Taiwan’s biggest steel maker says it is looking into reports that Russia is flooding the Taiwanese market with unreasonably cheap steel. China Steel Corporation, which is part-owned by Taiwan’s government, says it will take action to prevent more damage to domestic producers.
Russia is one of the biggest steel exporters in the world. But after the country was put under international sanctions for invading Ukraine, Russia’s steel industry has struggled to find customers. According to China Steel, Russia is dumping the metal on Taiwan to fill that void.
The glut, China Steel says, is pushing down prices and making it harder for Taiwan’s own steel makers to survive. The company is investigating what it calls Russia’s “unfair trade practices.”