Encore Wire Welcomes Commerce Department Antidumping Ruling
MCKINNEY, Texas–(BUSINESS WIRE)–Encore Wire Corporation (NASDAQ Global Select: WIRE) today commented on
the U.S. Commerce Department’s preliminary affirmative determination in
its antidumping (AD) investigation of Aluminum Wire and Cable from
China.
“Today the U.S. Commerce Department issued a preliminary ruling that
Chinese aluminum building wire producers have been illegally dumping
their product in the United States. Encore welcomes this development and
will continue to support the U.S. Government’s antidumping and
countervailing duty (CVD) investigations because we believe that these
illegal trade practices have undermined our investments in aluminum wire
production, which is an important complement to our market-leading
copper building wire business,” said Daniel Jones, Chairman, President,
and Chief Executive Officer of Encore Wire Corporation.
As a result of the Commerce Department’s decision, U.S. importers of
aluminum building wire from China will be required to pay AD cash
deposits at rates ranging from 58.36 percent to 63.32 percent, depending
upon the Chinese exporter/supplier. These amounts are in addition to the
applicable CVD deposit rates, which range from 11.57 percent to 164.16
percent. The Commerce Department is scheduled to issue its final AD and
CVD determinations by the end of the year.
Encore Wire Corporation is a leading manufacturer of a broad range of
electrical building wire for interior wiring in commercial and
industrial buildings, homes, apartments, and manufactured housing. The
Company is focused on maintaining a high level of customer service with
low-cost production and the addition of new products that complement its
current product line.
The matters discussed in this news release that are not historical facts
are forward-looking statements that involve risks and uncertainties,
including unexpected results of the investigations described above and
other risks detailed from time to time in the Company’s reports filed
with the Securities and Exchange Commission. Words such as “will”,
“believe,” “could,” “should,” “anticipate” and other similar expressions
indicate a forward-looking statement. The Company undertakes no
obligation to correct or update any forward-looking statement for any
reason. Actual results may vary materially from those anticipated.
Contacts
Frank J. Bilban
Vice President & CFO
972-562-9473