US moves pull down paper mill shares

Share prices of Chinese papermakers slid sharply yesterday after three US paper companies and the United Steelworkers Union (USW) revived a trade complaint against imports of coated paper from China and Indonesia.

Experts warn of a growing tendency of protectionism against Chinese imports in the US, despite a recent victory of a Hebei tire company in its appeal against US Commerce Department's decisions.

Appleton Coated LLC, NewPage Corp and Sappi Fine Paper North America, which together employ about 6,000 union workers at paper mills in nine states, and the United Steelworkers said $317 million in imports of the paper from China and Indonesia should face anti-dumping and countervailing duties that may total more than 100 percent.