U.S. Exempts South African Mills from Steel and Aluminium Tariffs
As per the latest updates, U.S. has exempted some of the South African (SA) steel and aluminium producers from the steep tariffs imposed under section 232.
The U.S. Department of Commerce granted exemptions for 161 aluminum and 36 steel products made by companies whose U.S. customers asked for the exemptions, South Africa’s Department of Trade and Industry (DTI) said.
The products which are exempted include aluminum foil and aluminum plates, sheets and strip, as well as steel hot-rolled bars, hot-rolled sheets, cold-rolled sheets, plates cut and plates in coils.
Post import tariffs announced by U.S. on steel and aluminium imports in the month of Mar’18, South African government was worried about the negative impact it will have on country’s employment. This is because although SA’s contribution in U.S.’s total steel imports is usually below 2%, losing U.S. market would mean putting 300,000 tonne of steel production at risk and with it roughly 7 500 jobs in the steel and manufacturing supply chain.
DTI had earlier reiterated in its argument to the U.S. government that SA would be disproportionately affected both in terms of jobs and productive capacity. The department also argued that SA is also grappling with the steel glut and has control measures in place to avoid transhipment of steel from third countries.
In 2017, South Africa’s steel exports to the U.S. made up 1.4% of America’s steel imports and were valued at USD 950-million. Aluminum exports, meanwhile, were USD 375-million in 2017, accounting for 1.6% of U.S. imports from all global suppliers.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Aluminum price to average 6% higher in 2024 on strong demand: Fitch
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
