The US has an option to keep the tariffs on steel imports from Japan, Russia and Brazil, according to the US trade panel’s decision.

On Thursday, the International Trade Commission in Washington said removing the duties would be harmful for the US economy and decided to keep the tariffs on the imported steel from Japan, Russia and Brazil.

The duties on hot flat-rolled steel were first imposed about five years ago to protect the US steel makers from fierce competition in the situation when overseas steel companies could compete with the below-market rates. The duties amounted to 20% - 50% at that time.

The removal of duties would lift the imports of cheap steel and harm the US steel market, the US leading steelmakers said. "This ruling recognizes that the fundamental problems facing the steel industry haven’t changed over the last five years," said Peter Morici, an independent economist at Nucor.

Nucor, the nation’s second-biggest steel company, as well as the US No.1 steelmaker U.S. Steel, claimed the removal of the duties would definitely lead to great losses for both companies.

Last year set the record for steel prices for the US. The prices are expected to go down on the growing supply from the distributors while the demand stays at the same level, market analysts say.