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Boshen Tools disclosed today that the US Court of Appeals for the Federal Circuit on July 6th against Saint-Gobain (SAINT GOBAINABRASIVES, INC.) and EHWA DIAMOND INDUSTRIAL CO. (LTD.) against the US International Trade Court's decision on anti-dumping cases The appeal made a ruling to uphold the original verdict, and supported the US International Trade Commission's conclusion that the diamond tool companies of China and South Korea had caused damage to the US diamond saw blade manufacturing industry. So far, the proceedings against the United States International Trade Commission threatened the results of the substantive damage to the anti-dumping case.
Boshen Tools said that since the US Customs issued an anti-dumping tax order in November 2009, the US Customs has imported diamond circular saw blades from the company’s wholly-owned subsidiary, Boshen American Co., Ltd. (hereinafter referred to as “Bo Shen USâ€). Parts are subject to a tariff deposit of 35.51%. In 2009 and January-June 2010, Boshen paid US$227,900 and US$9.172 million to the US Customs. In this context, the results of the US Court of Appeals for the Federal Circuit do not affect the applicable tax rate of the company. The US Customs will continue to impose a tariff deposit on the products imported by Boshen from the company at a rate of 35.51%. In this regard, the company has hired a team of lawyers including Chinese and American lawyers, and is fully prepared for the annual review. It plans to apply for the first annual review to the US Department of Commerce in November 2010 to strive for a lower tax rate. .
Boshen Tools emphasized that the US litigation results against anti-dumping cases of diamond saw blades and components originating in China and South Korea will not have a major impact on the company's operations and profitability. When formulating the 2010 annual business plan, the company has fully considered the factors of the US Customs' levy of anti-dumping tariff guarantee. Therefore, the company's previously disclosed 2010 semi-annual performance forecast and 2010 annual business indicators have not changed.
Anti-dumping case to maintain the original judgment Boshen tools have been prepared
For the US anti-dumping investigation of diamond saw blades and components originating in China and South Korea, Boss Tools recently disclosed the latest developments in the case.