The US Department of Commerce (Commerce) has preliminarily determined that countervailable subsidies were provided to Hyundai Steel Company and POSCO in relation to certain cold-rolled steel flat products imported from South Korea. The period of review covers January 1, 2023, through December 31, 2023.

According to Commerce, the preliminary findings indicate that both Hyundai Steel and POSCO received countervailable subsidies during the review period. In addition, the department announced that it is partially rescinding the review with respect to 46 companies. Commerce stated that interested parties are invited to submit comments on the preliminary results.

Based on the review, Commerce preliminarily determined net countervailable subsidy rates for the period of review. Hyundai Steel Company received a preliminary subsidy rate of 1.28%, while POSCO received a rate of 3.67%.