Baosteel: It is absurd to claim we stole commercial secretsStaff writer ▼ |
Industry "U.S. Steel accusations are groundless"
China's Baosteel Group said that accusations by United States Steel Corp. (U.S. Steel) against it were groundless and untrue.
The accusation that the company had stolen commercial secrets in particular is baseless speculation and subjective assumption - an absurd statement, it said, adding that it was an insult to the company's hardworking research and development staff.
"Baosteel will protect its legal rights in accordance with related international regulations and laws," the Baosteel statement said.
An unnamed official with the Ministry of Commerce (MOC) said Wednesday that China and the United States should improve dialogue and communication on global steel overcapacity, following a trade complaint from U.S. Steel.
U.S. Steel lodged a complaint with the U.S. International Trade Commission (ITC) on Tuesday, under Section 337 of the Tariff Act of 1930, against around 40 Chinese steel producers and their distributors.
Pittsburgh-based U.S. Steel said in a statement that its complaint regarded "alleged illegal unfair competition methods and seeks the exclusion of all unfairly traded Chinese steel products from the U.S. market."
The ITC has up to 30 days to decide whether it will initiate the case. ■
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