Final Rulings Favor Elkay® Domestic Manufacturing Operations
OAK BROOK, Ill., March 21, 2013 /PRNewswire/ -- The U.S. International Trade Commission (ITC) today unanimously ruled that unlawful pricing by Chinese producers of drawn stainless steel sinks caused material injury to ELKAY Manufacturing Company and other domestic producers of drawn stainless steel sinks. This affirmative vote is the final ruling by the ITC in the international trade investigations related to drawn stainless steel sinks from China. As a result of today's vote, the anti-dumping and countervailing subsidy duties placed on Chinese imports by the Department of Commerce (DOC) are final for an initial five-year period. Four individual Chinese producers received combined rates ranging from 30.46 percent to 52.13 percent while 19 cooperating producers received a rate of 42.06 percent. Non-cooperating Chinese producers received a rate of 85.04 percent.
ELKAY Manufacturing Company welcomes today's decision, which is in response to anti-dumping and anti-subsidy petitions filed by the company in March 2012, on behalf of U.S. stainless steel sink manufacturers. This vote follows a DOC final ruling last month that states Chinese producers are selling drawn stainless steel sinks in the U.S. at less than fair value and that Chinese producers are being subsidized by the Chinese government.
"Today's decision by the International Trade Commission represents a big win for the U.S. sink industry, ELKAY employees and consumers," remarks Tim Jahnke, president and CEO of ELKAY Manufacturing Company.
Jahnke continues, "We undertook this action because we are committed to U.S. manufacturing jobs which benefit our employees, their families, and the communities in which we operate. While the subsidization and dumping of Chinese sinks into the U.S. at illegal prices jeopardized American jobs, we are confident that this ruling will restore a level, competitive playing field that enables ELKAY and other U.S. stainless steel sink manufacturers to continue investing in America to produce high-quality, innovative products."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts