Broadwind Falls After U.S. Proposes Wind-Tower Tariffs

Broadwind Energy Inc. (BWEN), a U.S. provider of steel towers for wind turbines, fell after the U.S. Commerce Department proposed duties of as much as 26 percent on competing products imported from China.

Shares of Naperville, Illinois-based Broadwind were little- changed at 29 cents at the close in New York. They gained as much as 9.5 percent intraday, the most since May 22.

The Commerce Department released preliminary results today of its investigation into a complaint from the Wind Tower Trade Coalition, which claims its members are being harmed by subsidies from China. The group was formed to pursue the trade complaint and includes Broadwind, Otter Tail Corp. (OTTR)’s DMI Industries, Katana Summit LLC and a unit of Trinity Industries Inc. (TRN)

Broadwind shares have declined 57 percent this year on concerns that a renewable-energy tax credit due to expire at the end of the year will slow U.S. sales of wind turbines.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.