Type:Notice
Citation:89 FR 99224
Reading Time:about 7 minutes
The U.S. Department of Commerce found that POSCO Co., Ltd. from South Korea received unfair government subsidies during 2022. These subsidies helped POSCO with financial benefits specific to them. The Department of Commerce analyzed and revised POSCO's subsidy calculations from earlier reviews. As a result, the U.S. will apply countervailing duties to certain steel products from POSCO and related companies, and they will adjust cash deposit requirements for future imports accordingly.
Simple Explanation
The U.S. noticed that a big company in South Korea got help from their government to make and sell steel in a cheaper way, which is not fair. Because of this, the U.S. plans to charge extra money on their steel to make it fair for other companies.