NEWS RELEASE: Stainless Steel Wire To Be Included In Safeguard Investigation

PERTH, ONTARIO – August 14, 2018 – Central Wire Industries (CWI) was extremely gratified to learn today that the Department of Finance is contemplating the initiation of a safeguard investigation and the imposition of provisional safeguard measures on a variety of steel products including stainless wire. Since the United States began imposing the Section 232 Tariff on all steel (and stainless steel) imports, the likelihood of offshore product being ‘dumped’ into the Canadian market has risen exponentially; if left unattended, this potential dumping would become reality and would threaten the very existence of many Canadian businesses.

CWI has been diligent in its efforts to have stainless wire included in today’s determination and recognize and are thankful for the support it has received from all levels of the Government. Early on, CWI enlisted the support of Mayor John Fenik of Perth who has worked on behalf of CWI with Provincial and Federal Leaders. Scott Reid, M.P. and Randy Hillier, M.P.P. have provided counsel and direction. The Minister of Finance, the Honourable Bill Morneau and his team in Ottawa have taken the time to listen to CWI and have worked actively on our case. Finally, Central Wire Industries offers its gratitude to The Prime Minister of Canada, the Right Honourable Justin Trudeau for his true leadership and guidance as this Tariff issue has continued to take shape and for listening to Canadian business, both large and small.

Safeguards remain one of the few hopes Canadian Companies have of ensuring the continuation of a level playing field in the aftermath of the U.S. steel tariffs. As an employer in the small Eastern Ontario community of Perth, it is CWI’s continued hope that progress can be made with respect to the global nature of our business and industry, but specifically, the cross-border relationships between Canada and the USA.

About Central Wire Industries

Central Wire Industries, founded in 1955 and headquartered in Perth, Ontario, Canada, manufactures and distributes stainless steel, nickel alloy, and copper and brass wire and welding wire products throughout the world. The Company, which maintains twelve manufacturing facilities – one in Canada, one in the United Kingdom and ten in the United States - has over 750 employees. Central Wire provides products to many major industries, including aerospace, petrochemical, food-processing, medical, automotive, and marine.

For further information, please contact Paul From, President and CEO Central Wire Industries, at 613-267-3752.