Fuwei Films to pay anti-dumping duty of 8.48% on BOPET film imports to U.S. following second administrative review by U.S. Department of Commerce
March 16, 2012
– Fuwei Films (Holding) Co., Ltd. (NASDAQ:FFHL - News) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET films in China, today announced that it was advised of the final results of the second antidumping administrative review of BOPET films originated from China ("the final results") conducted by the U.S. Department of Commerce ("the Department").
On December 28, 2010, the Department embarked on its second routine annual review of Chinese BOPET film exporters covering a period from November 1, 2009 to October 31, 2010 ("the AR Period"). Six Chinese exporters, including Fuwei Films, were examined.
According to the final results, Fuwei received an antidumping duty ("ADD") rate of 8.48%, which is slightly higher than the lowest antidumping duty rate of 8.42% of all the Chinese exporters being reviewed. In accordance with Antidumping Duty statute and the U.S. Department of Commerce regulations, the ADD rate of final results will retroactively apply to those U.S. companies which imported BOPET films originated from China and Fuwei Films USA, LLC will pay the ADD. Fuwei Films has a 30 day period in which it can file a Court challenge in the U.S. Court of International Trade seeking to further reduce these margins. During the Administrative Review Fuwei submitted information to the Department which demonstrated that a full and complete review of Fuwei would have resulted in a finding of no dumping by Fuwei during the period. Fuwei's U.S. trade counsel has advised Fuwei that the Department's refusal to consider this information was not in accordance with the law and the U.S. Department of Commerce's duties under the law. During the AR period, the export of BOPET films from Fuwei Films to the United States reached 61.9 metric tons in volume and US$156,000 in value.
"The antidumping investigation of BOPET films originated from China conducted by the Department since 2007 has had a material adverse effect on our export to the United States," said Mr. Xiaoan He, Chairman and CEO of the Company.
In addition, on December 30, 2011, the Department commenced its third routine annual review of BOPET films originated from China. In order to gain an opportunity to continue exporting to the United States, Fuwei Films, although not a mandatory respondent, will actively respond to the review to the extent permitted by law and will continue to seek the low rate which should properly apply to its exports to the United States.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei Films' BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.