Business
U.S. International Trade Commission Dismisses Trade Case Against Imported Hardwood Plywood from China
TRADING SYMBOL: Toronto Stock Exchange - HWD LANGLEY, BC , Nov. 5, 2013 /CNW/ - Hard...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nLANGLEY, BC, Nov. 5, 2013 /CNW/ - Hardwoods Distribution Inc.\n (\"Hardwoods\" or the \"Company\") today announced that the International\n Trade Commission (\"ITC\") made a unanimous negative injury determination\n in the final phase of its antidumping (\"AD\") and countervailing (\"CVD\")\n duty investigations against hardwood plywood manufactured in China and\n imported into the United States.  The negative injury determination\n means that the trade case is immediately dismissed.  Previously\n announced CVD/AD duties of 73.04%, which were scheduled to come into\n effect this month, will not be imposed.\n\n\nThe trade case was initiated on September 27, 2012 by a coalition of\n U.S. plywood manufacturers (\"Petitioners\").  Petitioners alleged that\n Chinese imports are sold in the United States at prices below cost and\n are subsidized by the Government of China.  Hardwoods estimates\n approximately 14% of its total sales are of product imported from China\n subject to the outcomes of this trade dispute.\n\n\n\"Our strategy includes selling both imported and domestically produced\n hardwood plywood to satisfy the demand and diverse product preferences\n of our customers,\" said Lance Blanco, President and CEO of Hardwoods. \n \"Our expectation was that if the proposed 73.04% duties had been\n imposed, this would have made Chinese plywood uncompetitive in the U.S.\n market.  Today's trade decision means that hardwood plywood from China\n will continue to be one of several product choices available to our\n customers, along with plywood from domestic sources as well as other\n international markets.\"\n\n\nThe ITC's decision to dismiss the trade case may be appealed by\n Petitioners within the U.S. court system, and Hardwoods will closely\n follow any appeals process that is initiated.  If appeals are filed, it\n is expected that any ruling by the U.S. court system would not occur\n until 18 to 24 months in the future, and that no duty liability related\n to importing Chinese hardwood plywood would arise during that period of\n time.\n\n\n\"We have an established high quality import product line from China, and\n accordingly we view today's decision as very positive for Hardwoods in\n the long run,\" said Mr. Blanco.  \"However, in ...