21 / 24
Recyclers News Press
Page 21
ARA Updates
Industry news from the national association
522% Tariff on Chinese Steel Imports
The United States has imposed duties of 522% on
Chinese cold-rolled steel, used to make cars and
washing machines, as a backlash escalates against
a glut of Chinese steel flooding global markets,
CNBC reported last week. In a final ruling, the US
Department of Commerce added anti-subsidy duties
of 256.4 per cent together with anti-dumping duties of
265.8 per cent on steel produced by Chinese mill.
The U.S. also levied a much smaller tariff of 71 per-
cent on Japanese steel producers. Although trade
investigations are routine on both sides, high-profile
rulings on politically important industries can trigger
tariffs on both sides. China's Ministry of Commerce
did not respond to requests for comments. Chinese
steel capacity has soared in the past decade to more
than one billion tons, sending surplus production
flooding into international markets especially after
domestic consumption peaked in 2013. Beijing rou-
tinely calls on the sector to cut capacity but at the
same time it is unwilling to allow the failure of large
mills, especially those of stateowned groups that are
often the biggest employers, taxpayers and borrow-
ers in their locality. “The price of scrap has not been
consistent for a long time and I am sure that has to
do with the price of steel in the US and the imported
steel flooding the US market,” said ARA President
Mike Swift. “It’s a volatile market.”
LKQ on Standard & Poor’s 500 List
LKQ Corporation was named to the S&P’s 500 listing
on the New York Stock Exchange. The action was
taken after the close of business on May 20, 2016.
"We are honored to be part of such a prestigious In-
dex with some of the world's largest and most re-
spected companies," stated Robert Wagman, Presi-
dent and CEO of LKQ Corporation. "This achieve-
ment is a validation of our business model and our
history of delivering consistent and profitable growth
for our stockholders. It is also a tribute to the hard
work and dedication of our more than 37,000 employ-
ees who helped make it happen."