FORT WAYNE, Ind., April 3, 2017 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) applauds the Trump Administration's issuance of an executive order on March 31, 2017, designed to improve duty collection.
The executive order aims to close loopholes that some importers use to evade antidumping and countervailing duty collection. These unlawful actions have cost the U.S. government billions of dollars in lost revenue. The order gives U.S. Customs and Border Protection (CBP) 90 days to analyze and develop a plan to reduce importer fraud and ensure adequate duty collection.
"We applaud President Trump's efforts to put America first on trade," said Mark D. Millett, President and Chief Executive Officer. "Unfair trade must be stopped, and this executive order will help CBP combat these deceptive practices."
The U.S. government reported in May 2015 that $2.3 billion in antidumping and countervailing duties went uncollected between 2001 and 2014. Some importers post bonds covering estimated duty liability at the time of entry and then disappear when the final duties are later determined. The executive order directs CBP to conduct a risk assessment for importers liable to disappear after entry of import duties and develop a plan that will "provide security for antidumping and countervailing duty liability through bonds and other legal measures." Directives from the executive order will help to ensure that duties from these orders will be adequately collected.
The President's executive order, which commissions a joint effort from the Department of Homeland Security through its CBP division, the Department of Commerce and the Department of the Treasury, is effective immediately.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," or by the words "may," "will," or "should," are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuations in the cost of key raw materials (including steel scrap, iron units, and energy costs) and our ability to pass-on any cost increases; (5) the impact of domestic and foreign import price competition; (6) unanticipated difficulties in integrating or starting up new or acquired businesses; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com: Investors: SEC Filings.
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SOURCE Steel Dynamics, Inc.