Reuters reported that the European Union has started an investigation on whether iron and steel fittings for industrial tubes and pipes from Russia and Turkey, worth about EUR 10 million are being sold at illegally low prices and whether this is damaging EU producers.

The case, prompted by a complaint by EU producers, could eventually lead to punitive import duties if the EU finds evidence of illegal price dumping. The bloc has until next August to launch provisional tariffs and could up to February 2013 follow these with 5 year duties.

The EU’s official register said that having determined that there is sufficient evidence to justify the initiation of a proceeding the Commission hereby initiates an investigation.

(Sourced from Reuters)