursday it would investigate a complaint by US Steel Corporation of Pittsburgh, which alleged that Chinese steelmakers and distributors conspired to fix prices, stole trade secrets and misrepresented the origin of their exports to the United States.

In its complaint under section 337 of the main US tariff law, US Steel Corp is seeking to bar nearly all imports from China's largest steelmakers.

The investigation would involve 40 Chinese steel producers and distribution subsidiaries, including Baosteel, Hebei Iron and Steel Group, Wuhan Iron and Steel Co Ltd and Anshan Iron and Steel Group.

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