This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Canadian Solar Opposes Protectionist Tariff, ITC Final Trade Ruling

ONTARIO, Nov. 8, 2012 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies with a global supply-chain and manufacturing facilities in Canada and China, today announced that while it is relieved an end has come to a lengthy and costly legal suit, they oppose the final ruling of the U.S. International Trade Commission (ITC) upholding the Department of Commerce's (DOC) earlier findings that Chinese pricing practices have harmed the American Industry. The ITC ruling will implement the DOC's antidumping duties (AD) ranging from 18.32% to 249.96% and countervailing duties (CVD) of 15.24% to 15.97% (depending on the importer of record) on crystalline silicon photovoltaic cells made in China, whether or not assembled into modules.

The ITC also had to determine whether imports covered by the previous DOC critical circumstances determinations are likely to undermine seriously the remedial effect of the AD and CVD orders the DOC will issue.  By a vote of 4 to 2, a majority of the ITC found that critical circumstances do not exist.  As a result of the ITC's negative determinations regarding critical circumstances, the AD and CVD orders concerning these imports will not apply retroactively to goods that entered the United States prior to the date of publication in the Federal Register of the DOC's affirmative preliminary determinations.

"As a global company serving customers in 50 countries, Canadian Solar has consistently adhered to fair trading practices around the world," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "U.S. exports to China have increased almost 400 percent in the last eight years, and according to the National Solar Jobs Census 2012, the solar industry employs nearly 120,000 Americans across 50 states, reflecting a 13.2 percent increase from 2011. China and the United States are major trade partners and our interests are interwoven. Earlier protectionist tariffs indicate this action simply displaces sales to alternate foreign exporters and is expected to cost U.S. jobs. The tariff is counterproductive to resolving issues on both sides, and we'd like to see both governments engage in discussions to find workable solutions."

Canadian Solar disagrees with the ITC final determination and maintains its position that the Company practices fair trade according to the Trade Act. As a result of this ruling, the Company will leverage its long-term cell supply partners located outside of China to continue to serve the growing demands from its U.S. customers. Canadian Solar is a fiscally strong company dedicated to delivering high quality solar solutions to its customers around the world and will remain actively engaged in the pursuit to reduce the price of solar modules to enable more families and businesses access to affordable solar energy reducing our consumption of fossil fuels and increasing our energy independence."

About Canadian Solar

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Africa, Australia, Asia and Africa, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 17,711.81 -34.17 -0.19%
S&P 500 2,107.47 -1.16 -0.06%
NASDAQ 5,137.3810 +8.5960 0.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs