Russia’s Economic Development Ministry and the U.S. Commerce Department on November 30 signed a protocol to amend an agreement to halt an anti-dumping probe against certain types of hot-rolled steel products from Russia that the two countries signed on July 12, 1999, a Ministry official said.

The changes bring prices for imported Russian products in line with prices on the U.S. domestic market. The U.S. reconsidered the agreement because after the 2008-2010 crisis, the minimum reference prices calculated using the approved method turned out to be far lower than prices on the U.S. market. Following intergovernmental negotiations, the formula for computing the price remained virtually unchanged, but the base figures used in calculations were changed, the official said.

If the agreement had not been reached, the U.S. would have had to break off the agreement and impose anti-dumping duties.

In July 1999, in exchange for ending an anti-dumping investigation against imports of hot-rolled steel into the U.S., Russia agreed to voluntarily limit shipments of these types of products for a period of five years. In addition, minimum sales prices were introduced. If Russia had not made the agreement, the U.S. could have imposed duties on hot-rolled steel of 74 percent for Severstal and 184 percent for other Russian exporters. The previous price level will be in effect only through December of this year. Then the price will change according to the formula written into the agreement and the accompanying protocols.

“The opportunities for shipments by Russian producers will be determined by the market situation in the United States. The agreement allows for these prices to be reconsidered again,” the Ministry official said. The U.S. Commerce Department began consultations as to the pricing for imports of Russian hot-rolled steel in the summer of 2012 at the request of U.S. steelmaker Nucor Corporation.