NEW YORK Synalloy Corp. expects margins on stainless steel pipe to improve as a result of a recently filed anti-dumping petition against producers in Malaysia, Thailand and Vietnam, the company said in its second-quarter financial report.
The International Trade Commission ruled June 28 there was a reasonable indication that the domestic industry was being injured by the imports, one of the initial steps in anti-dumping investigations. Synalloy is participating in the inquiry through its Bristol Metals LLC subsidiary (amm.com, May 17).
The Spartanburg, S.C.-based producer of stainless steel pipe and fabricated stainless and carbon steel piping systems said margins for the product were still crimped during the second quarter due to imports.
The company posted sales of $56.27 million, up 20 percent from $46.88 million in the second quarter of last year, generating net income of $1.91 million, up 75.5 percent from $1.09 million in the same comparison, due mainly to the acquisition of Palmer of Texas, which makes fiberglass and steel tanks for the oil industry (amm.com, Aug. 24).
The Palmer acquisition also helped drive sales in the companys metals segment to $41.87 million in the second quarter, 20.9 percent higher than a year earlier.