Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company") offers the following statement regarding the final determinations of antidumping and countervailing duties (AD/CVD) by the U.S. Department of Commerce ("DOC") in the AD/CVD investigations on Crystalline Silicon Photovoltaic Cells, Whether or Not Assembled into Modules, from China.
On October 10, 2012, the DOC announced its final determination regarding the duties applicable to these imports. Trina Solar, a producer and exporter of these products to the United States market, received a combined effective net rate of 23.75% (out of a range from 23.75% to 254.66%). This rate is comprised of AD duties of 18.32% and CVD duties of 15.97%, of which an export subsidy of 10.54% is subtracted from the AD duties calculation to avoid double application. Trina Solar has prepared for this potential outcome and continues to abide by its contractual commitments.
The DOC also reaffirmed that the scope of the case would be limited to solar cells and modules manufactured using solar cells produced in China.
Trina Solar continues to actively defend its position before the International Trade Commission ("ITC"), which in November of 2012 is expected to make separate determinations of economic injury as well as critical circumstances before the AD/CVD duties can be imposed.
At the end of these cases, Trina Solar will consider whether it is necessary and prudent to appeal the final determinations issued by the DOC or the ITC.
"While we disagree with the Department of Commerce's conclusions in this case, we will abide by their decision and look forward to the ITC's final ruling on this issue in November," said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "We are a strong, resilient company and we will continue to innovate, drive technological advances and bring clean energy to the U.S. and around the world."
"We highly value our U.S. customers and business partners, and their loyal support throughout this process," said Mark Mendenhall, President of Trina Solar Americas. "We look forward to final resolution of this case and will continue to build strong relationships and to grow our North American business to meet our customers' needs."