HSG says not affected by US’s new anti-dumping tax

Thursday, Dec 26, 2019 07:33

A production line at a Hoa Sen Group plant. — VNS Photo

Giant steel producer Hoa Sen Group (HSG) has said it is not on the list of steel producers facing the US anti-dumping tax.

The company said: “The new regulation on imposing duties on steel will not affect our production and trading. We are exporting to the US as usual.”

The US Department of Commerce (DOC) issued earlier this month a final order slapping duties of 456 per cent on steel products made in South Korea and Taiwan and shipped to Viet Nam for minor processing for export to the US.

It said in a statement that corrosion-resistant steel products (CORE) and cold-rolled steel (CR) processed in Viet Nam using steel of Korean or Taiwanese origin had circumvented US duties.

A Hoa Sen Group spokesperson said: “We have always carefully followed DOC regulations when exporting to the US. We do not use any products sourced from South Korea or Taiwan to export to the US. We also provide all needed documents to the DOC to prove the product’s origins.”

In fiscal 208-19 HSG achieved revenues of over VND28 trillion (US$1.2 billion) and after-tax profit of VND361 billion ($15.6 million). — VNS

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