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Wire rope express: Any idea?

THE US International Trade Commission has acquitted Usha Beltron Limited from dumping charges for steel wire rope after assessing anti-dumping duty of 38.65 per cent in February 2001. The decision was taken by ITC at a meeting held on Wednesday, March 21. The ITC commissioners voted unanimously that imports from India has not caused material injury to the US wire rope industry. UBL is the only producer-exporter of steel wire ropes from India. Besides India, the US has acquitted China too from similar charges. According to Prashant Jhawar, vice-chairman, UBL, ITC was convinced that UBL’s exports to US does not compete with US wire rope industries and hence UBL has been permitted to continue exporting to the US market without being levy of any antidumping duty. After initiating dumping investigation against UBL, the US department of commerce had slapped a provisional anti-dumping duty of 21.14 per cent against UBL in September 2000 after which UBL stopped all exports to the US market. The DOC confirmed their findings in February to re-assess the duty to over 38 per cent, which was quashed by ITC at a hearing held on Wednesday. Usha Martin America, an US subsidiary of UBL with warehousing facilities, fought the case on behalf of UBL. UBL’s maximum export of wire to the US market in a year has been around 8,000 tonnes, which is around 4 per cent of the US consumption. In the current year UBL exported around 3,000 tonne till August, 2000 after which it stopped consignments. UBL’s wire rope making facility has a capacity to make around 40,000 tonnes of steel wire ropes. With domestic consumption around 20,000 tonnes UBL was desperate to re-enter steady markets like the US. UBL’s total exports for the current year is expected to be around 17,000 tonnes. Usha Siam, the 100 per cent subsidiary of UBL in Bangkok, has another 18,000 tonnes of wire rope making capacity while its recently acquired Brunton Shaw unit in UK has another 4,500 tonnes. For the European market, UBL has also entered into a minimum export price understanding with the European Commission after it was slapped with a high anti-dumping duty.

November 11, 2008 - Posted by | Uncategorized | ,

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