McKinney, TX - Encore Wire Corporation (NASDAQ Global Select: WIRE) today commented on the U.S. Commerce Department’s preliminary affirmative determination in its countervailing duty (CVD) investigation of Aluminum Wire and Cable from China.
“Encore supports the U.S. Government’s ongoing antidumping and CVD investigations because we believe that illegally dumped and subsidized aluminum wire from China has undermined our 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. “Today’s preliminary decision that Chinese aluminum building wire producers receive significant illegal subsidies is a positive development and an important step toward restoring a level playing field.”
As a result of the Commerce Department’s decision, U.S. importers of aluminum building wire from China will be required to pay CVD cash deposits at rates ranging from 11.57 percent to 164.16 percent, depending upon the Chinese exporter/supplier. The Commerce Department is scheduled to issue its preliminary antidumping determination by late- May 2019. Both investigations are expected to conclude by the end of the year.
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 investigations 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.