Encore Wire Reports Antidumping Filing
September 21 2018 - 10:45AM
Business Wire
Encore Wire Corporation (NASDAQ Global Select: WIRE) today
announced that it had signed on to antidumping (AD) and
countervailing duty (CVD) petitions filed with the U.S. Department
of Commerce and the U.S. International Trade Commission to address
imports of illegally dumped and subsidized aluminum wire from
China. The petitions describe how surging volumes of Chinese
aluminum wire are being unfairly traded and injuring American
manufacturers and workers.
“Encore has made significant investments in aluminum wire
production to complement our market-leading copper building wire
business,” said Daniel Jones, Chairman, President, and Chief
Executive Officer of Encore Wire Corporation. “We believe that
illegally dumped and subsidized aluminum wire from China has
undermined these investments. We view these petitions as a first
step toward restoring a level playing field.”
The petitions cover Chinese aluminum building wire used in
residential, commercial, and industrial applications. In the weeks
that follow, the U.S. Department of Commerce will decide whether to
formally initiate unfair trade investigations. Such investigations
typically take approximately one year to complete.
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 petitions
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180921005398/en/
Encore Wire CorporationFrank J. Bilban,
972-562-9473Vice President & CFO
Encore Wire (NASDAQ:WIRE)
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