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.
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).
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
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.