Three-Stage Expansion of Dalian Plant Now Complete
DALIAN, China, April 29 /PRNewswire-Asia/ -- Fushi Copperweld Inc. (the "Company") (Nasdaq: FSIN), the leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, today announced that it has completed the expansion of its Dalian facility to produce an additional 8,200 metric tons of production capacity per year for its patented Copperweld(R) copper-clad steel (CCS) wire. The expanded production marks the completion of the final stage of a three-phase capacity relocation project from its Fayetteville, TN facility, resulting in a total of 20,200 additional metric tons of annualized copper-clad aluminum (CCA) and CCS capacity coming online to its Dalian facility.
"The completion of this major expansion of our production capabilities marks an important step forward in optimizing our Dalian plant to meet our customers' demands for quality and response time," commented Joe Longever,
co-CEO of Fushi Copperweld. "The new Copperweld(R) production lines, which utilize our industry-leading proprietary cladding technologies, signify the first large-scale production of copper-clad steel not only within China, but in all of Asia. The broadening of our product offering at our Dalian location to include CCS is a milestone for Fushi Copperweld because it will better enable us to serve additional worldwide growth sectors, such as transportation, electric utility, and telecom industries. We can now offer our customers in the Asia/Pacific region a locally manufactured CCS alternative to solid copper wire that is a higher quality and more cost effective product."
The additional CCS production capacity increases Fushi Copperweld's total annual wire and cable production at its Dalian factory to 48,200 metric tons, nearly double the plant's previous capacity. Although the Company expects to generate measurable sales in the fiscal year 2010 from its Dalian-produced CCS product, it anticipates to begin experiencing the full benefits of the capacity addition in fiscal year 2011 as it utilizes 2010 to ramp up production quantities to facilitate the qualification process of its products with customers and further adoption of CCS within Asian markets.
Longever concluded, "We are very excited about broadening the market for CCS in Asia, and we are confident that the growth of Asia's utility, transportation and telecom infrastructure will fuel the emerging adoption of Copperweld(R) for the transmission, distribution and earthing of electrical current by many major industry concerns. Our confidence stems from the fact that our CCS product has become a standard conductor for many applications in the West that will translate into Asia. The greatest impediment to CCS adoption in China has been the absence of a domestic producer. Now, for China and all of Asia, Dalian will be a convenient source of this technologically sophisticated material that serves as a stronger, more durable, and less costly replacement for expensive solid copper wire."
For more information, please visit the Fushi Copperweld web site, at http://www.fushicopperweld.com .
About Fushi Copperweld
Fushi Copperweld Inc., through its wholly owned subsidiaries, Fushi International (Dalian) Bimetallic Cable Co. Ltd., and Copperweld Bimetallics LLC, is the leading manufacturer and innovator of copper-clad bimetallic engineered conductor products for electrical, telecommunications, transportation, utilities and industrial applications. With extensive design and production capabilities, and a long-standing dedication to customer service, Fushi Copperweld is the preferred choice for bimetallic products worldwide.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will" "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.
For more information, please contact:
Investors
Nathan J. Anderson, VP/Finance - Fushi Copperweld Inc.
Phone: +1-931-433-0482
Email: IR@fushicopperweld.com
Web: www.fushicopperweld.com
Media
Thomas Horton, Director of Global Marketing - Fushi Copperweld Inc.
Phone: +1-615-428-3333
Email: thorton@fushicopperweld.com
