DALLAS, Aug. 27, 2012 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI), through its subsidiary TXI Operations, LP, submitted a letter on Friday, August 24, 2012, to the Department of Commerce and the Interagency Trade Enforcement Center asking that Commerce self-initiate antidumping and countervailing duty investigations of unfairly priced gray portland cement imports from Greece and the Republic of Korea into the Texas region. TXI believes that imports from Greece and Korea are being sold at less than fair value ("dumped") and benefit from government subsidies. These unfairly traded imports have materially injured Texas cement producers and their employees. Notwithstanding continued excess cement production capacity in Texas, imports from Greece and Korea increased by almost 40 percent from 2009 to 2011, and increased another 14 percent from the first half of 2011 to the first half of 2012. These imports took substantial sales volumes from Texas producers resulting in further underutilization of production capacity for Texas producers. Moreover, unfairly low import prices have harmed profitability. TXI recognizes that it has been many years since the Department of Commerce has self-initiated a trade investigation, but it believes there are compelling reasons for Commerce to do so in this instance. Given the existing high levels of unemployment, it is particularly important for the Obama Administration to vigorously enforce our trade laws so as not to support the off-shoring of American jobs.
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of competitive pressures and changing economic and financial conditions on our business, the cyclical and seasonal nature of our business, the level of construction activity in our markets, abnormal periods of inclement weather, unexpected periods of equipment downtime, unexpected operational difficulties, changes in the cost of raw materials, fuel and energy, changes in the cost or availability of transportation, changes in interest rate, the timing and amount of federal, state and local funding for infrastructure, delays in announced capacity expansions, ongoing volatility and uncertainty in the capital or credit markets, the impact of environmental laws, regulations and claims and changes in governmental and public policy, and the risks and uncertainties described in our reports on Forms 10-K, 10-Q and 8-K. Forward-looking statements speak only as of the date hereof, and we assume no obligations to publicly update such statements.
TXI is the largest producer of cement in Texas and a major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix and concrete products.
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