Yingli Green Energy Comments on Final International Trade Commission Rulings for Imported Chinese Solar Cells and Modules
Yingli Green Energy Holding Company Limited (NYSE: YGE), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar", today commented on the final rulings by the International Trade Commission regarding the import of Chinese PV cells and modules to the United States. Today's decision resulted in two rulings: the first found that the U.S. market has been "injured" due to the presence of imported Chinese cells and modules in the industry, and the second found that there are no applicable "critical circumstances." As a result of the negative finding, Yingli Green Energy will not be held liable for the $13.7 million USD provision of duties that it has held on its balance sheet. In addition, solar modules assembled in China containing solar cells originating from a third country continue to be tariff-free.
"The threshold for determining injury to the U.S. market is incredibly low, and takes into account several factors, including policy changes, loss of jobs, sales results, et cetera. If only one of those factors is the presence of Chinese imports, then the ITC will make an affirmative injury determination, as it did today," said Robert Petrina, Managing Director of Yingli Green Energy Americas. "We are relieved that this ruling marks the end of the U.S. trade investigations, and that we will be able to completely focus on serving our hard-working customers. This industry has grown tremendously over the past year, despite SolarWorld's accusations, and we are grateful to the overwhelming majority of the market that has united behind us and supported affordable, clean energy.
"Although today's decision was partially favorable for Yingli, we are saddened to see the global ramifications of this case. We are in the midst of a global trade war now, and Europe will be defending itself vigorously in the footsteps of the U.S. decision," said Mr. Liangsheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We will always be appreciative to the U.S. solar industry that stood with us, and the other respondents. We remain hopeful that global free trade will prevail, and that affordable solar energy will soon be accessible to all."
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