Timminco Limited
TSX : TIM

Timminco Limited

November 13, 2006 14:29 ET

Timminco Announces Final Decision of the U.S. Department of Commerce

TORONTO, ONTARIO--(CCNMatthews - Nov. 13, 2006) - Timminco Limited (TSX:TIM) announces final decision of the U.S. Department of Commerce.

The United States Department of Commerce today issued a final decision rejecting the antidumping claim filed by U.S. Magnesium LLC against Timminco Limited (Timminco) in July, 2005. The favorable ruling is important to Timminco's production of magnesium products in North America. The Commerce Department found that Timminco's U.S. imports of alloy magnesium extrusion billets produced in Canada using Russian and Chinese pure magnesium feedstock are not subject to outstanding antidumping orders on Russian and Chinese magnesium. The ruling therefore permits Timminco to continue its long-established practice of producing magnesium alloy extrusion billet at its Haley, Ontario site for the exclusive use of its magnesium extrusion operations in Aurora, Colorado.

According to Dr. Charles Entrekin, President and CEO of Timminco, "After nearly 14 months, this decision allows us to focus on returning the Company to profitability. It removes the possibility of a significant financial burden that could have crippled the Company. We commend the Department of Commerce for visiting our Canadian production facility and considering all the facts as opposed to focusing solely on the biased view of U.S. Magnesium."

Tim Pretzer, President of Timminco's Magnesium Division, added that "We believed from the very beginning that we were not circumventing duties, but unfortunately had to incur great expense to prove our case. This issue has caused us commercial harm as it has strained relationships with our customers and suppliers. We will now turn our attention to mending those relationships and re-aligning our resources toward more productive issues."

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements concerning the Company's business and operations. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual results could differ materially from those expressed or implied in such statements.

There are financial and operational risks inherent in the business, which include, but are not limited to: commodity prices, currency exchange, interest rate, capital, credit, regulatory, political, operational and environmental risks. The Company takes specific measures to manage these risks, and any forward-looking statements in this news release were based on the assumption of no significant changes or trends with respect such risk factors. Although the Company maintains insurance against risks that are typical in its industry, such insurance may not provide adequate coverage under all circumstances. Reference should be made to the most recent Management Discussions and Analyses for a description of the major risk factors. The Company disclaims any duty to update forward-looking statements other than through relevant future Management Discussions and Analyses.

ABOUT TIMMINCO

TIMMINCO LIMITED is an international company, a world leader in the production and marketing of alloy magnesium, silicon metal and specialty ferrosilicon, calcium and strontium alloys. The Company's products are used in a broad range of specialized industrial applications and industries such as engineered extruded products, chemical, pharmaceutical, electronics, automotive and metallurgical. The Company's common shares are traded on the Toronto Stock Exchange under the symbol TIM.

Contact Information

  • Timminco Limited
    Dr. Charles Entrekin
    President and CEO
    (416) 364-5171
    (416) 364-3451 (FAX)
    Email: centrekin@timminco.com
    or
    Timminco Limited
    Tim R. Pretzer
    President - Magnesium Division
    (303) 343-8667
    (303) 363-1532 (FAX)
    Email: tpretzer@timminco.com