Worthington Industries Lauds ITC’s Affirmative Vote in Chinese Non-Refillable Steel Cylinders Trade Case

Rhea-AI Summary

The U.S. International Trade Commission (ITC) has determined that unfair imports of DOT-39 non-refillable steel cylinders from China have materially harmed Worthington Industries. This decision is crucial for restoring fair market conditions, ensuring the company can continue manufacturing these essential products in the U.S. The ITC's finding will lead to antidumping and countervailing duties ranging from 82% to 288% on these imports, expected to be published by the U.S. Department of Commerce in early May.

Positive

• The ITC's ruling is set to protect U.S. manufacturing jobs by imposing significant duties on Chinese imports, potentially leading to expanded production at Worthington's facilities.
• The decision underscores the importance of non-refillable steel cylinders to critical industries such as HVAC and construction.

Negative

• None.

COLUMBUS, Ohio, April 16, 2021 (GLOBE NEWSWIRE) -- The U.S. International Trade Commission (ITC) today determined that unfairly traded imports of DOT-39 non-refillable steel cylinders from China have materially injured Worthington Industries. These cylinders deliver gases that are critical for HVAC and refrigeration and service the construction industry.

“We thank the International Trade Commission for its hard work and careful attention to this investigation,” said Worthington Industries President and CEO Andy Rose. “The ITC’s affirmative finding is vital to restoring fair market conditions, ensuring the ongoing manufacture of this product by our employees in the United States and will result in more high-quality jobs and expanded production of this essential product.”

Today’s unanimous decision completes the ITC’s investigation into surging volumes of aggressively priced, non-refillable steel cylinder imports from China over the past several years. The ITC’s affirmative injury determination will result in the U.S. Department of Commerce publishing antidumping and countervailing duty orders on non-refillable cylinder imports from China, expected in early May, requiring importers of these cylinders to pay duties ranging from 82% - 288%.

Non-refillable steel cylinders are used to store, transport and deliver refrigerant gases, and other products such as foam insulation and spray adhesives. These cylinders are critical to the retail sector, HVAC and construction industries. The Company makes DOT-39 non-refillable steel cylinders at its facilities in Columbus, Ohio and Paducah, Ky. Worthington is represented by Kelley Drye & Warren LLP in this case.

About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America’s premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations. The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.

Headquartered in Columbus, Ohio, Worthington operates 50 facilities in 15 states and seven countries, sells into over 90 countries and employs approximately 8,000 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities.

Safe Harbor Statement
The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act"). Statements by the Company relating to its ability to increase market participation, expand and integrate capacity, increase efficiencies and reduce lead time, achieve growth in general and in specific markets, and other statements which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the Company's filings with the Securities and Exchange Commission, including those related to COVID-19 and the various actions taken in connection therewith, which could also heighten other risks.

Contacts:
SONYA L. HIGGINBOTHAM
VP, CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT
614.438.7391 | sonya.higginbotham@worthingtonindustries.com

MARCUS A. ROGIER
TREASURER AND INVESTOR RELATIONS OFFICER
614.840.4663 | marcus.rogier@worthingtonindustries.com

200 Old Wilson Bridge Rd. | Columbus, Ohio 43085
WorthingtonIndustries.com

FAQ

What ruling did the ITC make regarding Worthington Industries on April 16, 2021?

The ITC determined that unfair imports of DOT-39 non-refillable steel cylinders from China have materially injured Worthington Industries.

What are the expected duties on Chinese imports of DOT-39 cylinders due to the ITC ruling?

The duties on non-refillable steel cylinder imports from China are expected to range from 82% to 288%.

How will the ITC's decision affect jobs at Worthington Industries?

The ITC's ruling is expected to lead to the restoration of fair market conditions, potentially resulting in more high-quality jobs at Worthington's U.S. facilities.

When will the U.S. Department of Commerce publish the duties for these imports?

The U.S. Department of Commerce is expected to publish the antidumping and countervailing duty orders in early May 2021.

What industries are affected by Worthington's DOT-39 steel cylinders?

These cylinders are critical to the HVAC, refrigeration, and construction industries.