Trade Panel Rules for U.S. Steelmakers in Landmark Case (X, NUE)

A U.S. trade panel gave final approval Wednesday to duties ranging from about 10 to 16 percent on Chinese-made steel pipe. The U.S. International Trade Commission ruled 6-0 in favor of the duties set by the U.S. Commerce Department to offset Chinese Government Subsidies.

The duties will help protect domestic steel producers like United States Steel (NYSE: X) and Nucor Corporation (NYSE: NUE) by stemming the flood of imports from China of subsidized steel.

Shares of United States Steel and Nucor Corporation are trading higher today on the ruling.