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Synalloy’s Bristol Metals Subsidiary Applauds ITC Injury Vote

RICHMOND, Va., Oct. 26, 2016 (GLOBE NEWSWIRE) -- Yesterday in Washington, D.C. the International Trade Commission (ITC) made a unanimous (6-0) vote that dumped and subsidized imports of welded stainless steel pressure pipe from India materially injured the U.S. industry. This means that duties ranging from 6.22% to 17.3% will be imposed through orders by Customs against all imports from India of this product.

Bristol joined with three other U.S. producers in petitioning for relief in September 2015. Kyle Pennington, President of Bristol Metals, stated, “Imports from India surged from 2,000 tons to more than 15,000 tons between 2013 and 2015, with a 2015 import value of $47.5 million. This relief has already benefited Bristol with volume and price benefits as fair trade was restored.”

The ITC determined that India’s share of the U.S. market was 23.3% in 2015. Welded stainless pressure pipe is used in the chemical, petro-chemical, refineries, food, beverage, pharmaceutical, and water treatment industries. Bristol believes it is the largest U.S. producer. The U.S. industry was represented by Washington lawyer Roger Schagrin and Schagrin Associates.

For more information about Synalloy Corporation (Nasdaq:SYNL), please visit our web site at www.synalloy.com.

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CONTACT: Dennis Loughran at (804) 822-3266

Source:Synalloy Corporation