July 17, 2018 By P&PC staff
July 17, 2018 – The United States department of commerce has revoked the countervailing duty order on supercalendered (SC) paper from Canada, retroactive to Aug. 3, 2015.
Collection of cash deposits on imports of SC paper from Canada will cease, and all cash deposits that have been collected from importers of record since Aug. 3, 2015, will be returned with interest. Resolute’s cash deposits as of June 30, 2018, total $60 million. The company will also receive accumulated interest on these deposits. The precise timing of the refund will be set out in a federal register notice to be published in the upcoming days.
Revocation of the countervailing duty order was pursuant to issuance of a final determination in the Changed Circumstances Review that the department initiated on May 14, 2018. The department initiated the Changed Circumstances Review after Verso Corporation, the principal remaining producer of SC paper in the United States and the only remaining petitioner, wrote to Commerce Secretary Wilbur Ross on March 21, 2018, that it was no longer interested in the continuation of the countervailing duty order. All other interested parties in the SC paper proceedings, including the federal and provincial governments in Canada, notified the department that they supported Verso’s request for a Changed Circumstances Review.
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers, which are marketed in close to 70 countries.
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