USITC to issue report on steel in January 2025

The U.S. International Trade Commission (USITC) will issue a report on steel in January 2025.

The United States and the European Union (EU) are currently negotiating a global sustainable steel agreement to restore market-oriented conditions and address carbon intensity. 

In June 2023, to inform these ongoing discussions with the EU, the U.S. Trade Representation (USTR) requested that the ITC conduct a Section 332 investigation to assess the greenhouse gas emissions intensity of U.S.-produced steel. 

Report on steel

The ITC initiated the Section 332 proceeding in July 2023, held a hearing on December 7, 2023, will collect information from domestic producers through mid-2024, and will issue a report in January 2025. 

In the fourth quarter of 2023, the U.S. agreed to continue Section 232 tariff rate quotas on U.S. imports from Europe through December 2025 and the EU agreed to continue to suspend retaliation on U.S. exports through March 2025.

Tariffs

In February 2023, U.S. President Joe Biden announced additional increases to normal tariffs of up to 70 percent on certain products from Russia, including pig iron, certain steel products and ferroalloys, effective April 1, 2023.

To date, additional tariffs of 7.5 to 25 percent continue to apply to certain U.S. imports from China, including certain raw materials used in the production of steel, semi-finished and finished steel products, and steel-intensive downstream products, pursuant to Section 301 of the U.S. Trade Act of 1974. 

USTR is currently conducting a statutory review of the Section 301 tariffs.

International Trade

To date, pursuant to a series of Presidential Proclamations issued under Section 232 of the Trade Expansion Act of 1962, U.S. imports of certain steel products are subject to a 25% tariff, except imports from: Argentina, Brazil and South Korea, which are subject to restrictive quotas; the EU, Japan and the UK that are cast and poured in the EU/Japan/UK, within quarterly tariff rate quotas (TRQ).

Also except imports from Canada and Mexico, which are not subject to tariffs or quotas, but could re-impose tariffs on increasing product groups after consultations; Ukraine and, if merging and pouring into Ukraine, the EU, which are exempt from tariffs until June 1, 2024; and Australia, which are not subject to tariffs, quotas, or an anti-surge mechanism.