ADENTRA Announces Trade Case Update

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[{"type":"text","content":"\n \n \n \n ADENTRA Announces Trade Case Update\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n LANGLEY, BC\n \n \n ,\n \n \n July 19, 2023\n \n \n /CNW/ - ADENTRA Inc. (\"ADENTRA\" or the \"Company\") (TSX: ADEN) today announced that the United States Department of Commerce (\"Commerce\") issued its final determination (\"Final Determination\") with respect to a trade case against hardwood plywood products produced in Vietnam.  The trade action\n \n alleges\n \n product of the type imported by the Company from\n \n Vietnam\n \n circumvents a previously established anti-dumping and countervailing duty order against hardwood plywood from\n \n China\n \n (the \"Circumventing Products\").\n \n \n In rendering its Final Determination, Commerce made several changes to the preliminary determination it issued on\n \n July 25, 2022\n \n .  As a result, the Company's estimate of the value of products it imported from\n \n Vietnam\n \n subject to potential duties has been reduced from\n \n US$25\n \n -\n \n US$30 million\n \n to\n \n US$7.6 million\n \n .\n \n \n The duty rate in this trade case is 206%, which will be applied against the\n \n US$7.6 million\n \n of imports from Vietnam.  With the issuance of this Final Determination, the Company expects to accrue duties of\n \n US$15.7 million\n \n and record its impact on financial results in the third quarter of 2023.\n \n \n \"While we welcome a decision being rendered in this matter, we disagree with Commerce's Final Determination and believe that the duty is unwarranted,\" said\n \n Rob Brown\n \n , President and CEO. \"We believe the products we imported from\n \n Vietnam\n \n are clearly outside the scope of Commerce's own definition of Circumventing Products, and therefore should not be subject to duty. We have comprehensive documentary evidence regarding material sourcing in our supply chain which Commerce failed to consider.  There are well-established legal avenues to appeal this decision by Commerce and we intend to vigorously pursue recovery of any du...

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