FORT WAYNE, Ind., July 16, 2015 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today announced that the International Trade
Commission (ITC), acting pursuant to a petition by Steel Dynamics,
Inc., AK Steel Corporation, ArcelorMittal USA, California Steel Industries, Nucor
Corporation, and United States Steel Corporation, made a
preliminary determination that imports of corrosion resistant steel
from China, India, Italy,
South Korea, and Taiwan injured the U.S. steel industry. The
petitioners asked the Department of Commerce and the U.S.
International Trade Commission to apply antidumping and
countervailing duties against these imports on June 3, 2015.
Citing evidence of the import surge in the U.S. steel producers'
petition, corrosion resistant sheet steel increased 85%, from 1.5
million to 2.75 million tons between 2012 and 2014 from the five
subject countries. Additionally, these countries have increased
their tonnage of these imports over 30 percent to 800,000 tons from
600,000 tons in the first quarter of 2015, more than doubling their
share between 2012 and the end of March, 2015.
Mark D. Millett, Chief Executive
Office of Steel Dynamics said, "We are pleased the ITC has
confirmed that the flood of unfairly traded imports of
corrosion-resistant sheet steel has materially impacted our
shipments, pricing and profitability. SDI believes in fair trade,
but the U.S. has become a dumping ground for world excess steel
capacity."
The company produces corrosion-resistant steel including hot
dipped galvanized, Galvalume®, and painted steel at its facilities
in Butler and Jeffersonville, Indiana; Columbus, Mississippi and three facilities
(The Techs) in the Pittsburgh,
Pennsylvania metropolitan area. The product is used in many
construction applications, as well as in automotive parts and
numerous consumer products.
Dick Teets, President and Chief
Operating Officer of Steel Operations said, "Our company will not
hesitate to continue to act with other U.S. producers to address
unfair trade that harms the livelihood of over 7,600 SDI employees
and usurps our shareholders' value."
The Department of Commerce is expected to make preliminary
determinations in the countervailing duty cases by August 27, 2015, and in the antidumping cases by
November 10, 2015, although both
dates may be extended.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with annual sales of $8.8 billion in 2014, over 7,600 employees, and
manufacturing facilities primarily located throughout the United States (including six steel mills,
eight steel coating facilities, an iron production facility,
approximately 90 metals recycling locations and six steel
fabrication plants).
Forward-Looking Statement
This press release contains some predictive statements about
future events, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' revenues, costs
of purchased materials, future profitability and earnings, and the
operation of new or existing facilities. These statements are
intended to be made as "forward-looking," subject to many risks and
uncertainties, within the safe harbor protections of the Private
Securities Litigation Reform Act of 1995. These statements speak
only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date,
concerning our businesses and the environments in which they
operate. Such predictive statements are not guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include: (1)
the effects of uncertain economic conditions; (2) cyclical and
changing industrial demand; (3) changes in conditions in any of the
steel or scrap-consuming sectors of the economy which affect demand
for our products, including the strength of the non-residential and
residential construction, automotive, appliance, pipe and tube, and
other steel-consuming industries; (4) fluctuations in the cost of
key raw materials (including steel scrap, iron units, and energy
costs) and our ability to pass-on any cost increases; (5) the
impact of domestic and foreign import price competition; (6)
unanticipated difficulties in integrating or starting up new or
acquired businesses; (7) risks and uncertainties involving product
and/or technology development; and (8) occurrences of unexpected
plant outages or equipment failures.
More specifically, we refer you to SDI's more detailed
explanation of these and other factors and risks that may cause
such predictive statements to turn out differently, as set forth in
our most recent Annual Report on Form 10-K, in our quarterly
reports on Form 10-Q or in other reports which we from time to
time file with the Securities and Exchange Commission. These are
available publicly on the SEC website, www.sec.gov, and on the
Steel Dynamics website, www.steeldynamics.com.
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SOURCE Steel Dynamics, Inc.