Baosteel braces for US legal battle
Baosteel Group, which owns Baoshan Iron and Steel Co Ltd, China's largest and most advanced integrated steel manufacturer, has said it will defend its legal rights in accordance with international regulations and laws in the case relating to United States Steel Corporation's complaint against Baosteel.
On April 26, US Steel Corp filed an application against Baosteel and other Chinese steel makers under Section 337 of the US Tariff Act of 1930, which seeks to bar import of Chinese carbon and alloy steel products.
US Steel Corp alleged that 40 Chinese companies, including Baoshan, have exported steel products to the US in violation of Section 337. It also alleged a conspiracy by the Chinese steel companies to control prices, misappropriation of trade secrets and mis-stating the origin of products, which the US International Trade Commission launched an investigation into the case last Thursday.
