South Korea will expand anti-dumping tariffs on steel products from three countries

The South Korean Trade Commission said Friday it is going to extend the current anti-dumping tariffs imposed on some imported stainless steel products by an additional three years.

The trade agency will ask the Treasury Department to continue to impose anti-dumping tariffs of 3.56 to 15.39 percent on stainless steel products imported from Japan, India and Spain for another three years.

The Commission launched an investigation into the impact of imported products on the market on June 3 last year to decide whether to expand tariffs. The agency said South Korean steel companies could suffer losses if anti-dumping tariffs on products from the three countries are completed.

Seoul has imposed anti-dumping duties on high-grade steel products supplied by the three countries since July 2004, including stainless steel products used in automobiles, nuclear power plants and construction.

The Ministry of Strategy and Finance is required to make a decision by June 3 on whether to continue anti-dumping tariffs on foreign stainless steel products.