OCTG ruling is credit negative for tube producers

Feb 25, 2014 | 05:21 PM | Jo Isenberg-O’Loughlin

Tags  steel, oil country tubular goods, OCTG, tradew case, credit ratings, Moody's Investors Service, Michael Corelli, impact JMC Steel Group

NEW YORK — The U.S. Commerce Department’s preliminary determination not to impose anti-dumping duties on imports of South Korean oil country tubular goods (OCTG) has stirred a reaction from at least one credit rating agency: Moody’s Investors Service Inc. views the decision as a credit negative for OCTG producers and distributors.

"Since the preliminary ruling (amm.com, Feb. 18) levies only minor duties on most of the countries cited in the case, most will continue exporting at similar levels and pay the duties and the ruling will encourage South Korea to ramp up exports," Michael Corelli, vice president and senior analyst for the New York-based agency, said in a Feb. 24 report. "Any such rise in imports would reduce U.S. prices and weaken demand further."....

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