This morning in metals news: the Department of Commerce on Friday announced the rollout of an updated Steel Import Monitoring and Analysis (SIMA) system; Rio Tinto’s chief executive will step down; and, lastly, China’s steel exports are facing a growing number of anti-dumping probes.
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DOC to release updated Steel Import Monitoring and Analysis System
On Friday, the DOC announced the adoption of a rule to modernize its system for the monitoring of steel imports (SIMA).
The DOC will release the updated platform Oct. 13, 2020.
According to a DOC statement, the regulatory changes adopted by the final rule will:
- “require steel import license applicants to identify not only the country of origin, but also the country where steel used in the manufacture of the imported product was melted and poured, as defined in the final rule”
- “expand the scope of steel products subject to the import licensing requirement to include all products subject to Section 232 tariffs”
- “extend the SIMA system indefinitely”
- “codify the existing low-value license requirement for certain steel entries up to $5,000. Commerce received public comments on these regulatory changes, as published in a March 2020 proposed rule”
Executive shakeup at Rio Tinto
The fallout from Rio Tinto’s destruction of Juukan Gorge in May 2020 finally reached the executive level late last week.
The miner’s operations led to the destruction of rockshelters at Juukan Gorge, including two Aboriginal caves considered sacred. The destruction of the area was part of a mine expansion project.
As a result, CEO J-S Jacques will step down. Jacques will remain in the role until March 31, 2021, or until Rio Tinto finds a successor (whichever is earlier). Jacques has occupied the position since 2016.
“What happened at Juukan was wrong and we are determined to ensure that the destruction of a heritage site of such exceptional archaeological and cultural significance never occurs again at a Rio Tinto operation,” Rio Tinto chairman Simon Thompson said. “We are also determined to regain the trust of the Puutu Kunti Kurrama and Pinikura people and other Traditional Owners.”
Furthermore, Chris Salisbury will step down as chief executive of Rio’s iron ore division. In addition, Simone Niven will step down as group executive for corporate relations.
“We have listened to our stakeholders’ concerns that a lack of individual accountability undermines the Group’s ability to rebuild that trust and to move forward to implement the changes identified in the Board Review,” Thompson continued.
Countries take aim at Chinese steel exports
China’s steel exports are facing a rising number of anti-dumping inquiries around the world, the South China Morning Post reported.
There were 15 new anti-dumping investigations related to Chinese steel during the first nine months of 2020. Meanwhile, there were 13 such investigations in 2019.
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