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The US trade body’s approval of anti-dumping tariffs on South Korea's tire exports is adding to the woes of Korea’s three major tire makers, Hankook Tire & Technology Co., Kumho Tire Co., and Nexen Tire Co., already reeling from soaring rubber prices and surging freight rates.
The International Trade Commission (ITC) said that US tire manufacturers are “materially injured” by imports of passenger vehicle and light truck tires from South Korea, Taiwan, and Thailand.
The ITC added that subsidized tires from Vietnam sold in the US at less than fair value are also hurting US competitors.
Consequently, the US Department of Commerce will issue anti-dumping tariffs on South Korean, Taiwanese, and Thai tire exports and countervailing duty on Vietnamese tires.
Last month, the commerce department said it will levy punitive tariffs of between 14.72 percent and 27.05 percent of the four country's tire exports.
The US government will impose a 27.05 percent tariff on Hankook, 21.74 percent on Kumho, and 14.72 percent on Nexen.
The three South Korean tire makers’ largest market in the US, which accounts for a combined 42 percent of their exports.
Last year, the three tiremakers exported $1.17 billion in new tires to the North American market.
The anti-dumping duties would incur an additional $90 million in annual costs for Hankook Tire.
The South Korean tire makers are currently facing rising prices of natural rubber and increasing seaborne freight rates, which account for between 20 to 30 percent of their total production costs.
Osaka Exchange’s rubber contract for November delivery, a benchmark for global rubber trading, finished 24 yen, or 1% higher at 234.1 yen per kilogram on Thursday, representing an increase of more than 60% from a year ago.
Hankook Tire, which suspended operations at its two main South Korean plants on June 10-12, plans to halt work for another three days this week as it struggles to find container ships.
To counter the heftier US tariffs, Hankook plans to boost production at its overseas plants, including the US, Poland, and Indonesia.
Meanwhile, Kumho plans to ramp up facilities in Vietnam, as tariffs on Vietnam's exports to the US are lower compared to South Korea's shipments to the US.
Kumho is also considering increasing production at its US factory from 4 million tires a year to 4.5 million.
Nexen plans to file petitions for a review to the ITC again.
