June 5, 2018 / 1:23 AM / 10 months ago

China plans to drop dumping duties on Posco's electrical steel

FILE PHOTO - The logo of POSCO is seen at the company's headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji/File Photo

BEIJING (Reuters) - China’s Commerce Ministry said on Tuesday it will drop anti-dumping duties on a grade of electrical steel produced by Posco on June 9 after the South Korean steel producer pledged price remedies.

Beijing slapped levies on imports of grain-oriented flat-rolled electrical steel from Europe, South Korea and Japan in July 2016 after determining they damaged the Chinese steel industry.

The steel is used in manufacturing such products as motors and transformers.

Reporting by Josephine Mason; editing by Richard Pullin

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