U.S. Steel Accuses Chinese Steelmakers of Price Fixing, Stealing Trade Secrets

By Boselovic, Len | Pittsburgh Post-Gazette (Pittsburgh, PA), April 27, 2016 | Go to article overview

U.S. Steel Accuses Chinese Steelmakers of Price Fixing, Stealing Trade Secrets


Boselovic, Len, Pittsburgh Post-Gazette (Pittsburgh, PA)


U.S. Steel reported a larger than expected first-quarter loss Tuesday and took aggressive action against the party it believes is responsible for much of its woes: Chinese steelmakers.

U.S. Steel filed a trade complaint against China's largest steel producers and their distributors, alleging they conspired to fix prices, steal trade secrets and circumvent duties on steel imports by falsely labeling products. The Pittsburgh steelmaker said it wants all unfairly traded Chinese steel products excluded from the U.S. market.

The complaint was filed with the U.S. International Trade Commission, which has 30 days to decide whether to initiate a case.

"We have said we will use every tool available to fight for fair trade," president and CEO Mario Longhi said in a statement released by the company.

A U.S. Steel spokeswoman said the allegation regarding stolen trade secrets is based on the 2014 federal indictment of five members of the Chinese military for hacking the computer systems of U.S. Steel, Allegheny Technologies, Westinghouse, Alcoa and the United Steelworkers union. None of those defendants has been brought to trial.

USW international president Leo Gerard said the union backs the company's complaint, adding, "America's steel sector is under attack by China."

"The case clearly lays out the array of actions China has taken to steal market share and jobs," Mr. Gerard said in a statement released by the union.

U.S. Steel said it lost $340 million, or $2.32 per share in the first quarter, vs. a loss of $75 million, or 52 cents per share, in the year-ago quarter. Sales fell 28 percent to $2.34 billion while shipments were off 12 percent.

Analysts had forecast a quarterly loss of $1.29 per share and sales of $2.5 billion.

The results reflect a charge of $25 million, or 17 cents per share, related to supplemental unemployment benefits and severance paid to workers who were laid off. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

U.S. Steel Accuses Chinese Steelmakers of Price Fixing, Stealing Trade Secrets
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.