Allegheny Technologies Incorporated (NYSE:ATI) joined together with AK Steel Holding Corporation and the United Steelworkers to file antidumping and countervailing duty petitions today charging that unfairly traded imports of grain-oriented electrical steel (GOES) from seven countries are causing material injury to the domestic industry. The petitions were filed concurrently with the United States Department of Commerce and the United States International Trade Commission. For details see: www.ssina.com/news.
“We have evidence that imports from the seven countries are being sold in the U.S. at unfairly low prices and benefitting from government subsidies resulting in declines in production and employment in the domestic industry,” said Rich Harshman, ATI Chairman, President and Chief Executive Officer. “We believe in free and fair trade. Our industry must take action against countries that sell their products here at unfairly low prices that significantly undercut domestic market prices, thus injuring our domestic businesses and reducing jobs.
“The U.S. needs a healthy domestic GOES industry. Our products are used to make high-efficiency power transformers used to maintain and improve the reliability and efficiency of the domestic electrical power grid.”
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which we are unable to predict or control, that may cause our actual results, performance or achievements to materially differ from those expressed or implied in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in our filings with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.Building the World’s Best Specialty Materials Company™ Allegheny Technologies Incorporated is one of the largest and most diversified specialty metals producers in the world with revenues of approximately $4.6 billion for the twelve months ending June 30, 2013. ATI has approximately 10,900 full-time employees world-wide who use innovative technologies to offer global markets a wide range of specialty metals solutions. Our major markets are aerospace and defense, oil and gas/chemical process industry, electrical energy, medical, automotive, food equipment and appliance, construction and mining, and machine and cutting tools. Our products include titanium and titanium alloys, nickel-based alloys and superalloys, engineered forgings and castings, zirconium, hafnium, and niobium alloys, grain-oriented electrical steel, stainless and specialty steels, and tungsten materials. The ATI website is www.ATImetals.com.
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