Calgon Carbon Corporation (NYSE: CCC) announced that the Department of Commerce (DOC) issued new tariffs on steam activated carbon from China ranging from $0.00 to $0.96 per lb. These rates were based upon a review of prices of Chinese activated carbon imported into the U.S. from April 1, 2010 to March 31, 2011. These announced tariffs may be modified to correct any errors made by the Commerce Department.
The average duty is $0.47 per lb. which replaces the average tariff rate of $0.127 that had been in effect. Calgon Carbon’s tariff with respect to product it imports into the U.S. from China continues to be $0.00. Revision of the tariff rates has two effects. First, these new rates become the cash deposit rate applied to future imports. Also, if a company deposited less than its new tariff rate on carbons imported during the period of review, it will be required to pay additional duties; conversely, if it deposited more than the new rate, it will receive a refund.
Randy Dearth, Calgon Carbon’s President and Chief Executive Officer, commented, “We are very pleased with the announcement. We are optimistic that these revised tariffs will continue to encourage fair competition and fair prices that reflect demand and manufacturing costs for activated carbon products.”
Calgon Carbon, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com. This news release contains historical information and forward-looking statements. Forward-looking statements typically contain words such as “expect,” “believe,” “estimate,” “anticipate,” or similar words indicating that future outcomes are uncertain. Statements looking forward in time, including statements regarding future growth and profitability, price increases, cost savings, broader product lines, enhanced competitive posture and acquisitions, are included in the company’s most recent Annual Report pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. They involve known and unknown risks and uncertainties that may cause the company’s actual results in future periods to be materially different from any future performance suggested herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the company’s control. Some of the factors that could affect future performance of the company are higher energy and raw material costs, costs of imports and related tariffs, labor relations, availability of capital and environmental requirements as they relate both to our operations and to our customers, changes in foreign currency exchange rates, borrowing restrictions, validity of patents and other intellectual property, and pension costs. In the context of the forward-looking information provided in this news release, please refer to the discussions of risk factors and other information detailed in, as well as the other information contained in the company’s most recent Annual Report.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV