L'ORIGNAL, Ontario, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Ivaco Rolling Mills, a leading Canadian steel wire rod producer, welcomes the Canadian International Trade Tribunal (CITT)'s recent finding that the dumping of certain wire rod originating in or exported from the People's Republic of China, the Arab Republic of Egypt and the Socialist Republic of Vietnam has caused injury to the domestic industry. As a result of the finding, duties imposed by the Canada Border Services Agency (CBSA) in their final determination issued on September 4, 2024, will remain in place.

The case was filed in response to concerns regarding potential unfair trade practices, specifically the dumping of these products into the Canadian market at prices below their fair market value.

"We welcome the CITT's finding that the wire rod originating in or exported from China, Egypt and Vietnam has injured our Canadian market,” said Stéphane Oehrli, President of Ivaco Rolling Mills. "It is of critical importance for Canadian industries that unfair trade practices are addressed to maintain a level playing field for all participants in the Canadian market, and we will continue to monitor and vigorously defend against unfairly traded, dumped, and subsidized steel products.”

Canadian steel production is ranked amongst the lowest in carbon intensity worldwide. Replacing this domestic wire rod supply with unfairly traded imported products, which have carbon intensity production levels multiple times higher than those from Canadian producers and are shipped long distances, conflicts with the Canadian government's policy to promote and develop 'a healthy environment and a healthy economy'.

"Canada must continue to stand up to countries that seek to flood the market with carbon-intensive products through unfair trade practices,” added Oehrli. "We will continue to call on the Government of Canada to safeguard the long-term viability of Canadian wire rod producers, our assets, and the collective job security of our employees. Unfair traders are very creative, and Canada must be vigilant and take additional steps to implement robust measures to address the totality of unfair trading practices and protect the steel industry and the steel value chain in Canada.”

About Ivaco Rolling Mills

Ivaco Rolling Mills (IRM) manufacturing facility, located in L'Orignal, Ontario, employs more than 615 dedicated workers and can produce up to 900,000 tons of wire rod annually. IRM operates a mini-mill steel plant that produces steel billets, and a rolling mill operation that converts billets into various wire rod and rebar in coils products. Vertically integrated with its sister companies, Infasco and Sivaco, IRM offers a wide variety of steel grades and wire rod dimensions for sophisticated cold heading, high carbon, welding, and industrial quality applications. IRM's products are engineered to endure the most demanding applications in the industry and are recognized for their high quality and reliability.

For media inquiries, please contact:

Frédéric Perron | Director, Marketing and Business Development

Canada Metal Processing Group, part of The Heico Companies

fperron@mpg.heicocompanies.com