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NewsUS anti-dumping suit to impact less than 3% of Pantech revenue
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US anti-dumping suit to impact less than 3% of Pantech revenue
by Cals Wed 03 Jul 2013, 02:38
US anti-dumping suit to impact less than 3% of Pantech revenue
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Tuesday, 02 July 2013 18:37
KUALA LUMPUR (July 2): PANTECH GROUP HOLDINGS BHD [] said it will be minimally impacted by the United States International Trade Commission’s decision to continue with its anti-dumping suit on welded stainless steel pipes.
In a filing with Bursa Malaysia, the steel pipe maker said that last Friday (June 28), the US International Trade Commission voted to continue with the anti-dumping suit on welded stainless steel pipes from Malaysia, Vietnam and Thailand that was initiated by the US International Trade Administration of the Department of Commerce.
“All companies from these three Southeast Asian nations that are exporting welded stainless steel pipes to the US will be subjected to the anti-dumping suit and Pantech group’s wholly owned subsidiary, Pantech Stainless & Alloy Industries Sdn Bhd is one of the companies that may be affected should the suit follows through,” Pantech said in the filing.
The company said it anticipates the anti-dumping suit to have minimal impact on its performance, at less than 3% of its revenue for the financial year ending February 28, 2014.
“However, the group is proactively announcing this suit in line with our corporate governance and our responsibility to inform our shareholders and customers accordingly,” said Pantech.
It also said shipping of welded stainless steel pipes to the US can continue until this October.
Pantech said it exports only 300 tonnes, or 30% of its capacity, of stainless steel pipes to the country.
“The group has also begun mitigation activities by increasing production of stainless steel fittings by threefold by the second half of FY14. We are already actively exploring into potential export markets for stainless steel pipes and fittings such as South America and European countries,” said Pantech.
It added that it is currently working with its legal advisors on the best approach towards the suit.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Tuesday, 02 July 2013 18:37
KUALA LUMPUR (July 2): PANTECH GROUP HOLDINGS BHD [] said it will be minimally impacted by the United States International Trade Commission’s decision to continue with its anti-dumping suit on welded stainless steel pipes.
In a filing with Bursa Malaysia, the steel pipe maker said that last Friday (June 28), the US International Trade Commission voted to continue with the anti-dumping suit on welded stainless steel pipes from Malaysia, Vietnam and Thailand that was initiated by the US International Trade Administration of the Department of Commerce.
“All companies from these three Southeast Asian nations that are exporting welded stainless steel pipes to the US will be subjected to the anti-dumping suit and Pantech group’s wholly owned subsidiary, Pantech Stainless & Alloy Industries Sdn Bhd is one of the companies that may be affected should the suit follows through,” Pantech said in the filing.
The company said it anticipates the anti-dumping suit to have minimal impact on its performance, at less than 3% of its revenue for the financial year ending February 28, 2014.
“However, the group is proactively announcing this suit in line with our corporate governance and our responsibility to inform our shareholders and customers accordingly,” said Pantech.
It also said shipping of welded stainless steel pipes to the US can continue until this October.
Pantech said it exports only 300 tonnes, or 30% of its capacity, of stainless steel pipes to the country.
“The group has also begun mitigation activities by increasing production of stainless steel fittings by threefold by the second half of FY14. We are already actively exploring into potential export markets for stainless steel pipes and fittings such as South America and European countries,” said Pantech.
It added that it is currently working with its legal advisors on the best approach towards the suit.
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