Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of solar panels, offers the following statement regarding the U.S. Department of Commerce's (DOC) final determination to impose countervailing duties (CVD) of 14.78% and anti-dumping duties (AD) of effectively 21.19% on Suntech's crystalline silicon photovoltaic cells imported from China.
"Unilateral trade barriers will not make any one company more competitive, but will make solar less competitive against other forms of electricity generation. These ill-conceived taxes on solar products were the outcome of an unrealistic analysis that compared, for example, Suntech's costs of production to the theoretical costs of production in Thailand, a country with less than 100MW of PV production capacity. It's unfortunate that the process works this way; however, Suntech is well-prepared for the future and to serve the needs of our customers," said E.L. "Mick" McDaniel, Managing Director of Suntech America.
"As a multinational company with global supply chains and manufacturing facilities in three countries, including Goodyear, Arizona, we will continue to provide our customers in the U.S. with hundreds of megawatts of high-quality and affordable solar products that will not be subject to tariffs," continued Mr. McDaniel.
"The growth of destructive trade barriers represents a significant, long-term challenge to the health of the solar industry in the U.S. and globally. Nobody benefits from a global solar trade war except for those who want a less competitive solar industry," concluded Mr. McDaniel.