KUALA LUMPUR (Oct 14): Press Metal Aluminium Holdings Bhd’s wholly-owned subsidiary Press Metal International Ltd (PMI) is among a list of China-based companies, the aluminium extrusions from which, will be slapped with provisional anti-dumping duties in the European Union (EU) to prevent further injury to the EU industry caused by dumped imports, according to a filing in the Official Journal of the EU.
According to the filing yesterday, the European Commission (EC) will impose a 38.2% duty each on PMI and Press Metal International Technology Ltd’s products. The filing also said the EC will impose a 30.4% duty each on imports from Guangdong Haomei New Materials Co Ltd and Guangdong King Metal Light Alloy Technology Co Ltd.
The EC will impose a 34.9% duty on imports from "other cooperators” and a 48% duty on items from "all other companies”.
"On the basis of the conclusions reached by the commission (EC) on dumping, injury, causation and union (EU) interest, provisional measures should be imposed to prevent further injury being caused to the union industry by dumped imports,” the filing said.
The filing said that on Feb 14, 2020, the EC initiated an anti-dumping investigation with regard to the EU’s imports of aluminium extrusions originating in China.
According to the filing, the EC initiated the investigation following a complaint lodged on Jan 3, 2020 by association European Aluminium.
"The complainant represented more than 25% of total union production of aluminium extrusions. The complaint contained evidence of dumping and of resulting material injury.
"On this basis, the commission considered that the complaint contained sufficient evidence to justify the initiation of the investigation,” the filing said.
At the time of writing, Press Metal Aluminium Holdings had not issued a statement to Bursa Malaysia on the EC’s move to impose the provisional anti-dumping duty on PMI.
Press Metal Aluminium Holdings said in its latest annual report that group is principally engaged in the manufacturing and trading of both upstream and downstream aluminium products.
According to Press Metal Aluminium Holdings, the upstream smelting segment is the group’s core business undertaken by its 80%-owned subsidiaries, Press Metal Sarawak Sdn Bhd and Press Metal Bintulu Sdn Bhd, operating in the Mukah district and the Samalaju Industrial Park, Bintulu respectively.
Meanwhile, the group's downstream extrusion segment involves the production of a wide range of extrusion products utilised in industries such as the construction, automobile, electronics and electrical sectors. Press Metal Aluminium Holdings said the extrusion plants are undertaken by its wholly-owned subsidiaries, Press Metal Bhd (PMB) and PMI, with respective annual capacities of 50,000 tonnes and 160,000 tonnes.
"The operations of PMB are in Klang, Selangor, while PMI operates in the Guangdong province, China,” Press Metal Aluminium Holdings said.
At Bursa’s 12.30pm break today, Press Metal Aluminium Holdings settled up two sen or 0.39% at RM5.17, with a market value of about RM20.64 billion. The stock saw 706,100 shares traded.