U.S., Russia reach draft deal on hot-rolled steel trade

WASHINGTON Fri Nov 16, 2012 5:42pm EST

WASHINGTON Nov 16 (Reuters) - The U.S. Commerce Department on Friday said it had reached a draft agreement with the Russian government to revise a 13-year-old deal governing imports of hot-rolled steel.

The pact raises the minimum price for Russian hot-rolled steel can be sold in the United States.

The department launched the negotiations with Russia after U.S. steel company Nucor Corp. complained the 1999 agreement was out of date.

Nucor and other interested parties will have a chance to comment on the deal before it is final. Those remarks are due to the Commerce Department by Nov 23.

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