Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company") offers the following statement regarding the preliminary determination of antidumping duties by the U.S. Department of Commerce (the "DOC").
On May 17, 2012, a preliminary determination was announced by the DOC in Washington, DC regarding the exportation of crystalline silicon photovoltaic cells and modules from China. A preliminary antidumping duty ("AD") rate of 31.14% was calculated to apply to the importation into the United States of Trina Solar's solar cells and modules/panels produced in China.
The DOC also preliminarily determined that the AD investigation does not apply to modules manufactured in China that incorporate solar cells produced in a third country. This decision is consistent with DOC's prior preliminary determination in the parallel countervailing duty ("CVD") investigation of the same products. The DOC found "critical circumstances" and therefore the AD rate will apply retroactively to imports, beginning approximately 90 days prior to the preliminary determination. Trina Solar continues to actively defend its position in these administrative proceedings.
"Trina Solar's innovation and globalization has helped to create great value for our stakeholders," said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "Current market conditions illustrate precisely why we have been conservative in the past, and why we place a priority on building a strong balance sheet. We believe that the quality of our panels and the strength of our team will ensure that we continue to serve the US market for the long term."
"We remain committed to the very close relationships we have developed in the US solar industry and will continue to deliver industry leading solutions together with these customers," added Mark Kingsley, Chief Commercial Officer of Trina Solar. "Our primary objective remains to sustainably drive down total installed per watt cost through the use of our proprietary high-efficiency module know-how in combination with industry best practices on balance of system cost optimization. This is simply what is required to unlock the next level of fossil fuel replacement in the United States. Any duties are short-sighted impediments to this worthy goal."
Kingsley concluded, "We intend to strongly defend with data our position that these duties are unwarranted and serve as an impediment to the broader adoption of solar energy in a time of rising fuel costs. As a forward-thinking global company, we will continue to assess our options to most effectively serve all of our markets, including our growing business in the United States."