CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the unanimous decision of the International Trade Commission (ITC) to maintain tariffs on tin products from Japan. After recently rejecting tariffs on tin products from several countries, including China, the ITC correctly stated that Japan is different: Japan is not a fair trading partner for the United States. The United States currently has antidumping orders on 12 steel products from Japan. The largest producer of steel and tin products in Japan is Nippon Steel Corporation.
Lourenco Goncalves, president and CEO of Cliffs, said: “While we are disappointed by its previous decision on tin-based products, the ITC got this one right. Today's decision by the ITC supports what we have been saying for some time: that Japan is a bad trading partner of the United States, particularly in steel. Today's decision puts the Japanese and Nippon Steel on notice. It also underscores the importance of Americans owning our steel industry. “If Nippon Steel had owned American tin production, Nippon could have exerted influence to make it impossible for American companies and workers to correct unfair practices through our American trade laws.”
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest producer of flat rolled steel in North America. Founded in 1847 as a mining operator, Cliffs is also 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 steel manufacturing and finishing, stampings, tooling and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a wide range of other markets with its broad offering of flat rolled steel products. Cleveland-Cliffs, headquartered in Cleveland, Ohio, employs approximately 28,000 people across its operations in the United States and Canada.
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Source: Cleveland-Cliffs Inc.
Posted on May 10, 2024
