U.S. Steel files trade complaint against China

As it reported another quarter of declining profits, Pittsburgh, Pa.-based U.S. Steel yesterday filed a trade complaint against China.

In the complaint, U.S. Steel alleges Chinese steelmakers have conspired to fix prices, steal trade secrets and circumvent duties by falsely labeling products. The company is asking International Trade Commission to impose penalties.

“We have said that we will use every tool available to fight for fair trade,” CEO Mario Longhi said in a statement. “With today’s filing, we continue the work we have pursued through countervailing and antidumping cases and pushing for increased enforcement of existing laws.”

The company posted a first-quarter net loss of $340 million and a 30 percent sales decline to $2.3 billion.

Read more from The Wall Street Journal.