Feb 21 2011
Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced the final results of the first round antidumping administrative review regarding BOPET films conducted by the US Department of Commerce ("USDOC").
On January 23, 2010, the USDOC began the first round routine annual review of Chinese BOPET exporters, and Fuwei has been actively responding to this review. Fuwei receives the lowest anti-dumping duty (ADD) rate of 30.91% in this review, while the ADD rate of other four Chinese companies is more than 36.93%.
In accordance with relevant laws and regulations in the US, the ADD rate of final results will retroactively apply to those US companies which imported Chinese-exported BOPET films, including Fuwei Films USA, LLC, during the period of first review, so these US importers are obliged to pay a supplementary antidumping duty at this ADD rate.
In 2007, USDOC conducted an anti-dumping investigation of BOPET films manufactured in China. In September 2008, their final decision was released and Fuwei received the anti-dumping duty (ADD) rate of 3.49%. Since 2007, the percentage of Fuwei's export business to the US has declined substantially. In 2010, sales to the US market represented less than 1% of Fuwei's annual total sales volume.