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U.S. Sets Antidumping Duties on South Korea Power Transformers
04/07/2012 12:00
The Commerce Department Tuesday set final duties on imports of large power transformers from South Korea, accusing Hyundai Heavy Industries Co. (009540.SE) and Hyosung Corp. (004800.SE) of dumping the capital equipment in the U.S. market.
Finding that the transformers are being dumped, or sold below fair value, Commerce plans to impose antidumping duties of 29.04% on Hyosung and 14.95% on Hyundai. All other Korean producers received a final dumping margin of 22.00%.
The U.S. Transformer Fair Trade Coalition, representing a group of U.S. producers that filed for relief, applauded the decision.
"The dumping margins announced today are very significant and demonstrate that the domestic industry was justified in seeking relief from dumped large power transformers from Korea," said Alan Luberda, the U.S. group's lead trade counsel at Kelley, Drye & Warren.
The coalition includes ABB Inc., Delta Star Inc. and Pennsylvania Transformer Technology Inc.
The duties can only go into effect if the U.S. International Trade Commission decides the imports threaten to cause material injury to U.S. producers, with a vote expected Aug. 16.
Imports of the transformers from South Korea fell to $326.0 million last year from $414.7 million in 2010. That's just below the $327.2 million value of imports in 2009.
Finding that the transformers are being dumped, or sold below fair value, Commerce plans to impose antidumping duties of 29.04% on Hyosung and 14.95% on Hyundai. All other Korean producers received a final dumping margin of 22.00%.
The U.S. Transformer Fair Trade Coalition, representing a group of U.S. producers that filed for relief, applauded the decision.
"The dumping margins announced today are very significant and demonstrate that the domestic industry was justified in seeking relief from dumped large power transformers from Korea," said Alan Luberda, the U.S. group's lead trade counsel at Kelley, Drye & Warren.
The coalition includes ABB Inc., Delta Star Inc. and Pennsylvania Transformer Technology Inc.
The duties can only go into effect if the U.S. International Trade Commission decides the imports threaten to cause material injury to U.S. producers, with a vote expected Aug. 16.
Imports of the transformers from South Korea fell to $326.0 million last year from $414.7 million in 2010. That's just below the $327.2 million value of imports in 2009.
July 03, 2012
By Tom Barkley
Source: foxbusiness.com
By Tom Barkley
Source: foxbusiness.com
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