OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
February 12, 2016 at 6.55 pm EET
Outokumpu has today filed antidumping and countervailing duty petitions against Chinese importers together with other American stainless steel producers – AK Steel Corporation, Allegheny Ludlum LLC (ATI Flat Rolled Products) and North American Stainless. Stainless steel producers charge in the antidumping duty petitions that unfairly traded imports of stainless steel sheet and strip from China are causing material injury to the American industry of stainless steel, as Chinese producers are selling their products in the American markets at prices less than their fair value, thereby significantly undercutting American market prices. The countervailing duty petition alleges that Chinese government has given significant subsidies to the Chinese stainless steel industry. The share of imports from China to the NAFTA region has been rising in the recent years.
Says Outokumpu’s Michael Williams, President and Head of Coil Americas: “We see this as a step forward in ensuring and promoting fair market practices and wish for a speedy resolution to this matter.”
Commerce Department and U.S. International Trade Commission will now begin their preliminary investigations which are expected to be finalized during the first quarter. The entire investigative process will take approximately one year, and it is expected to be ready in the first quarter of 2017.
For more information:
Investors: Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778
Media: Saara Tahvanainen, tel. +358 40 589 0223
Outokumpu Group
Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs 11,000 professionals in more than 30 countries, with headquarters in Espoo, Finland and shares listed in Nasdaq Helsinki.
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