One vote altered final ITC antidumping decision

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WASHINGTON — The shift of one vote caused the International Trade Commission (ITC) to make a final determination that the U.S. truck and bus tire manufacturing industry is not being materially injured because of imports from China.

The ITC made a negative determination on material injury against the U.S. truck and bus tire industry Feb. 22 on a 3-2 vote. A year earlier, the commission made an affirmative preliminary determination by a 3-2 vote.

The ITC made its final report available to the public on March 22.

ITC Vice Chairman David S. Johanson voted with Chairman Rhonda K. Schmidtlein and Commissioner Irving A. Williamson in the preliminary determination in favor of a finding of material injury. At that time, however, Mr. Johanson filed his separate views.

In his preliminary views, Mr. Johanson agreed with most of the findings of Ms. Schmidtlein and Mr. Williamson. He found that Chinese imports increased in both absolute terms and relative to U.S. consumption and production during the 2013-2015 period of investigation.

During the period, he said, Chinese imports captured 5.1 percentage points of market share from the domestic industry.

Mr. Johanson also found that imports from other countries, though gaining in U.S. market share, gained less than Chinese imports.

“In 31 of 37 quarterly comparisons between the prices of imports from China and Canada, the prices of imports from Canada were higher than those from China,” he wrote. “The prices of imports from Canada were even higher than U.S.-produced tires in nearly half of the quarterly comparisons.”

Considering data on capital investments in the domestic industry, Mr. Johanson said he found it unlikely that the domestic industry would perform as well in the near term as it did during the period of investigation.

“Nevertheless, given the domestic industry’s performance throughout the period, I do not find that the domestic industry is currently in a vulnerable state,” he said.

In the final determination, Mr. Johanson voted with Commissioners Meredith M. Broadbent and F. Scott Kieff, who repeated their negative findings on material injury.

“The domestic industry was able to increase output, employment and profitability levels during the period of investigation,” said the majority opinion in the final ITC report.

“While the domestic industry lost market share during a time of rising demand, we have found that the decline of market share was due to capacity limitations and very high capacity utilization, rather than to the subject imports,” the document said.

“We further found that the increased volume of low-priced subject imports had no significant price effects and coincided with significant improvement in the domestic industry’s condition,” it said.

In their dissenting views, Ms. Schmidtlein and Mr. Williamson wrote, “We find that a significant volume of subject imports from China has undersold the domestic like product, significantly depressed U.S. prices and caused material injury to the domestic industry.”

Ms. Schmidtlein and Mr. Williamson discounted evidence that the domestic industry’s performance improved during the period of investigation.

“The U.S. industry was profitable, and profits grew over the period, but the overall increase was modest considering the significant increase in demand over the investigation period and the opportunity to benefit from lower costs,” they wrote.

The United Steelworkers union petitioned the ITC for antidumping and countervailing duty relief against Chinese truck and bus tire imports in January 2016. Commissioner Dean A. Pinkert did not participate in the investigation. Shortly after the final vote was taken, Mr. Pinkert announced his return to private law practice.

 

According to the ITC, there are seven truck and bus tire plants in the U.S., employing 6,629.

The apparent dollar value of truck and bus tire consumption in 2015 was $6.1 billion, the ITC said.

Chinese imports accounted for $1.2 billion of that total, with $1.3 billion coming from other countries including Canada, Japan and Thailand.

China continued last year as the No. 1 source of imported truck/bus tires, despite shipments falling 14.4 percent, to 7.63 million units. Overall imports were off as well, by 3.8 percent to 13.9 million units. 

Thailand’s truck/bus tire exports to the U.S. jumped 98.7 percent to 1.82 million units, making that nation the No. 2 source of imported truck tires last year.

Canada, Japan and South Korea were third through fifth on the list, with South Korea’s exports to the U.S. growing 85.1 percent to 421,239 units.

Read the source article at Tire Business

Industry report: OE tire market to grow 5.5% to 2021

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Pune, India – The global market for original equipment (OE) tires is projected to grow at a CAGR of 5.48% from 2016 to 2021, to reach a value of $30.26 billion (€28 billion), according to a report by Indian research group MarketsandMarkets.

The demand, said the report, is driven by demand for improved fuel economy, low rolling resistance tires, eco-friendly and smart tires.

Read the source article at European Rubber Journal

ITC decision leaves USW, retreaders reeling

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WASHINGTON (Feb. 24, 2017) — The United Steelworkers (USW) union and U.S. retreaders are reeling in the wake of the U.S. International Trade Commission’s (ITC) decision to not impose import duties on Chinese truck and bus tire imports.

The 3-2 ITC vote on Feb. 20 that the U.S. truck and bus tire industry has not suffered material injury because of Chinese imports means the U.S. Department of Commerce will not order U.S. Customs and Border Protection to collect antidumping and countervailing duties from Chinese truck and bus tire manufacturers and importers.

The USW union, which had petitioned the ITC for duties a year ago, expressed disappointment at the agency’s decision, as did represesentatives of the U.S. retreading industry, which supported elevated duties on Chinese truck/bus tires as a way to keep an important price differential between new Chinese tires and retreaded truck tires.

“Of all the stakeholders in this, retreaders are the ones who are hurt the most,” said Terry Westhafer, president of Verona, Va.-based retreading firm Central Tire Co.

Considering the fact that the Commerce Department had issued final antidumping and countervailing duties against Chinese tire makers in late January, Mr. Westhafer said it is hard to understand how the ITC failed to find material injury in this investigation.

Read the source article at Tire Business

Conti promotes 2 in PLT tire R&D

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HANNOVER, Germany (March 14, 2017) — Continental A.G. has promoted Marco Gellings and Denise Ewald to new positions in its passenger and light truck (PLT) tire development unit.

Mr. Gellings, previously head of summer tire line development for the Middle East, Europe and Africa region, is now head of winter tire development worldwide.

The change was effective Jan. 1. Conti did not say whom he replaced, if anyone.

A mechanical engineer by training, he has been with Continental in research and development since 2001.

Ms. Ewald succeeded Mr. Gellings as head of summer tire line development, effective Feb. 1. An industrial engineering graduate, Ms. Ewald has held a variety of positions at Continental since joining the company in 2006.

Read the source article at Tire Business

Consumer Goods Stocks on Investors’ Radar — Trinseo

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NEW YORK, March 15, 2017 /PRNewswire/ — On Tuesday, benchmark US indices were in bearish colors as the NASDAQ Composite closed the trading session down 0.32%; the Dow Jones Industrial Average edged 0.21% lower; and the S&P 500 was down 0.34%. …

On Tuesday, shares in Berwyn, Pennsylvania headquartered Trinseo S.A. ended the session 0.07% lower at $70.30 with a total volume of 532,964 shares traded. Trinseo’s shares have advanced 0.50% in the last one month and 17.36% in the previous three months. Furthermore, the stock has rallied 106.35% in the past one year. Shares of the Company, which manufactures and markets synthetic rubber, latex binders, and plastic products in EuropeNorth AmericaLatin America, and the Asia/Pacific, are trading at a PE ratio of 10.47. The stock is trading 5.55% above its 50-day moving average and 25.26% above its 200-day moving average. 

Read the source article at PR Newswire

Europe Racing Tires Market Report 2017

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This report studies sales (consumption) of Racing Tires in Europe market, especially in Germany, France, UK, Russia, Italy, Spain and Benelux, focuses on top players in these countries, with sales, price, revenue and market share for each player in these Countries, covering Michelin, Goodyear, Bridgestone, Continental, Hankook, Pirelli, and Cooper.

Read the source article at openPR.com

Goodyear Announces Pricing of $700 Million of Senior Notes

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The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that it has priced its offering of $700 million aggregate principal amount of 10-year senior notes. The notes will be senior unsecured obligations of the company.

The notes will be offered to the public at a price of 100% of their principal amount and will bear interest at a rate of 4.875% per annum. Goodyear expects the offering to close on March 7, 2017, subject to customary closing conditions.

Goodyear intends to use the net proceeds from this offering, together with cash and cash equivalents, to redeem in full its $700 million in aggregate principal amount of 7.0% senior notes due 2022.

Read the source article at cnbc.com

Michelin 2016 income up, sales down

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CLERMONT-FERRAND, France (March 6, 2017) — Higher volumes and a rebound in demand in China and Europe helped Michelin register growth in operating income for the full year 2016, although sales revenue was off slightly.

Operating income from recurring activities rose 3.7 percent to $2.95 billion, while sales fell 1.4 percent to $22.9 billion, yielding an operating ratio of 12.9 percent, up about three-fourths of a point over 2015. Net income rose 43.1 percent to $1.83 billion.

CEO Jean-Dominique Senard called 2016 a “successful milestone in our strategic roadmap,” and said 2017 was expected to be “another year of growth, in line with the group’s 2020 objectives.”

In 2017, Michelin expects tire markets to track the trends observed in late 2016, in particular with the upturn in mining tire sales. At the same time, Michelin expects rising raw materials prices to impact earnings by nearly $990 million.

In response to the cost pressure, Michelin said it will “agilely manage prices so as to hold unit margins firm in businesses not subject to indexation clauses.”

Read the source article at Tire Business

Agriculture Tire Market 2021: Trends, Drivers, Strategies, Applications and Competitive Landscape

The Agriculture Tire Market Research Report is a professional and in-depth study on the current state also focuses on the major drivers and restraints for the key players. Global Agriculture Tire Market research report also provides granular analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Browse more detail information about Agriculture Tire Market Report at: http://www.absolutereports.com/global-agriculture-tire-market-2016-2020-10336510  

Agriculture tires are designed for specific vehicles and equipment used in farms, including tractors, sowers, and harvesters. The use of advanced equipment has resulted in significant improvements on crop yield and more use of automation in farms.

The Agriculture Tire Market Report is a meticulous investigation of current scenario of the global market, which covers several market dynamics. The Agriculture Tire market research report is a resource, which provides current as well as upcoming technical and financial details of the industry to 2021.

Read the source article at newsmaker.com.au

Aircraft Tire Market is Expected to Grow at a CAGR of 4.5% by 2022

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Market research future published a half cooked research report on global aircraft tire market. The aircraft tire market is expected to grow over the CAGR of around 4.5% during the period 2016 to 2022. Market Highlights: …

Read the source article at Free Press Release Distribution Service