US probe may impact owner of Corinth Pipeworks

A US anti-dumping investigation targeting Greek pipemaker Corinth Pipeworks could affect results for its Belgian parent Cenergy Holdings from 2019, one of the Brussels-listed company’s co-chief executives said on Thursday.

Greece’s sole producer of large-diameter welded pipes to the oil and gas sector is under an anti-dumping duty (AD) investigation by the US Department of Commerce based on petitions filed by six US manufacturers.

“We see potential impact on full-year 2019 results but we are not able to measure it now. First signs will be seen in the first half of 2018… although it is clear that the case may be prolonged,” Apostolos Papavasileiou, chief executive of Corinth Pipeworks and co-CEO of Cenergy, told Reuters.

On March 12, the US International Trade Commission (USITC) said there was a reasonable indication of material injury or threat of material injury to the domestic US industry from imports of pipes from Greece, Canada, China, India, Korea and Turkey allegedly sold in the US at less than their fair value.

Papavasileiou rejected the allegations against his company.

“The complaint against Corinth Pipeworks is poorly documented, unfair and we have strong arguments against the allegations,” he said.

“It’s hard for someone to believe that Corinth Pipeworks exports to the US at a loss or that it is being subsidized in any way by the government.”

[Reuters]