The Wall Street Journal reports U.S. Steel Corp. on Tuesday filed a tough new trade complaint against China as it reported another quarter of disappointing results. The company posted a net loss for the first quarter of $340 million, the company now having lost money in seven of the last eight quarters. U.S. Steel is seeking more trade protection. In a complaint filed Tuesday with the International Trade Commission it demanded penalties on Chinese steel imports which could include a total ban on imports into the U.S. In particular, U.S. Steel said that Chinese steelmakers conspired to fix prices, stole trade secrets and circumvented duties with false labeling.
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