EU hits China with new 'anti-dumping' duties on steel imports, Beijing pledges retaliation

The European Commission has hiked 'anti-dumping' duties on imports of hot-rolled flat steel products from China already in place. The decision has angered Beijing, which has promised to respond.

The duties on the Chinese steel products have been increased to 22.6 percent from 13.2 percent following a complaint from EU producers ArcelorMittal, Tata Steel and ThyssenKrupp.

According to the European producers, China sells steel at a loss due to overcapacity.
At the beginning of 2016, China pledged to cut 150 million tons of annual production capacity over the next five years. However, capacity rose last year.

Beijing has said steel overcapacity is not only a Chinese concern but a global one.
The Commission said a similar investigation into Brazil, Iran, Russia, Serbia, and Ukraine is still in process and would continue for six months.

"The decision...