Company says low cost magnetic imports are placing strain on the U.S. magnetics’ industries.
Magnum Magnetics Corp., a southeastern Ohio manufacturer of raw, flexible magnetic materials, was pleased with the International Trade Commission's recent affirmative determination in the antidumping and countervailing duty investigations on imports of raw flexible magnets from the People’s Republic of China and Taiwan, the company says.
Tom Love, CFO of Magnum Magnetics, says, “Low cost magnetic imports from China and Taiwan have placed a strain on the magnetics industries here in the United States. As the petitioner in this case and on behalf of our 200 Ohio employees, I wish to express Magnum Magnetics’ sincere appreciation to the United States International Trade Commission for hearing this case.”
“Additionally, the letters of support from Gov. Ted Strickland, Sen. George Voinovich, Sen. Sherrod Brown and Congressman Charles Wilson were crucial in helping us fight unfairly traded magnet imports. We greatly appreciate their involvement,” Love says.
On July 3, 2008, the U.S. Commerce Department announced its determination that the raw, flexible U.S. magnetic industry is materially injured or threatened with material injury by imports of raw flexible magnets from China and Taiwan that are subsidized and sold in the United States at less than fair value, according to the press release.
At that time the Commerce Department set final duties up to 295 percent on Chinese imports and 38 percent on Taiwanese imports. The duties will remain in place with this month’s ruling from the International Trade Commission.
“This determination will lead to a more level playing field for the U.S. magnetics industry and will help retain and create Ohio jobs and taxes,” Love says.
Raw flexible magnets are relatively thin, polymer-bonded magnetic materials characterized by their flexibility and ease of machinability, which make them ideal for use as refrigerator magnets. Raw flexible magnets are also used in a broad range of domestic, commercial, and industrial applications.