South Korean power transformer manufacturer Hyundai Electric and Energy Systems has been informed by the U.S. Commerce Department of a decision to impose an anti-dumping duty of 60.81 % on its large power transformers shipped to the U.S. between August of 2015 and July of 2016, reports KBS World.
The decision enforces the South Korean firm to pay $49.6 million in duties.
The U.S. Commerce Department levied the same level of anti-dumping duties on power transformers exported by other South Korean companies, including Hyosung, Iljin and LSIS.
According to Pulse News, Hyundai Electric plans to appeal the U.S. commerce department’s decision to the U.S. Court of International Trade (CIT), whose final ruling would take about two years to come out.
Source: KBS World, Pulse News