McKinney, TX - Encore Wire Corporation (NASDAQ Global Select: WIRE) today commented on the U.S. Commerce Department’s preliminary affirmative determination in its antidumping (AD) investigation of Aluminum Wire and Cable from China.
“Today the U.S. Commerce Department issued a preliminary ruling that Chinese aluminum building wire producers have been illegally dumping their product in the United States. Encore welcomes this development and will continue to support the U.S. Government’s antidumping and countervailing duty (CVD) investigations because we believe that these illegal trade practices have undermined our investments in aluminum wire production, which is an important complement to our market-leading copper building wire business,” said Daniel Jones, Chairman, President, and Chief Executive Officer of Encore Wire Corporation.
As a result of the Commerce Department’s decision, U.S. importers of aluminum building wire from China will be required to pay AD cash deposits at rates ranging from 58.36 percent to 63.32 percent, depending upon the Chinese exporter/supplier. These amounts are in addition to the applicable CVD deposit rates, which range from 11.57 percent to 164.16 percent. The CommerceDepartment is scheduled to issue its final AD and CVD determinations by the end of the year.
Encore Wire Corporation is a leading manufacturer of abroad 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 theCompany’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 corrector update any forward-looking statement for any reason. Actual results may vary materially from those anticipated.