U.S. Department of Commerce Releases Final Review Results for Korean Steel Products
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The U.S. Department of Commerce has released the final results of its administrative review concerning certain corrosion-resistant steel products from the Republic of Korea. This review covers the period from January 1, 2023, to December 31, 2023.
The review found that producers and exporters of these steel products from Korea received countervailable subsidies. Countervailing duties are tariffs levied on imported goods to offset subsidies provided to producers or exporters in the exporting country. These measures ensure a level playing field for U.S. industries competing with foreign manufacturers.
The Department of Commerce conducted this review in line with the Tariff Act of 1930. The companies that were reviewed include Hyundai Steel Company and KG Dongbu Steel Co., Ltd.
For Hyundai Steel Company, which includes its cross-owned companies like Hyundai Green Power and Hyundai ITC, the subsidy rate determined was 1.28 percent. For KG Dongbu Steel Co., Ltd., also known as KG Steel Corporation, the subsidy rate was determined to be 5.34 percent.
There are also several other companies that were part of the review but not selected as mandatory respondents. These include POSCO, POSCO Coated & Color Steel Co., Ltd., POSCO International, POSCO Steeleon Co., Ltd., SeAH Coated Metal, and SeAH Steel Corporation. Each of these companies received a subsidy rate of 2.88 percent.
The Department intends to instruct U.S. Customs and Border Protection to collect cash deposits of these estimated countervailing duties on imports that are withdrawn from warehouses for consumption on or after the publication date of these final results.
The findings are detailed in the Issues and Decision Memorandum, which is referenced in the Federal Register notice. Various aspects of the review, including methodology and assessment, are discussed thoroughly in the document.
This review is part of ongoing monitoring by the U.S. Department of Commerce to ensure fair trading practices and to counteract any subsidies that may harm U.S. industries. These final results are part of a broader effort to uphold international trade laws and regulations. The new cash deposit requirements will apply until further notice.
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