Cleveland-Cliffs and the United Steelworkers File Trade Cases On Unfairly Traded Tin Mill Products

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has filed antidumping and countervailing duty petitions with the United Steelworkers against imports of unfairly traded tin mill products from eight countries, including China and Germany. The petitions cite a significant surge in imports that threaten domestic sales and profit margins. Notably, dumping margins identified include 130.88% for China and 78.29% for Canada. Cleveland-Cliffs produces about 300,000 net tons of tin mill products annually and emphasizes the need for fair trade practices to protect American jobs and industry viability.

Positive

• Filed antidumping petitions to protect domestic steel market.
• Identified significant dumping margins, particularly from China (130.88%).
• Supports American jobs and industry viability.

Negative

• Surge in unfairly priced imports affecting domestic sales.
• Domestic operations struggling to achieve a fair rate of return.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it has partnered with the United Steelworkers (USW) in filing antidumping and countervailing duty petitions against eight countries related to unfairly traded tin and chromium coated sheet steel products (“tin mill products”). The petitions seek the imposition of antidumping duties on U.S. imports of tin mill products from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom. The petitions also seek the imposition of countervailing duties on U.S. imports of tin mill products from China.

Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, stated, "The United States is still the largest importer of steel in the world, despite being the most environmentally friendly steel producing nation. As our filing shows, there has been a significant surge in unfairly priced tinplate imports flooding the United States over the past two years, and we cannot let this persist. We welcome competition with any and all imported steel as long as our U.S. trade laws are respected, and we will use all the tools at our disposal to remedy the situation.”

Tin mill products are used primarily for packaging applications, particularly for canned food, among many others. Cleveland-Cliffs produces tin mill products at its Weirton, West Virginia operating facility and sells approximately 300,000 net tons per year, approximately 2% of total Company steel sales volume. The Weirton facility employs approximately 950 people, the majority of whom are USW-represented.

The petitions present evidence that imports of tin mill products from each subject country are being sold in the United States at less than normal value and that imports of tin mill products from China are benefiting from countervailable subsidies. The petitions also show that dumped and subsidized imports from the subject countries have taken sales from the domestic industry and made it impossible to obtain a fair rate of return on domestic operations, putting the future of American made tin mill products at risk.

The eight countries covered by the antidumping petitions and their respective margins are as follows:

Country					Dumping Margins
Canada					78.29%
China					130.88%
Germany					43.64%
Netherlands					124.17% - 294.27%
South Korea					13.46% - 110.84%
Taiwan					47.22% - 60.12%
Turkey					96.51% - 106.43%
United Kingdom					110.81%

Census data indicates that, from 2019 to 2021, imports of tin mill products from the subject countries increased by 21%. Subsequently, imports from these subject countries, through November 2022, increased by an additional 21%.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230118005360/en/

MEDIA CONTACT:

Patricia Persico

Senior Director, Corporate Communications

(216) 694-5316

INVESTOR CONTACT:

James Kerr

Manager, Investor Relations

(216) 694-7719

Source: Cleveland-Cliffs Inc.

FAQ

What recent actions has Cleveland-Cliffs taken regarding tin mill products?

Cleveland-Cliffs filed antidumping and countervailing duty petitions against imports from eight countries to combat unfair trade practices.

What are the dumping margins identified by Cleveland-Cliffs for imports?

Dumping margins include 130.88% for China and 78.29% for Canada, among others.

How much tin mill products does Cleveland-Cliffs produce annually?

Cleveland-Cliffs produces approximately 300,000 net tons of tin mill products each year.

Which countries are involved in the Cleveland-Cliffs antidumping petitions?

The countries involved are Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom.

What impact do the petitions have on Cleveland-Cliffs and the U.S. steel industry?

The petitions aim to protect domestic sales and ensure fair competition by addressing the surge in imported tin mill products.