IVACO COMMENTS ON U.S DEPARTMENT OF COMMERCE
PRELIMINARY DETERMINATION OF
WIRE ROD DUMPING MARGINS
Montréal – The U.S. Department of Commerce has announced today preliminary determination of dumping margins for wire rod. The preliminary dumping margin for Ivaco is 7.36% and the previously announced countervailing margin for Ivaco is zero. The preliminary dumping margins for six other countries range from a low of 12.38% to a high of 369.10%. Final margins are likely to be announced in August.
Although the Department has not released the details of the calculation, Ivaco can make certain initial observations. Ivaco is a long-standing participant in the wire rod market in North America and monitors its sales to comply with U.S. law. The market conditions that caused this dumping margin for Ivaco have changed since the period of investigation and as a result, Ivaco is optimistic that once the Department’s database is updated for a more current time period, this margin will be extinguished or substantially reduced and dumping duty deposits will be refunded to Ivaco with interest.
Ivaco’s wire rod products are concentrated in the higher quality end of the U.S. market place and as a result, Ivaco’s shipments are not injuring U.S. mills.
The U.S. International Trade Commission (“ITC”) will determine in late September if imports of wire rod from all countries concerned are causing injury to the U.S. domestic industry. If the ITC determines that these imports are not causing injury to the U.S. domestic industry then the Department will terminate the investigation for wire rods.
Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco’s modern steel operations include Canada’s largest rod mill, which has a rated production capacity of 900,000 tons of wire rods per annum. In addition, its fabricated steel products operations in Canada and the United States have a rated production capacity in the area of 400,000 tons per annum of wire and wire products and over 200,000 tons per annum of fastener products. Shares of Ivaco are traded on The Toronto Stock Exchange (IVA). |
