Carpenter Pleased With ITC Injury Ruling On Stainless Rod.READING, Pa.--(BUSINESS WIRE)--Sept. 1, 1998--Carpenter Technology Corp. (NYSE NYSE See: New York Stock Exchange :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ) said it was pleased with today's U.S. International Trade Commission (ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium ITC n abbr (BRIT) (= Independent Television Commission) → ) ruling that unfair pricing practices of stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. rod producers from six countries had "materially injured" U.S. producers. The Commission found that no material injury was caused by imports from a seventh country, Germany. The U.S. Department of Commerce will issue anti-dumping and countervailing duty Noun 1. countervailing duty - a duty imposed to offset subsidies by foreign governments tariff, duty - a government tax on imports or exports; "they signed a treaty to lower duties on trade between their countries" orders by Sept. 15. Penalties on stainless rod producers from Italy, Japan, Korea, Spain, Sweden and Taiwan reaching back to March 5 will then go into effect. These countervailing and antidumping an·ti·dump·ing adj. Intended to discourage importation and sale of foreign-made goods at prices substantially below domestic prices for the same items. duties, determined in July by the Commerce Department, range up to 34.21 percent. "By selling product in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. at less than prices in their home markets or below the costs of production, the foreign producers from the six countries have caused turmoil and injury in the stainless rod market," said William J. Pendleton, Carpenter's director of corporate affairs. "Today's ITC ruling should restore fair trade practices, and we would expect pricing of these products to improve later in our current fiscal year." Carpenter is the leading U.S. supplier of stainless rod and is one of four producers that originally petitioned the U.S. government last July to investigate dumping charges against the foreign manufacturers. Rod is a semi-finished product that often is drawn into wire, then used to produce nuts, bolts and other fasteners for many industrial and consumer products. The U.S. producers, including Carpenter, plan to file an appeal to the U.S. Court of International Trade with regard to the Korean antidumping duty rate, which they believe should be higher than the approximate 5 percent rate determined previously by the Commerce Department. They also will be reviewing the ITC decision to determine whether to appeal the exclusion of Germany from the injury ruling. Carpenter manufactures and distributes stainless steel, titanium and other specialty alloys, and various engineered products. In fiscal 1998 (ended June 30, 1998), the company's sales were about $1.2 billion. CONTACT: Carpenter Technology William J. Pendleton, 610/208-2214 |
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