5/3/2011 10:35:00 AM
NEWS BRIEFS
Nucor Selling Former Fastener Plant
Nucor Corp. plans to sell a former fastener plant in Conway, AK, American Metal Market reports. The plant has been idled for more than a decade due to import competition.
“Regarding the sale of the Conway property, it is simply surplus real estate for us and we are selling it as a matter of ordinary business,” a Nucor spokeswoman told AMM.
Nucor entered the fastener business in 1986 when it opened its $25 million plant in St. Joe, IN.
Capacity at Nucor’s highly automated fastener facility is more than 75,000 tons. The facility produces hex-head cap screws, hex bolts, structural bolts and custom engineered fasteners.
Nucor Fastener products are used in automotive, machine tool, farm implement, construction and military applications.
Nucor Fastener filed antidumping and countervailing petitions with the U.S. Commerce Department in September 2009. The petitions allege average dumping margins of 145% for Chinese imports, and 74% for imports from Taiwan.
The U.S. International Trade Commission unanimously rejected Nucor Fastener’s petitions in November, terminating the preliminary investigation. Nucor Fastener has appealed that decision, claiming that U.S. production and capacity utilization decreased by 50% during a time when Chinese and Taiwanese imports grew to 56.8% of the market; and that the U.S. industry lost production jobs, along with declines in shipments, investment, R&D and profit while Chinese and Taiwanese producers “substantially increased capacity and inventories.”
The appeal is under review by the U.S. Court of International Trade. ©2011 GlobalFastenerNews.com
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