LDK Solar Co., Ltd.("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, has issued the following statement regarding the U.S. Department of Commerce's (DOC) final determination on October 10th, 2012 to impose countervailing duties (CVD) of 15.24% and anti-dumping duties (AD) of effectively 25.96% on LDK's crystalline silicon photovoltaic modules and cells produced exclusively in China.
"Given the accomplishments and the success of the entire solar industry during the last several years, we strongly regret the DOC’s ultimate decision. LDK Solar has been a leader with worldwide supply chains in the highly-competitive global solar industry since the company's founding in 2005, and this determination will not change our strategy in developing markets worldwide. LDK Solar reaffirms its commitment to be one of the industry's top tier companies by creating consistent value for our customers," stated Xiaofeng Peng, Chairman and CEO of LDK Solar.
“We believe that unilateral trade barriers will not make any solar company more competitive, but will make solar power less competitive against other forms of electricity generation. The growth of destructive trade barriers recently from the U.S. represent significant, long-term challenges to the health of the global solar industry and countervail with the industry’s aim to make solar power affordable for everyone,” concluded Mr. Peng.
"We will continue to deliver high quality PV products at competitive prices to our customers in the United States. Our team in the U.S. has built strong customer relationships to provide top quality and affordable solutions for all U.S. markets – from residential to commercial, utility and off-grid," added Sam Tong, President and Chief Operating Officer of LDK Solar.
According to the decision, solar modules produced in China containing solar cells originating from a third country are not subject to CVD and AD tariffs.
The determination by the Department of Commerce is subject to final confirmation from the U.S. International Trade Commission (ITC), which is expected by the end of November 2012.