Sandvika - July 19, 2013: Yesterday China announced introduction of preliminary anti-dumping duties of up to 57 percent on polysilicon produced in the US and South Korea from July 24, 2013. REC Silicon where assigned an preliminary anti-dumping duty of 57 percent. China has signaled that a final determination is scheduled for late 2013.
"We strongly regret the escalation of the solar industry trade disputes between Europe, China and the US. We hope that the US and Chinese authorities will continue the constructive dialogue on this important matter to find a solution which secures open and fair competition", says Ole Enger, CEO & President, REC.
REC believes that import duties are not in the interest of the solar industry because trade restrictions will reduce competitiveness and hence the uptake of the much needed solar energy solutions. REC continues to promote the adaption of solar energy globally by reducing the cost of solar energy through focus on cost-efficient operation and the use of advanced technology.
REC has highly valued polysilicon customers in China, and will in close dialogue with these partners work to mitigate the impact of the imposed import tariffs.REC will furthermore continue to co-operate with the Chinese Ministry of Commerce (MOFCOM) in their on-going AD/CVD duty investigation leading up to the Final Determination, scheduled for late 2013.
For further information please contact:
Mikkel Tørud, SVP Investor Relations & Business Development, REC
Telephone: +47 976 99 144
In the US:
Francine Sullivan, Corporate Counsel, REC Silicon
Telephone: +1 509 750 1133
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)