Cleveland-Cliffs Applauds Unanimous U.S. International Trade Commission Affirmative Preliminary Vote in Tin Mill Products Trade Case

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) announced positive progress following the U.S. International Trade Commission’s unanimous ruling on antidumping and countervailing duty petitions related to tin mill products. The preliminary determination supports Cleveland-Cliffs’ efforts against import surges from countries including Canada, China, and others. Notably, dumping margins are reported at 79.59% for Canada and up to 122.52% for China. The U.S. imported over 1.42 million short tons of these products in 2022, marking a 37.7% increase since 2019. Cleveland-Cliffs, a major steel producer, is optimistic about the impact of this ruling on the market.

Positive

• U.S. International Trade Commission's unanimous ruling supports Cleveland-Cliffs' petitions on tin mill products.
• Significant dumping margins identified: 79.59% (Canada), 122.52% (China).
• Cleveland-Cliffs is optimistic about continued progress in antidumping actions.

Negative

• None.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the U.S. International Trade Commission’s unanimous affirmative preliminary determination on all countries in response to antidumping and countervailing duty petitions on tin and chromium coated sheet steel products (“tin mill products”) filed by Cleveland-Cliffs and the United Steelworkers (“USW”). This affirmative preliminary determination relates to petitions seeking 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, "Today’s affirmative vote by the U.S. International Trade Commission signals real progress on our joint effort with the USW to remedy surging imports of dumped and subsidized tin mill products in the U.S. market. Cleveland-Cliffs is committed to this antidumping and countervailing duty action and we are optimistic that we will see continued progress in this case before both the U.S. Department of Commerce and the U.S. International Trade Commission. Today’s vote should give pause to those facilitating the import of dumped and subsidized tin mill products from the countries at issue in this case.”

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

Country		Dumping Margins
Canada		79.59%
China		122.52%
Germany		70.15%
Netherlands		125.10 - 296.04%
South Korea		13.28 – 110.5%
Taiwan		46.76 - 59.61%
Turkey		87.73 - 97.21%
United Kingdom		111.92%

Census data indicates that the United States imported over 1.42 million short tons of tin mill products from the eight subject countries in 2022, an increase of 37.7 percent since 2019.

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/20230303005259/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 did the U.S. International Trade Commission rule regarding Cleveland-Cliffs and tin mill products?

The U.S. International Trade Commission made a unanimous ruling that supports Cleveland-Cliffs' antidumping and countervailing duty petitions on tin mill products.

What are the dumping margins reported for Canada and China regarding tin mill products?

The dumping margin for Canada is reported at 79.59% and for China at 122.52%.

How much tin mill product did the U.S. import in 2022?

The U.S. imported over 1.42 million short tons of tin mill products from the eight subject countries in 2022.

What was the percentage increase in U.S. imports of tin mill products since 2019?

U.S. imports of tin mill products increased by 37.7% since 2019.