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Antidumping welding pipe investigations

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World Pipelines,

Further to its previous press release, Cenergy Holdings S.A. announces that on 21 August 2018, the Department of Commerce (DOC) of the USA, issued its affirmative preliminary determinations in the antidumping duty investigations of imports of large diameter welded pipe from Canada, China, Greece, India, Korea and Turkey.

In the case of Greece, DOC assigned a preliminary dumping rate of 22.51% for mandatory respondent Corinth Pipeworks S.A., Cenergy Holdings’ subsidiary, as well as to all other producers and exporters of large diameter welded pipe from Greece.

Cenergy Holdings considers that there will be no material impact on its annual consolidated economic results from the aforementioned preliminary investigation since Greece is the only country accused for threat and not for current material injury and thus any duties which may be paid until the final determination will be refunded. Cenergy Holdings’ subsidiary, Corinth Pipeworks S.A., continues to co-operate with the USDOC authorities as well as with its US customers towards the final determination in the antidumping duty investigations that will take place in February 2019.

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