The founder and CEO of Valve, Gabe Newell, has gone on record in an interview with The Cambridge Student Online and stated that: "piracy is basically a non-issue for our company."
In the interview, picked up by GameSpy, Newell goes on to say: "Piracy is almost always a service problem and not a pricing problem. For example, if a pirate offers a product anywhere in the world, 24/7, purchasable from the convenience of your personal computer, and the legal provider says the product is region-locked, will come to your country 3 months after the US release, and can only be purchased at a brick and mortar store, then the pirate's service is more valuable."
"Our goal is to create greater service value than pirates, and this has been successful enough for us that piracy is basically a non-issue for our company."