Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Hbis Company Limited    000709   CNE000000H20

HBIS COMPANY LIMITED

(000709)
  Report
SummaryChartsNewsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

In bold move, U.S. Steel launches campaign to stop China imports

04/27/2016 | 05:16am EST
The steel slab yard at the ThyssenKrupp Steel USA factory is pictured in Calvert

NEW YORK (Reuters) - U.S. Steel Corp (>> United States Steel Corporation) has launched a campaign to prevent imports from China's largest steel producers, it said on Tuesday, the boldest step yet by a U.S. company as a trade brawl with the world's largest steel producer escalates.

NEW YORK (Reuters) - U.S. Steel Corp (>> United States Steel Corporation) has launched a campaign to prevent imports from China's largest steel producers, it said on Tuesday, the boldest step yet by a U.S. company as a trade brawl with the world's largest steel producer escalates.

In a complaint to the U.S. International Trade Commission (ITC), the U.S. steelmaker called on regulators to investigate dozens of Chinese producers and their distributors for allegedly conspiring to fix prices, stealing trade secrets and circumventing trade duties by false labeling.

Analysts said it could be the most significant development in U.S. steel trade in a quarter of a century, and will likely ratchet up tension between China and major steel producing nations, as the global industry grapples with chronic oversupply and sluggish demand.

The petition, known as Section 337 and used to protect against intellectual property theft, listed some of China's top producers, including Hebei Iron & Steel Group (>> Hebei Iron And Steel Co Ltd) and Anshan Iron and Steel Group and Shandong Iron & Steel Group Co [SDONGG.UL].

"We have said that we will use every tool available to fight for fair trade," said U.S. Steel Corp President and Chief Executive Officer Mario Longhi in a statement.

"With today's filing, we continue the work we have pursued through countervailing and antidumping cases and pushing for increased enforcement of existing laws."

It comes after U.S. officials last week warned that China should take steps to cut excess output or face possible trade action and Australia said it will impose import duties on certain types of Chinese steel to protect domestic steelmakers.

China's Commerce Ministry called steel a "mature product" where "intellectual property rights disputes do not exist", and said industry from both the United States and China should work together to address overcapacity caused by weak global demand.

"So-called accusations of intellectual property rights violations have no factual basis. We hope the U.S. International Trade Commission will reject these accusations," the ministry said on Wednesday in a statement on its website.

Even before the ITC makes its ruling, Chinese exporters may curb shipments fearing retroactive measures, said Michelle Applebaum, analyst at Steel Market Intelligence.

The ITC has 30 days to decide whether to initiate the case. It is also investigating allegations of unfair trade practices in the stricken aluminum industry.

Beijing has defended itself against the allegations, saying it has done enough to reduce steel capacity and blaming global excess and weak demand for the industry's woes.

GOING IT ALONE

The Pittsburgh, Pennsylvania-headquartered company has filed the complaint on its own and is relying on a clause in U.S. tariff law 337 not used by the steel industry for almost four decades.

"It's a bold step," by U.S. Steel, said Patrick Macrory, director of the International Trade Center at the International Law Institute in Washington.

In 1978, eight U.S. firms that used the clause went after 35 Japanese competitors over welded stainless steel pipe imports. Back then, rather than barring the product from U.S. shores, ITC issued a "cease and desist" order against 11 companies for engaging in unfair competitive practices.

An official with a large Chinese state-owned steel mill, who asked not to be named, told Reuters that foreign steel producers should adapt rather than try to force China to change.

"The whole world is asking China to cut overcapacity and China is doing it. But steel mills in those regions are not competitive themselves and keep pointing their fingers at China," the official said.

(Reporting by Josephine Mason in New York, David Lawder in Washington D.C. and Nick Carey in Chicago; Additional reporting by Michael Martina in Beijing and Ruby Lian in Shanghai; editing by Bernard Orr and Himani Sarkar)


© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. 0.50% 8120 End-of-day quote.458.46%
HBIS COMPANY LIMITED 0.00% 2.26 End-of-day quote.-12.40%
HOPE, INC. -2.41% 6080 End-of-day quote.88.82%
ITC LIMITED -0.59% 193.65 Delayed Quote.-18.53%
STEP CO.,LTD. 1.09% 1579 End-of-day quote.0.00%
WORLD CO., LTD. -0.97% 1324 End-of-day quote.-50.80%
All news about HBIS COMPANY LIMITED
08/10Australian shares hit 3-week high as COVID-19 cases stabilise
RE
08/10Australian miner Fortescue wins HBIS iron ore tender in yuan
RE
08/10Australian miner Fortescue wins HBIS iron ore tender in yuan
RE
08/03China steelmaker HBIS lines up investment in Peru iron ore mine
RE
2019EU suspects Chinese steelmakers are dodging anti-dumping duties
RE
2019European steel leaders seek scrutiny of Chinese British Steel rescue
RE
2019European steel leaders seek scrutiny of Chinese British Steel rescue
RE
2019China's steel minnows sidestep pollution rules to boost output
RE
2019China's top steel mills create group to probe surging iron ore prices - docum..
RE
2018RATAN TATA : Tata Steel open to taking majority stake in Thyssenkrupp tie-up - s..
RE
More news
Financials
Sales 2020 112 B 16 997 M 16 997 M
Net income 2020 1 591 M 242 M 242 M
Net Debt 2020 - - -
P/E ratio 2020 15,2x
Yield 2020 4,39%
Capitalization 23 569 M 3 583 M 3 585 M
Capi. / Sales 2020 0,21x
Capi. / Sales 2021 0,20x
Nbr of Employees 34 439
Free-Float 37,1%
Chart HBIS COMPANY LIMITED
Duration : Period :
Hbis Company Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends HBIS COMPANY LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 2,60 CNY
Last Close Price 2,28 CNY
Spread / Highest target 14,0%
Spread / Average Target 14,0%
Spread / Lowest Target 14,0%
EPS Revisions
Managers
NameTitle
Wei Jun Dong Chairman-Supervisory Board
Jian Liu Chairman
Guang Shen Chang CFO, Director & Chief Accountant
Yu Zhu Zhang Independent Director
Jian Zhong Zhang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
HBIS COMPANY LIMITED-12.40%3 583
STEEL DYNAMICS, INC.10.61%7 920
GERDAU S.A.14.85%6 812
VOESTALPINE AG8.17%5 748
UNITED STATES STEEL CORPORATION26.03%3 207
MAANSHAN IRON & STEEL COMPANY LIMITED-26.90%3 122