U.S. watchdog approves antidumping duties on Korean steel pipe productsUpdated: 2014-08-23 18:15:26 (KST)
A U.S. trade watchdog has endorsed antidumping duties on steel pipe imports from Korea and five other countries.
The U.S. International Trade Commission voted on Friday that cheap imports of oil country tubular goods from South Korea, India, Taiwan, Turkey, Ukraine and Vietnam are harming U.S. steelmakers.
The goods subject to the extra duties are pipe and tube products used in the oil industry, such as drill pipes, pipe casing, and oil pipes.
The commission's decision will deal a heavy blow to the Korean industry, which is almost totally dependent on the U.S. market.
The U.S. Department of Commerce decided last month to impose antidumping duties ranging between nine.eight-nine percent and up to fifteen.seven-five percent against Korean steel pipe products, saying they are imported at below-market prices.
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