McKinney, TX - 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.