United States has filed an anti-dumping lawsuit against Oman and four other countries for selling steel pipes below its fair price. The lawsuit has been filed by the Department of Commerce, US.
According to a statement posted on the Muscat Securities Market Al Jazeera Steel said, “They had chosen for investigation period between July 2014 and June 2015. There would not be much impact on the company’s sales revenue.”
Apart from Oman, the complaint is against steel pipe producers of United Arab Emirates, Pakistan, the Philippines and Vietnam.
A US International Trade Commission circular said that the investigation would be for circular welded carbon-quality steel pipes. The US steel pipe makers, which lodged a complaint against dumping, are Bull Moose Tube Company, EXLTUBE, Wheatland Tube Company and Western Tube and Conduit.
Al Jazeera Steel earlier said that its net profit fell by 66.74 per cent to OMR1.56 million for the first nine months of 2015 from OMR4.69 million for the same period last year, mainly due to a fall in steel price in the global market.
The company’s revenue also fell by 23.03 per cent to OMR56.26 million for the nine-month period of 2015, against OMR73.09 million posted for the same period last year. This fall in quantity was mainly due to the lower demand and negative news circulating in the market with regard to further drop in steel prices.