MINNEAPOLIS, Kan. (PRWEB) November 21, 2018
G.L. Huyett is pleased to announce that it has received 48 Section 232 Tariff Exclusions for stainless steel bar product. In March, the President of the United States issued Proclamations 9704 and 9705 on Adjusting Imports of Steel and Aluminum into the United States, citing Section 232 of the Trade Expansion Act of 1962. These proclamations imposed duties in the amount of 10% on Aluminum and 25% on Steel. The United States Department of Commerce issued a process in June by which importers of these products could file exclusions from these tariffs.
The criteria for exclusions was for raw materials, “not produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, and upon specific national security considerations.” To date there have been over 40,000 requests submitted, of which about half have received public objection from domestic producers or similar stakeholders. As of November 1, 2018, the Commerce Department had approved fewer than 5,000 exclusions.
“This is a big win for us,” noted Zac Chamberlain, G.L. Huyett Purchasing Manager, adding, “we have another 15 exclusions pending, all of which have passed the public comment period with no objections.”
“This is even a bigger win for our customers,” said Dan Harriger, Vice President of Sales. “While there is general inflation in the market due to capacity constraints and the underlying production input costs, this is one step in the right direction.” Harriger further noted that the exclusions would primarily affect G.L. Huyett’s stainless key stock and solid pins made from bar.
“I am especially proud of our team,” offered Tim O’Keeffe, CEO, “rather than accepting regulatory changes as inevitable, they assessed the situation and built a compelling case to the Federal government that our claimed exclusions possess a national security interest. I suspect that we may be the very first company in the U.S. fastener industry to receive exclusions.”
Visit http://www.huyett.com to shop our extensive line of key stock, pins, fasteners, grease fittings, retaining rings, lifting hardware, and much more.
About G.L. Huyett
Established in 1906 by Guy Huyett in the “other Minneapolis,” the company is one of the oldest continuously operating businesses in Kansas. The firm is a leading innovator of products and services geared to support industrial distributors in the non-threaded fastener and power transmission sectors, delivered by competent customer-centric people operating in a Culture of Excellence.