Canadian Solar Inc.(the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies with a global supply-chain and manufacturing facilities in Canada and China, announced that while it is relieved an end has come to a lengthy and costly legal suit, they oppose the final ruling of the U.S. International Trade Commission (ITC) upholding the Department of Commerce's (DOC) earlier findings that Chinese pricing practices have harmed the American Industry. The ITC ruling will implement the DOC's antidumping duties (AD) ranging from 18.32% to 249.96% and countervailing duties (CVD) of 15.24% to 15.97% (depending on the importer of record) on crystalline silicon photovoltaic cells made in China, whether or not assembled into modules.
The ITC also had to determine whether imports covered by the previous DOC critical circumstances determinations are likely to undermine seriously the remedial effect of the AD and CVD orders the DOC will issue. By a vote of 4 to 2, a majority of the ITC found that critical circumstances do not exist. As a result of the ITC's negative determinations regarding critical circumstances, the AD and CVD orders concerning these imports will not apply retroactively to goods that entered the United States prior to the date of publication in the Federal Register of the DOC's affirmative preliminary determinations.
"As a global company serving customers in 50 countries, Canadian Solar has consistently adhered to fair trading practices around the world," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "U.S. exports to China have increased almost 400 percent in the last eight years, and according to the National Solar Jobs Census 2012, the solar industry employs nearly 120,000 Americans across 50 states, reflecting a 13.2 percent increase from 2011. China and the United States are major trade partners and our interests are interwoven. Earlier protectionist tariffs indicate this action simply displaces sales to alternate foreign exporters and is expected to cost U.S. jobs. The tariff is counterproductive to resolving issues on both sides, and we'd like to see both governments engage in discussions to find workable solutions."
Canadian Solar disagrees with the ITC final determination and maintains its position that the Company practices fair trade according to the Trade Act. As a result of this ruling, the Company will leverage its long-term cell supply partners located outside of China to continue to serve the growing demands from its U.S. customers. Canadian Solar is a fiscally strong company dedicated to delivering high quality solar solutions to its customers around the world and will remain actively engaged in the pursuit to reduce the price of solar modules to enable more families and businesses access to affordable solar energy reducing our consumption of fossil fuels and increasing our energy independence."
