WDSM: Nolan Heralds ITC Steel Decision

WASHINGTON (KDAL) - With the steel industry reeling on the Iron Range, the U-S International Trade Commission is stepping in.  

The I-T-C has approved finalizing crippling new tariffs on steel from China.  Eighth District Congressman Rick Nolan says the I-T-C's vote was unanimous.  The democrat adds their decision imposes an antidumping rate of 265% and a countervailing rate of 256% on Chinese cold-rolled steel. It also includes an antidumping rate of 209% and a countervailing rate of 241% on Chinese corrosion-resistant steel.

Prior to their vote, Nolan testified before the I-T-C.  Afterwards the lawmaker said, "Economic recovery on the Range still has a long way to go, but as a result of these new tariffs and countervailing duties, U.S. steel mills are now operating at 75% capacity, up from 60% in 2015; iron ore prices are rising and have jumped from $40 to nearly $60 a ton; steel imports have decreased 31% for the first five months of 2016 compared to the same time period in 2015."

Nolan adds, "Cliffs Natural Resources is putting 1,000 miners back to work and investing $65 million in next generation mining technologies at its Eveleth and Forbes operations. This is all good news that promises a more hopeful summer on the Range.”

Speaking of Cliffs Natural Resources, it's President and CEO Lourenco Goncalves called the I-T-C's decision, “...the day that changed everything.”