Corning Receives Preliminary Determination from Chinese Ministry of Commerce; Ruling may negatively impact optical fiber exports to China

Date: 17 June 2004

Corning Incorporated announced that on Wednesday, June 16, 2004 in China, it received a preliminary determination from the Ministry of Commerce (MOC) of the People's Republic of China asserting that Corning has dumped certain single-mode optical fiber products exported from the United States into China and caused material injury to the Chinese domestic producers.

Corning is extremely disappointed in the preliminary determination and said it will work with the MOC to reach a final determination.

Corning was one of several optical fiber producers cited in the MOC's action. This preliminary determination will not impact Corning's fiber products produced by Shanghai Fiber Optics Company, Ltd., a majority-owned subsidiary of Corning Incorporated, based in Shanghai.

"Corning believes that it has not dumped optical fiber into China and that the company has not caused injury to the Chinese domestic producers," Robert B. Brown, senior vice president and general manager, Corning Optical Fiber, said. "We are extremely disappointed with this preliminary determination, and we will continue to cooperate with the MOC through the final determination to prove our position. We remain committed to the Chinese optical fiber market and to maintaining our strong customer relationships within the region," he said.

The MOC initiated the anti-dumping investigation on July 1, 2003 against certain standard single-mode optical fiber products originating from the United States, Japan and Korea, alleging that foreign products were being imported and sold at lower prices than the market conditions justified, and that Chinese domestic producers were injured as a result.

This investigation was based on a complaint filed by two Chinese fiber manufacturers. Following the preliminary determination, representatives from the MOC will travel to the United States to meet with Corning officials to verify the information provided by Corning in its defense. The MOC will then provide a final determination, which Corning expects to receive by the end of this year. If the final determination is adverse, Corning may be able to appeal within the MOC or the Chinese legal system.

On the basis of this preliminary determination, Chinese importers of certain Corning single-mode optical fiber products will be required to make cash deposits of 16 percent of the purchase price to Chinese customs authorities. Corning is not able to estimate the impact of this preliminary determination on its fiber export business to China, but if the ruling holds it could have a significant negative impact on the company's ability to export fiber into China. The company's fiber export revenues to China currently are approximately 6 percent of its optical fiber and cable revenues. Corning said that the impact of any potential loss of fiber export volume to China on the company's expected earnings per share should be less than $0.01 in the second half of 2004.

600450 Corning Receives Preliminary Determination from Chinese Ministry of Commerce; Ruling may negatively impact optical fiber exports to China glassonweb.com

See more news about:

Others also read

The glass sector has the increasingly widespread requirement of having an unlimited catalogue of parametric shapes and creating new ones in a simple way without being an expert in the field.
Shoaib Akhtar is going to be back on Indian TV screens. He is going to be featured in the new TV ad campaign for Asahi Glass.
Glass Confusion is starting the New Year with Beginning Fused Glass group classes. The three-week course will be held Wednesdays from 10 a.m. to 1 p.m. and again from 5 p.m. to 9 p.m.
Worldwide glass-substrate capacity is expected to continue to grow more than 40% each quarter through 2005, as a result of capacity expansion by existing glass-substrate suppliers and new companies joining the market, according to DisplaySearch.
Western Pennsylvania’s once-thriving glassmaking industry is dwindling, as did the domestic steel industry and for many of the same reasons: competition and cost.
Architects Robert and Esteve Terradas of Barcelona describe the city’s newly-renovated and expanded (45,000 m2) Science Museum (completed September 2004) as "a living museum that will set new standards in terms of transparency - a very modern construction that will enable the plants and animals inside to really live and breathe." The project was made possible by the use of an innovative grade of DuPont™ SentryGlas© Plus™ structural interlayer that is "UV-breathable, on the flat roof of an Amazonian rainforest exhibit".The UV-breathable 938 m2 laminated glass roof is rectangular in shape.

Add new comment