December 29, 2009

TRADE WAR: Anti-Dumping Duties of 145% on Steel Grating China-Wide

The US Department of Commerce's International Trade Administration imposed anti-dumping duties of 145.18% on imports of Chinese steel grating in a ruling released today. The mandatory respondent - Ningbo Jiulong Machinery Manufacturing Company, Ltd., alone received an extra duty of 14.36%. The petition was brought by American steel makers Alabama Metal Industries and Fisher & Ludlow.

Alabama Metal Industries was acquired in 2005 by steel conglomerate Gibraltar Industries (NASDAQ: ROCK) whose shares rose today. Gilbraltar's major owners (apart from institutional holders such as mutual funds) are Brian Lipke, CEO and Chairman of the Board since Gibraltar's beginning in 1972, and Lipke family members. Lipke lavishes contributions on politicians of all stripes including Democratic Senator Chuck Schumer of New York (where Gibraltar is based). Imports of steel grating from China increased from $8.8 million (US dollars) to over $90 million between 2006-2008.....

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