May 27, 2011
Partner David Hartquist
was quoted in the American Metal Market
article, "TK Spin-Off Plan Sparks ITC Debate." The article discussed German steelmaker ThyssenKrupp AG's (TK) announced spin-off of its stainless business, which has ignited new debate as to whether U.S. import duties on stainless steel should remain in place when they come up for renewal.
Domestic producers argue that the International Trade Commission (ITC) should keep current duties on foreign imports in place, believing the company's spin-off could make the current duties all the more important, David shared.
"TK announcements over the years have changed many times, and their most recent announcement about spinning off their stainless business has opened many questions as to what is going to happen," David told the ITC in a late May hearing. "If TK sells its stainless operations, a new owner could develop a different strategy from TK."
For now, American Metal Market reports, the Germany manufacturer plans to open a $1.4 Billion plant in Alabama, effectively ceasing US imports from their European sister plants.