Resolute Responds to Misleading Statements Regarding the U.S. Department of Commerce's Final Order for Countervailing Duties on Supercalendered Paper from Canada
Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) responds to misleading media statements by third parties regarding the U.S. Department of Commerce's final order for countervailing duties on supercalendered paper from Canada.
Contrary to those misleading media statements, the Department of Commerce found countervailable subsidies during its investigation only at the Port Hawkesbury mill in Nova Scotia. The Department did not find countervailable subsidies to the manufacture, production or export of supercalendered paper by Resolute Forest Products.
As Resolute has previously disclosed, the Department imposed cash deposit requirements for estimated countervailing duties on Resolute based on a new interpretive rule applied to Resolute retroactively and imposed a punitive 17.87% rate not derived from any subsidy amount found to have been received by Resolute. Resolute believes that, through proceedings before NAFTA and WTO tribunals, the punitive actions will be found unlawful, confirming that the Department of Commerce did not find Resolute's exports to the United States to be subsidized.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including newsprint, specialty papers, tissue, market pulp and wood products. The company owns or operates over 40 pulp, paper, tissue and wood products facilities in the United States, Canada and South Korea, as well as power generation assets in Canada. Marketing its products in close to 80 countries, Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.
Resolute has received multiple national and international awards for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.