CHINESE Duties2010-03-23 21:22 ET - News Release
Mr. Ron Bedard reports
LAKESIDE STEEL WELCOMES THE IMPOSITION OF DUTIES AGAINST CHINESE OIL AND GAS WELL CASING AND TUBING
Lakeside Steel Inc. welcomes the Canadian International Trade Tribunal's (CITT) determination that Chinese imports of welded oil and gas well casing, and seamless and welded oil and gas well tubing have caused injury to Canadian producers. As a result of this determination, anti-dumping duties of up to 166.9 per cent and countervailing duties of up to 4,070 Chinese renminbi per metric tonne will to be applied to imports of oil and gas well casing and tubing from the People's Republic of China for an initial five-year period.
The determination is the result of investigations that were initiated by a complaint filed jointly by Lakeside Steel and the other Canadian producers of oil and gas well casing and tubing. "Lakeside Steel is committed to ensuring imports into the Canadian market are fairly traded and this decision will help to provide a level playing field. A significant portion of Lakeside's revenue is generated in the oil country tubular goods sector," according to Ron Bedard, Lakeside Steel's president and chief operating officer.
This most recent CITT determination is the third of a series of cases brought by Lakeside Steel and other Canadian producers against unfairly traded Chinese tubular products. As a result of these cases, there are currently anti-dumping and countervailing duty orders in place against oil and gas well casing, oil and gas well tubing and standard pipe originating in or exported from China.
We seek Safe Harbor.