 |
| |
| 81508 |
|
| News Release from Titan International, Inc.
August 15, 2008Titan Tire Applauds ITC’s Affirmative Determinations
on Chinese Off-the-Road Tires Investigations
QUINCY, Ill.-Titan Tire Corporation welcomed the news of the affirmative injury determinations issued today by the U.S. International Trade Commission (ITC) in the antidumping and countervailing duty investigations concerning off-the-road (OTR) tires from China. By a vote of 5 to 1, the ITC ruled that these OTR tire imports from China were causing material injury to the U.S. industry.
"Today's decision is an exciting outcome for working men and women across the country. It proves that many people are hurt by unfair trade practices, and shows that our trade remedy laws are effective in combating unfair foreign trade practices for U.S. industry and its workers. A level playing field has been restored in our OTR tire market, and the harm caused to the U.S. industry by Chinese producers will now hopefully be corrected," said Maurice M. Taylor Jr., chairman and CEO of Titan International Inc., Titan Tire's parent company. "Our industry had been losing market share to imports from dumped and subsidized Chinese exports, which undermined jobs, profits and competitiveness of U.S. producers," added Taylor.
Since preliminary duties were imposed in these cases last December and this February, the U.S. industry has been revived. As the market was rebalanced, imports from China declined, and production in the U.S. of tires in all OTR size ranges increased.
"I am glad that the system has worked and the Chinese are no longer permitted to flood the U.S. market with dumped and subsidized OTR tires," Taylor concluded.
Final antidumping and countervailing duty orders on these OTR tire imports from China will be issued by the Department of Commerce (DOC). The DOC will require the posting of cash deposits equal to the dumping and subsidization found for individual companies.
The U.S. OTR tire industry includes products for farm, mining and construction vehicles. Titan Tire and the United Steelworkers, who represent Titan Tire workers, together filed petitions against the imports from China in June 2007.Titan International, Inc. (NYSE: TWI), a holding company, owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit www.titan-intl.com.
Contact: Titan Communications, (217) 221-4489
|
|
