SPARTANBURG, S.C., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL), a holding company owning subsidiaries that engage in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks, specialty chemicals and fabrication of stainless and carbon steel piping systems, announces that Bristol Metals, LLC and the other petitioners in the anti-dumping petition filed before the U.S. Department of Commerce and the U.S. International Trade Commission (USITC) on May 16, 2013 have made a procedural filing, at the request of the USITC, to postpone the USITC's preliminary anti-dumping duty determinations, originally scheduled for October 23, 2013, to December 30, 2013.
The petitioners did not anticipate having to make the postponement filing. However, upon the advice of legal counsel, the petitioners chose to accommodate the USITC's request for a postponement, mainly caused by the federal government shutdown from October 1, 2013 to October 17, 2013, to facilitate a final resolution in the matter. The postponement of the USITC's preliminary anti-dumping duty determinations is not expected to have an adverse effect on the USITC's final determinations, nor is it expected to negatively affect Bristol Metals, LLC's business.
On June 28, 2013, the USITC determined there was a reasonable indication that a U.S. industry was materially injured by reason of imports from Malaysia, Thailand, and the Socialist Republic of Vietnam. All six commissioners of the USITC hearing the petition voted in favor of the petitioners in the affirmative. Preliminary anti-dumping duty determinations are now due on December 30, 2013 and final determinations are due by mid-2014. If there is an affirmative determination, duty deposits would be required no later than the preliminary ruling date and could be retroactive 90 days earlier if the situation is merited.The USITC's public report Welded Stainless Steel Pressure Pipe from Malaysia, Thailand, and Vietnam (Investigation Nos. 731-TA-1210-1212 (Preliminary), USITC Publication 4413, July 2013) contains the views of the USITC and information developed during the investigations. About Synalloy Synalloy Corporation (Nasdaq:SYNL) is a growth oriented company that engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks, specialty chemicals and fabrication of stainless and carbon piping systems.
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