Opinion of Advocate General Emiliou delivered on 12 January 2023.

PAO Severstal and Novolipetsk Steel PJSC (NLMK) v European Commission.#Appeal – Dumping – Implementing Regulation (EU) 2016/1328 – Imports of certain cold-rolled flat steel products originating in the People’s Republic of China and the Russian Federation – Definitive anti-dumping duty – Regulation (EC) No 1225/2009 – Article 18(1) – Necessary information – Absence – Article 9(4) – ‘Lesser duty rule’ – Target price – Profit margin of the Union industry – Establishment – Selection of the most recent representative year – Article 2(9) – Construction of the export price – Injury to the Union industry – Application by analogy – Calculation of the underselling margin – Statement of reasons.#Joined Cases C-747/21 P and C-748/21 P.