REC Silicon – China’s Extension of U.S. Solar-Grade Polysilicon Duties and the Phase 1 Trade Agreement
January 20 2020 - 2:12AM
REC Silicon – China’s Extension of U.S. Solar-Grade Polysilicon
Duties and the Phase 1 Trade Agreement
Fornebu, Norway – January 20, 2020: On January 19, 2020 the
Ministry of Commerce of the People’s Republic of China (MOFCOM)
announced that it would extend tariffs on imports of solar-grade
polysilicon from the United States and South Korea for a further 5
years, effective from January 20, 2020. This announcement was
anticipated by the Government of the United States (USG) and REC
Silicon, as it was made by MOFCOM pursuant to an on-going review
procedure with a pre-determined schedule.
We do not expect this announcement from MOFCOM to affect or
change China’s commitment to purchase solar-grade polysilicon from
the United States under the terms of the Phase 1 Trade Agreement
between the USG and the Government of China (China), that was
concluded on January 15, 2020.
REC Silicon once again thanks the USG, specifically President
Trump and U.S. Trade Representative Ambassador Lighthizer and his
negotiating team at the Office of the United States Trade
Representative (USTR), for prioritizing the interests of the U.S.
polysilicon industry in this important trade agreement, and
securing this purchases commitment from China. REC Silicon looks
forward to working closely with USTR in relation to the execution
of the Phase 1 Trade Agreement and the fulfillment of China’s
solar-grade polysilicon purchases commitment.
No decision about a re-start of the Moses Lake facility has been
made at this stage. REC Silicon will assess the market for solar
grade polysilicon in light of the Phase 1 Trade Agreement, and will
keep investors updated on this issue.
There is no change to previous guidance issued by REC
Silicon.
For further information, please contact:
Francine Sullivan, Vice President Business DevelopmentPhone: +1
509 750 1133 Email: Francine.sullivan@recsilicon.com
Nils O. Kjerstad IR Contact Phone: +47 9135 6659 Email:
nils.kjerstad@crux.no
About REC Silicon REC Silicon ASA is a leading producer of
advanced silicon materials, supplying high-purity polysilicon and
silicon gases to the solar and electronics industries worldwide,
with over 30 years' experience and best-in-class proprietary
technology. REC's production facilities are comprised of two U.S.-
based silicon materials plants in Moses Lake, Wash., and Butte,
Mont. REC Silicon's corporate headquarters is in Fornebu,
Norway.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act