U. S. Steel Reacts to Important Department of Commerce Preliminary Results

Published 9 days ago via Business Wire

Oil country tubular goods from Argentina and Mexico were found to be dumped in the U.S.

United States Steel Corporation (NYSE: X) (“U. S. Steel”) today reacted to the U.S. Department of Commerce’s preliminary findings regarding oil country tubular goods (OCTG) from Argentina and Mexico. In its release, Commerce preliminarily found that Argentine OCTG produced/exported by Tenaris’ Siderca S.A.I.C and Mexican OCTG produced/exported by Tenaris’ Tubos de Acero de Mexico, S.A., continued to be dumped in the U.S. market at rates of 6.80% and 30.38%, respectively, during the 2022-2023 review period.

U. S. Steel’s SVP, General Counsel and Chief Ethics and Compliance Officer, Duane Holloway, said, “We are encouraged by the Commerce Department’s diligence in enforcing trade laws in its review of Mexican OCTG, but have concerns that Argentine OCTG is being dumped at much higher levels than the preliminary rate. We look forward to continuing to engage in the reviews so that Commerce can calculate fair and accurate dumping margins in their final results next year. As we have for decades, U. S. Steel will continue to lead the domestic industry in the fight against unfairly traded imports on behalf of our steelworkers, communities, and customers.”

Until the U.S. Department of Commerce calculates a dumping margin, all imports of Tenaris’ Argentine OCTG remain subject to 78.3% cash deposits and Mexican OCTG remain subject to 44.93% cash deposits. Argentine OCTG is also subject to an annual Section 232 quota of 148,000 metric tons.

U. S. Steel produces billets and seamless OCTG in Fairfield, Alabama, to serve the U.S. energy sector.

About U. S. Steel

Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3® advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 25.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.

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