Worthington Industries Lauds ITC’s Affirmative Vote in Chinese Non-Refillable Steel Cylinders Trade Case
April 16 2021 - 1:55PM
The U.S. International Trade Commission (ITC) today determined that
unfairly traded imports of DOT-39 non-refillable steel cylinders
from China have materially injured Worthington Industries. These
cylinders deliver gases that are critical for HVAC and
refrigeration and service the construction industry.
“We thank the International Trade Commission for its hard work
and careful attention to this investigation,” said Worthington
Industries President and CEO Andy Rose. “The ITC’s affirmative
finding is vital to restoring fair market conditions, ensuring the
ongoing manufacture of this product by our employees in the United
States and will result in more high-quality jobs and expanded
production of this essential product.”
Today’s unanimous decision completes the ITC’s investigation
into surging volumes of aggressively priced, non-refillable steel
cylinder imports from China over the past several years. The ITC’s
affirmative injury determination will result in the U.S. Department
of Commerce publishing antidumping and countervailing duty orders
on non-refillable cylinder imports from China, expected in early
May, requiring importers of these cylinders to pay duties ranging
from 82% - 288%.
Non-refillable steel cylinders are used to store, transport and
deliver refrigerant gases, and other products such as foam
insulation and spray adhesives. These cylinders are critical to the
retail sector, HVAC and construction industries. The Company makes
DOT-39 non-refillable steel cylinders at its facilities in
Columbus, Ohio and Paducah, Ky. Worthington is represented by
Kelley Drye & Warren LLP in this case.
About Worthington IndustriesWorthington
Industries (NYSE:WOR) is a leading industrial manufacturing company
delivering innovative solutions to customers that span many
industries including transportation, construction, industrial,
agriculture, retail and energy. Worthington is North America’s
premier value-added steel processor and producer of laser welded
products; and a leading global supplier of pressure cylinders and
accessories for applications such as fuel storage, water systems,
outdoor living, tools and celebrations. The Company’s brands,
primarily sold in retail stores, include Coleman®, Bernzomatic®,
Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®,
Pactool International® and Hawkeye™. Worthington’s WAVE joint
venture with Armstrong is the North American leader in innovative
ceiling solutions.
Headquartered in Columbus, Ohio, Worthington
operates 50 facilities in 15 states and seven countries, sells into
over 90 countries and employs approximately 8,000 people. Founded
in 1955, the Company follows a people-first philosophy with earning
money for its shareholders as its first corporate goal.
Relentlessly finding new ways to drive progress and practicing a
shared commitment to transformation, Worthington makes better
solutions possible for customers, employees, shareholders and
communities.
Safe Harbor StatementThe Company wishes to take
advantage of the Safe Harbor provisions included in the Private
Securities Litigation Reform Act of 1995 (the “Act"). Statements by
the Company relating to its ability to increase market
participation, expand and integrate capacity, increase efficiencies
and reduce lead time, achieve growth in general and in specific
markets, and other statements which are not historical information
constitute "forward looking statements" within the meaning of the
Act. All forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ from those
projected. Factors that could cause actual results to differ
materially include risks described from time to time in the
Company's filings with the Securities and Exchange Commission,
including those related to COVID-19 and the various actions taken
in connection therewith, which could also heighten other risks.
Contacts:SONYA L. HIGGINBOTHAMVP,
CORPORATE COMMUNICATIONS AND BRAND
MANAGEMENT614.438.7391 | sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND
INVESTOR RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
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