Algoma Steel Welcomes Anti-Dumping Investigation against Heavy Steel Plate

SAULT STE. MARIE, ON, May 27, 2020 /CNW/ - Algoma Steel Inc. (Algoma Steel) welcomes the Canada Border Services Agency's (CBSA) decision today to initiate an anti-dumping investigation concerning hot-rolled heavy steel plate (Heavy Plate) exported from Chinese Taipei, Germany, South Korea, Malaysia and Turkey.

The five countries covered by today's announcement have sold large volumes of Heavy Plate into Canada at very low prices. On April 6, 2020, Algoma Steel filed a complaint alleging that these goods were illegally dumped and causing injury to Canadian producers and workers. Today's announcement is a critical first step towards protecting the Canadian market from unfairly traded steel plate from these countries.

If CBSA makes a preliminary determination of dumping, provisional anti-dumping duties will be in force as of August 25, 2020, and may be imposed retroactively to today's date.

If CBSA issues a final determination, and the Canadian International Trade Tribunal finds that these imports have injured domestic producers, anti-dumping duties will be in force as of December 2020 for an initial period of five years.

Algoma Steel CEO Michael McQuade commented on today's development, "Algoma Steel has been successfully serving the Canadian market for over 100 years. On a level playing field, Algoma will compete with any producer in the world however, where exporters choose to dump steel into Canada, we will not hesitate to respond. Maintaining a strong Canadian trade defence system is especially critical in today's volatile trading environment."

About Algoma Steel Inc.:

Based in Sault Ste. Marie, ON Algoma Steel Inc., is a fully integrated steel producer of hot and cold rolled steel products including sheet and plate. With a production capacity of an estimated 2.8 million tons per year, Algoma Steel's size and diverse capabilities enable it to deliver responsive, customer-driven product solutions straight from the ladle to direct applications in the automotive, construction, energy, defense, and manufacturing sectors.

Today Algoma Steel is on a course of action, returning to its roots as a customer-focused, entrepreneurial company with the courage and growing capability to meet the industry's challenges head-on. It is investing in its people and processes, optimizing and modernizing so that it might continue to be your partner in steel.

SOURCE Algoma Steel Inc.