India’s steel giant, JSW Steel Ltd. is suing three of the largest American steel makers for conspiracy against the company. As per Bloomberg report, the American steel makers were denying to sell raw materials to its US pipe and plate-making operations following the Donald Trump’s administration imposed tariffs on imports of cheaper foreign supplies, in turn stifling competition.
The company has filed a lawsuit against U.S. Steel Corp., Nucor Corp. and Cleveland- Cliffs Inc in U.S. District Court, Southern District of Texas (Houston). According to reports, the three companies manages over 80 per cent of the domestic steel making capacity. The lawsuit filed in Houston suggests that the three companies conspired to cause direct harm to JSW Steel.
JSW Steel elaborated that after the imposition of tariffs, JSW Steel wasn’t able to get the raw material from the suppliers outside and the American suppliers also refused to supply metal which led to surge in its cost.
John Hritz, JSW board member explained, “When tariffs were imposed we were working hard at getting exclusions and these companies had said : ‘Don’t worry about it, you don’t need an exclusion to bring in slabs, we can supply all you need.'” He further elaborated, “We went down that road with them, and we tried our best to work with them, but never once did they ever supply us slabs.”
Earlier, JSW Steel supported Trump’s tariffs, but later sued the administration saying that the U.S. Commerce Department wrongfully denied waivers for steel-slab raw material, forcing the steel processor to pay tens of millions of dollars in tariffs. On contrary, Nucor opposed JSW’s exclusion appeals saying that the slab production to American companies was ‘exactly the outcome intended.’ the publication added.