U.S. Imposes 141% Anti-dumping Tax on China's Steel Hubs

07/11/2011 12:00 - 388 Views

FUYANG, November 4, SinoCast -- Zhejiang Jingu Co., Ltd. (SZSE: 002488) announced on November 3 that it had received the initial ruling of the U.S. Department of Commerce on anti-dumping investigation into steel wheel hubs made by China.

Temporary anti-dumping tax at the rate of 141.38% is suitable for the company and Shanghai Yata Industry Co., Ltd., a holding subsidiary. During this double-anti investigation from July 1, 2010 to December 31, 2010, the company's sales revenue from products with diameter being 18 to 24.5 inches exported to the U.S. totaled CNY 45.03 million, approximately 13.89% of its operating revenue in the second half of 2010. Sales revenue from the same products exported to the U.S. amounted to CNY 51.65 million from January to September 2011, around 9.08% of the company's total operating revenue in the first 3 quarters of 2011.

The above tax rate is the initial ruling. According to anti-dumping investigation proceedings, the U.S. Department of Commerce is expected to release a verdict within 5 months.

Nov 04, 2011

Source: sinocast.com