WTO Says U.S. Steel Tariffs Run Afoul Of International Rules


U.S. Steel (NYSE: X) fell more than five percent Monday after two key cases from the World Trade Organization sided with China and India in two separate tariff disputes with the United States.

Several other U.S. steel manufactures also fell more than two percent on the news, including AK Steel (NYSE: AKS) and Steel Dynamics (NASDAQ: STLD).

A WTO dispute settlement panel in Geneva said U.S. duties on steel and solar panels imported from China were contrary to international rules.

In a separate case, the organization said duties imposed on steel made in India don't match trade agreements signed by the United States.

U.S. Trade Representative Michael Froman said in a statement that the U.S. is studying the findings regarding India and "will evaluate all options to ensure that U.S. remedies against unfair subsidies remain strong and effective."

Froman's office didn't have an immediate statement regarding the finding on China.

U.S. Steel traded recently at $26.37, down 4.5 percent; AK Steel changed hands at $8.18, down 2.5 percent; Steel Dynamics was at $17.90, down 1.65 percent.

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