VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/23/13 -- Tree Island Steel Ltd. ("Tree Island" or the "Company") (TSX: TSL)(TSX: TSL.DB) announced today that the Canada Border Services Agency ("CBSA") has made a preliminary determination of dumping against galvanized steel wire into Canada from China, Spain and Israel, and has further made a finding of subsidization against galvanized steel wire from China. At this time, the Company cannot reasonably estimate the impact of this preliminary determination. The CBSA initiated the investigation in January subsequent to a complaint filed by Tree Island and supported by most Canadian producers of galvanized steel wire.
"Tree Island maintains world-class production facilities. When foreign exporters dump or subsidize product into the Canadian market, the long-term survival of Canadian manufacturing is threatened. Customers must be assured of access to a secure supply of galvanized steel wire used in many manufacturing operations in Canada," said Dale R. MacLean, President and CEO of Tree Island Steel Ltd.
About Tree Island Steel
Tree Island Steel has a 100% ownership interest in Tree Island Industries Ltd. and its performance depends on the performance of Tree Island Industries Ltd. Headquartered in Richmond, British Columbia, since 1964, Tree Island, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction, agricultural, and specialty applications. Its products include bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand and Select Brand names. Tree Island also owns and operates a China-based company that assists the international sourcing of products to Tree Island Industries Ltd. and its customers.
Tree Island Steel Ltd.
Chief Financial Officer
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