Steel Mills
October 4, 2018
U.S. Tariffs a Negative Impact on Algoma
Written by Sandy Williams
U.S. Section 232 tariffs have cost Canada’s Essar Steel Algoma about $55 million from June through August, according to Brian Denega, court appointed monitor overseeing the Algoma restructuring. In addition, the company is required to post a tariff surety bond with U.S. Customs and Border Protection in the amount of $5.25 million.
“The U.S. Customs and Border Protection [CBP] requires all importers of record to post a surety bond, the size of which is typically based on the annual customs charges incurred by the importer,” said Denega in his 47th monitor’s report.
