This morning in metals news, the U.S. Department of Commerce announced its tariff exclusion process for steel and aluminum, world leaders announce the intention to work together on steel overcapacity, and bank accounts have been seized in connection to a corruption probe involving Rio Tinto’s Mongolia mine.
DOC Publishes Tariff Exclusion Procedure in Federal Register
Entities looking to obtain exclusions from the newly passed steel and aluminum tariffs received some clarity on how to do so recently when the Department of Commerce posted the procedures for tariff exclusion.
“These procedures will allow the Administration to further hone these tariffs to ensure they protect our national security while also minimizing undue impact on downstream American industries,” Secretary of Commerce Wilbur Ross said in a DOC statement Sunday. “Starting tomorrow, domestic industry will be able to apply for exclusions through a fair and transparent process run through Commerce’s Bureau of Industry and Security.”
The DOC posted the procedures in a Federal Register notice.
According to the DOC, “Only individuals or organizations using steel or aluminum articles identified in Presidential Proclamations 9704 and 9705 and engaged in business activities in the United States may submit exclusion requests. Exclusion requests will be posted for a 30-day comment period on regulations.gov.”
Merkel, Xi to Work Together on Steel Overcapacity
German Chancellor Angela Merkel and Chinese President Xi Jinping plan to work together to tackle global steel overcapacity, the Financial Times reported.
The comments, on the heels of the newly announced U.S. steel and aluminum tariffs, came ahead of Group of 20 meetings scheduled for today and Tuesday, according to the report.
Bank Accounts Seized in Probe Involving Rio Tinto’s Mongolia Mine
Switzerland’s highest court upheld the seizure of $1.85 million in bank accounts as part of a corruption probe related to a Mongolia finance minister and a mine operated by Rio Tinto in the country, Reuters reported.
According to the report, anti-graft authorities in Mongolia are looking into a 2009 agreement with the miner, which eventually led to the startup of the miner’s copper-gold project in the Gobi Desert.