AK Steel Comments on China’s Preliminary Ruling for Electrical Steel Duties
12/11/2009 - AK Steel responds to the imposition of provisional duties by China's Ministry of Commerce (MOFCOM) on imported electrical steel products. Chairman, President, and CEO James L. Wainscott says the company is very disappointed by MOFCOM's preliminary findings.
AK Steel has responded to the imposition of provisional duties by China's Ministry of Commerce (MOFCOM) on imported electrical steel products. Chairman, President, and CEO James L. Wainscott said, "AK Steel is very disappointed by MOFCOM's preliminary findings, which we believe lack any factual or legal basis. We will continue to participate in the ongoing anti-dumping and anti-subsidy investigations and will urge MOFCOM to reach negative final determinations. We would expect to vigorously appeal any adverse final decisions."
Wainscott added, "Notwithstanding the imposition of Chinese tariffs, AK Steel's electrical steel business serves customers in every part of the globe who appreciate the energy-efficiency, quality, delivery, and service we provide. A substantial portion of our 2009 electrical steel shipments were outside of NAFTA, with sales to China representing a relatively small percentage of our total sales of electrical steel. Going forward, we will continue to assess growing global market opportunities for electrical steel sales, including China."
Regarding the outlook for electrical steel, Wainscott noted that AK Steel expects a significantly higher electrical steel shipment level for 2010 as compared to 2009, due to economic recovery around the world.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets. The company employs about 6000 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pa.; Ashland, Ky.; Rockport, Ind.; and its corporate headquarters in West Chester, Ohio.
