Baosteel says probe baseless

The EU anti-dumping probes against stainless steel products imported from China made no sense, Xu Lejiang, president of the Baosteel Group, said Saturday.

Xu was quoted by the Xinhua News Agency as saying that the low price of stainless steel products from China was a result of cost reduction thanks to technological innovation, which did not involve unfair pricing practices.

In June, the EU launched an anti-dumping probe against Chinese steel manufacturers and the punitive tariffs, if imposed, would last for five years.