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.
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