US threatens to ban steel imports

THE US government has threatened to ban steel imports from the rest of the world, South Africa included. The ban could be implemented by the use of 'safeguards' which are temporary measures like increased tariffs or tariff quotas designed to slow imports and allow local industry to adjust to competition. According to a report in Business Day, the US commerce department recently assessed a 13,5% countervailing duty on imports of hot-rolled steel from SA companies Saldanha Steel and Iscor to protect US producers from alleged unfair competition. SA's exports to the US of all steel products have plunged more than 76% from 97000 tons in the first two months of last year to 25000 tons in the corresponding period this year.