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CF Industries Holdings, Inc. Welcomes Commerce Department’s Final Antidumping and Countervailing Duty Determinations Concerning UAN from Russia and Trinidad and Tobago
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary
CF Industries Holdings, Inc. (NYSE: CF) announced that the U.S. Department of Commerce has issued final affirmative determinations in antidumping and countervailing duty investigations regarding urea ammonium nitrate imports from Russia and Trinidad and Tobago. Imports from Russia are assessed dumping rates between 8.16% to 122.93% and subsidies from 6.27% to 9.66%. Trinidad's imports face a dumping rate of 111.71% and a subsidy rate of 1.83%. The U.S. International Trade Commission is investigating potential material injury to the U.S. UAN industry, with a final determination expected on July 18, 2022.
Positive
U.S. Department of Commerce's affirmative decision supports CF's competitive position in the UAN market.
Significant dumping and subsidy rates confirmed, indicating a strong case against unfair foreign pricing.
Negative
None.
DEERFIELD, Ill.--(BUSINESS WIRE)--
CF Industries Holdings, Inc. (NYSE: CF) today welcomed the U.S. Department of Commerce’s (“Commerce”) final affirmative determinations in antidumping and countervailing duty (“AD/CVD”) investigations of urea ammonium nitrate (“UAN”) imports from Russia and Trinidad and Tobago (“Trinidad”).
“Today’s final determinations by the U.S. Department of Commerce represent an impartial application of U.S. law designed to ensure a level playing field for American industries competing against the unfair trade practices from state-subsidized entities underpinning UAN imports from both Russia and Trinidad for many years,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “These unfair trade practices have been thoroughly documented by U.S. government professionals during the process leading to today’s announcement. We believe this is an important step in the enforcement of longstanding U.S. trade rules to promote fair competition and in supporting a sustainable and reliable domestic UAN industry to serve American farmers.”
Commerce found that imports from Russia are dumped (i.e., sold at less than fair value) at rates ranging from 8.16% to 122.93%, and unfairly subsidized at rates ranging from 6.27% to 9.66%. In addition, Commerce found that imports from Trinidad are dumped at a rate of 111.71% and unfairly subsidized at a rate of 1.83%.
The U.S. International Trade Commission (“ITC”), an independent government agency, is conducting a separate investigation to determine whether imports of UAN from Russia and Trinidad materially injure, or threaten material injury to, the U.S. UAN industry. The ITC made an affirmative preliminary determination in August 2021, and is scheduled to make its final determination on July 18, 2022. If the ITC’s final determination is affirmative, then Commerce will issue AD/CVD orders, which will remain in place for at least five years.
Commerce and the ITC initiated their investigations in July 2021 in response to petitions filed by CF Industries through certain of its production facilities.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.
