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Biz News Korea(Eng)
Hyundai Heavy Industries’ transformers hit with 61% anti-dumping levy by U.S. govt
- Collected
- 2017.03.10
- Distributed
- 2017.03.13
- Source
- Go Direct
According to Hyundai Heavy Industries on Thursday, the U.S. Department of Commerce finalized a 61 percent anti-dumping duty on its power transformers, about 20 times higher than the preliminary levy of 3.09 percent in September last year. Another company Hyosung Corp. accused of preliminary dumping margin of 1.76 percent was levied with 2.99 percent. It is unclear what final rate was decided for the other producer Iljin which was levied with 2.43 percent rate in the preliminary finding.
Korea’s largest shipbuilder and transformer maker refused to accept “the incomprehensible ruling” and plans to take legal actions. It expects to lower the punitive rate after it appeals to the U.S. Court of International Trade.
The company maintains it has room to appeal since it runs a manufacturing facility in Alabama.
Local industry watchers believe the protectionist trade agenda may have influenced the tougher antidumping result. Hyundai also could have been victimized by a new customs clause dubbed the ‘adverse facts available’ that does not take account of documental explanations from the company accused of unfair business practices.
Exports of Korean power transformer producers including Hyundai Heavy Industries, Iljin and Hyosung to U.S. amount to $200 million on average a year, according to the industry.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]