Connect with us

Hi, what are you looking for?

Economy

Steel industry not planning to request new safeguard duties

THE steel industry does not expect to apply for new safeguard duties following the expiry of the last round of duties in 2019, after concluding that manufacturers have since recovered.

Industry representatives at a public hearing with the Tariff Commission on Thursday said that steelmaker Lunar Steel Corp. moved from loss to profit. The industry had doubled to 21 licensed local players from the previous 10 after the decade-long protection.

“There will be no need for an extension of the safeguard or a reapplication considering that imports are down and continues to be down during this period of pandemic,” Jose Salvador Rivera, Jr., the legal counsel of the petitioner, said after citing discussions with industry leaders.

The official stance of the petitioners, he said, is not to reapply for another round of measures with members showing financial growth.

Ramon Tan, president of a segment of the industry, the Steel Angles, Shapes and Sections Manufacturers of the Philippines, Inc. said, however, that unregistered angle bars are still entering the country.

“With the safeguard duty in place, we are assured of protection coming from the government that… our costs can compete with the imported product. We cannot say (when) the market… will dump another tide of cheap imported angle bars,” he said.

“As of now, (safeguards are) not yet badly needed, but soon it will be a tool to equip the local manufacturer with an additional shield or weapon against an influx of imported angle bars.”

Safeguard duties on steel angle bars were extended to 2019, after first being implemented in 2009 to 2015. The Safeguard Measures Act, or Republic Act No. 8800, allows domestic producers to ask the government to conduct an investigation into their foreign competitors if they claim to have been injured by excessive imports.

The steel angle bar industry successfully petitioned for an extension after it demonstrated that imports seriously injured the industry.

Mr. Rivera said that the problems of the industry have now shifted to smuggling and unfair trade practices, which he said would require remedies other than safeguards.

“As of the present, provided that the trend continues and there is a relatively level playing field, (the) petitioner is confident… that adjustment measures would allow them to compete against imports.”

The tariff commission’s 2017 assessment found that the domestic steel angle bar industry complied substantially with commitments to adjust to competition.

The initial application for safeguards came from Cathay Metal Corp., Dragon Asia Rolling Mills, Inc., and Lunar Steel Corp. — Jenina P. Ibañez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

Economy

Expenditures for environmental protection declined by 4.6% year on year in 2021, data from the Philippine Statistics Authority (PSA) showed. The statistics agency’s Compendium...

Investing

BT staff have voted for their first national strike in 35 years, which is expected to affect customers across the country having broadband services...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.