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JSW Steel sues US for rejecting steel tariffs waivers

JSW Steel (USA) Inc. sued the U.S. after failing to secure an exemption from the Trump administration's metal tariffs, Bloomberg News reported Aug. 1.

The U.S.-based unit of Indian steelmaker JSW Steel Ltd. said that waivers for steel-slab raw materials were wrongfully rejected by the U.S. Commerce Department, which forced it to pay significant amounts in tariffs.

The lawsuit came less than a year after CEO John Hritz lauded the levies for aiding the company in going ahead with its expansion plan of up to US$1 billion to modernize and expand its U.S. operations.

The expansion was looking to triple steel production at the unit's Texas plant and add a new facility in Ohio.

Bloomberg Intelligence's senior industry analyst Andrew Cosgrove noted that the company was not given exemptions in order to encourage investment in the U.S.

JSW Steel booked a consolidated net profit of 10.08 billion Indian rupees in the first quarter of its fiscal 2020, down 57% year on year from 23.39 billion rupees, driven by weaker steel demand.