The U.S. Department of Commerce has denied Pittsburgh-based Allegheny Technologies Inc.’s (NYSE: ATI) Section 232 tariff exclusion request Wednesday, according to a news release.
The Pittsburgh-based manufacturer’s stainless joint venture, which imports semi-finished stainless slab products from Indonesia, applied for the exclusion.
“While we are disappointed that the U.S. Department of Commerce denied the JV’s Section 232 tariff exclusion request, it does not change our strategy of returning ATI’s Flat Rolled Products segment to sustained profitability,” ATI CEO Robert Wetherbee said in a prepared statement. “Although we believe the unique status of the North American stainless steel industry warranted approval of our exclusion, we are committed to meeting our customers’ needs and delivering value to our shareholders.”
Source: The Business Journals LINK