US imposes anti-dumping duty on Al Jazeera Steel products

Business Sunday 20/November/2016 16:55 PM
By: Times News Service
US imposes anti-dumping duty on Al Jazeera Steel products

Muscat: The circular welded steel pipes from Al Jazeera Steel Products exported to the United States will attract an anti-dumping duty of 7.24 per cent.
This follows the United States International Trade Commission (USITC) deciding that the US industry has been materially injured or threatened by imports of circular welded carbon-quality steel pipes from Oman, according to a disclosure statement posted on the MSM website by the company.
“The company plans to contest the verdict through legal channels. The company believes that the determined margin/duty will not impact the company’s revenue and profit,” Al Jazeera added in the disclosure statement.
Al Jazeera Steel, in its third quarter result, said the company was successful in expanding export markets for tube mill products, reducing thecompany’s dependence on the North American market. It added that the management will continue tomaintain this push to diversify markets and product segments that Jazeera operates in.
All Jazeera Steel has achieved a 97 per cent growth in consolidated net profit at OMR3.06 million for the first nine months of 2016, against OMR1.55 million posted for the same period of last year.
The consolidated sales revenue of the company fell 10 per cent to OMR50.91 million for January-September period of 2016, against OMR56.57 million for the same period of last year.