Daily Management Review

U.S. Steel Accusations Groundless, China's Baosteel Group Says


U.S. Steel Accusations Groundless, China's Baosteel Group Says
China's Baosteel Group rubbished as being groundless the allegations that included by allegations of having stolen commercial secrets that were leveled by U.S. Steel Corp against the company and the Chinese company vowed to protect its legal rights.
U.S. Steel launched a campaign this week to halt imports from China and China's second-biggest steelmaker and the world's fourth is the first Chinese steel producer to respond to U.S. Steel’s campaign.
"In particular, the charges claiming that Baosteel stole commercial secrets from U.S. Steel is rootless speculation and subjective assumption, and could even be described as an absurd statement," Baosteel said in an emailed statement.
"Baosteel has not and will never steal to obtain technology," the company said, adding that it had consistently focused on original research and technology improvement. The charges in the application violate the spirit of justice and fairness and were also disrespectful and besmirching to Baosteel and its research staff," it said.
"Baosteel will protect its legal rights in accordance with related international regulations and laws," it added.
Chinese producers and their distributors were allegedly conspiring to fix prices, stealing trade secrets and circumventing trade duties by false labeling were the allegations that were labeled by U.S. Steel on a complaint with the International Trade Commission (ITC) and called on ye regulators to investigate dozens identified Chinese producers.
Saying there was "no factual basis" for intellectual property disputes over China's steel exports to the United States, China's commerce ministry on Wednesday urged the ITC to reject U.S. Steel's call.
After China and other major steel producing nations failed to agree on measures to tackle an industry crisis, the United States, European Union and others last week called for urgent action to address global steel overcapacity.
Britain in particular has been hit hard as its largest producer Tata Steel has announced plans to pull out of the country, threatening 15,000 jobs.
As producers in China sell more at home, the domestic steel price rally could help limit shipments this year. Steel exports from China surged to a record 112 million tones last year as anger toward China has grown since that time.
The rapid increase in Chinese steel prices may deter government efforts to curb overcapacity in the sector in the short term by prompting once-shut mills to restart, Baoshan Iron & Steel, the listed unit of Baosteel Group, said.
"This will slow the reduction in overcapacity, but with mills reopening and supplies rising and the government strengthening monitoring on real estate and futures, steel prices will fall," Baosteel board secretary Zhu Kebing told a separate online briefing.
Previous big production cuts, low inventories and an improving Chinese economy were the reasons that Zhu attributed the spike in steel prices.

Science & Technology

Chinese Study Claims Heart Diseases Can Be Reduced By Having An Egg A Day

Asteroid mining: Reality or fiction?

3D Printing Used For Life Saving Kidney Transplant In Two Year Old At U.K. NHS

California to require solar panels for new homes by 2020

Blockchain Enables De Beers To Track Diamond From The Miner To The Retailer

Microsoft releases Windows 10’s April 2018 Update

DNA Sequencing Project Proposed For All Complex Life Forms On Earth By An Int’l Team

Facebook may start production of its own microprocessors

Long-Term Alcohol Monitoring Could Be Possible With A New Injectable Chip Developed By U.S. Researchers

Sweden Now Has The First Electrified Road In The World

World Politics

World & Politics

The British government is trying to unblock money to pay off the national debt

Ministerial Visit From India To North Korea Aimed At Strengthening Ties

What countries are the biggest losers of Trump’s Iran decision?

World's Oldest Elected Prime Minister Is Malaysia’s 92 Year Old Mahathir Mohamad

Why Is U.S. Pulling Out Of The Iran Deal A Big Deal For The World

Merkel, Macron, May call on Iran to adhere to the nuclear deal

Arab Region Driven In ‘Wrong Direction’ In Last 10 Years, Say Arab Your: Survey

German doctors demand a tax on sugar