South Korea OCTG: Commerce Sets New CV Duties in Final Determination
New countervailing duty cash deposit requirements will take effect Sept. 29 for imports of oil country tubular goods from South Korea (C-580-913), after the Commerce Department reversed course in its final determination and found illegal subsidization of South Korean exporters.
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The next step is for the International Trade Commission to make its final injury determination, currently scheduled for Nov. 7, according to a Commerce fact sheet. If the ITC finds injury, Commerce will issue a CV duty order and duties will be made permanent. If the ITC finds no injury, the investigation will be terminated and all cash deposits will be refunded.
Commerce had found no illegal subsidization in its preliminary CV duty determination for South Korea, and so did not require CV duty cash deposits at that time. Liquidation of South Korean OCTG is already suspended under an existing antidumping duty order.
Hyundai Steel Co. will be exempt from any CV duty order issued in connection with this investigation, as a result of the zero percent CV duty rate Commerce calculated for the company in this final determination. The company is still subject to suspension of liquidation under the existing duty order on OCTG from South Korea.
Commerce is also issuing its final determinations in a concurrent CV duty investigation on OCTG from Russia (see 2209280032), as well as in concurrent AD investigations on Russia, Argentina and Mexico (see 2209280043).
Estimated CV Cash Deposit Rates
Commerce will instruct CBP to suspend liquidation for CV duty purposes and to collect cash deposits for subject merchandise entered on or after Sept. 29, the date its final determination is scheduled for publication in the Federal Register, and set CV duty cash deposit rates as follows, beginning Sept. 29:
| Company | CV Rate |
|---|---|
| Hyundai Steel Co. | zero |
| SeAH Steel Corp. / SeAH Steel Holding Corp. | 1.33% |
| All Others | 1.33% |
(The period of investigation is 01/01/20 - 12/31/20. See Commerce’s notice for more information, including the scope of the investigation, detailed instructions on cash deposit rates, etc. See 2203110063 for a summary of the preliminary determination in this investigation.)