The U.S. Court of International Trade again ruled in favor of MMM client Hyundai Steel, stating that the U.S. Department of Commerce must either further explain countervailing duties it levied upon Hyundai’s hot-rolled steel flat products or reconsider them.
In counsel led by MMM’s Brady Mills, Hyundai argued that a 0.56% subsidy rate, which included a 0.10% subsidy rate based on the emissions trading system of Korea, was based on a misinterpretation of the “revenue forgone” language in the statue. The Court of International Trade ultimately issued an opinion in favor of Hyundai Steel, giving Commerce a January 5, 2024, deadline to redetermine countervailing duties.
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