US, Russia reach draft deal on steel trade
Agencies: Washington, Nov 17 2012, 11:21 IST
by a provision that threatens sanctions on Russian human rights violators. The Senate must also approve the trade and human rights bill before President Barack Obama can sign it into law.
The 1999 pact is called a suspension agreement because it halted the imposition of U.S. anti-dumping duties on Russian hot-rolled steel.
If the two sides fail to reach a new deal, those anti-dumping duties, which one private trade attorney estimated at 60 to 165 percent, may go into force in December. The case has pitted Nucor and other U.S. producers against Russian steel companies including JSC Severstal, Magnitogorsk Iron and Steel and Novolipetsk Steel.
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