May 24 (Bloomberg) -- LDK Solar Co., the world’s fourth-largest maker of solar cells, said the advent of import duties in the U.S. for its photovoltaic devices won’t drive the Chinese company away from the market.
“We will continue to deliver high-quality PV products at competitive prices to our customers in the United States,” Sam Tong, president and chief operating officer, said today in a filing by the company based in Xinyu, in Jiangxi province.
LDK said it expects to be part of the “separate rates group” subject to a preliminary antidumping tariff rate of 31 percent, in the filing. That’s at the low end of a range that extends to 250 percent to be imposed on Chinese imports if the measure receives final approval later this year, LDK said.
The U.S. government announced the plan last week after the Commerce Department ruled that Chinese manufacturers sold cells in the U.S. at prices below the cost of production. China criticized the action, saying the U.S. is hurting itself and cooperation between the world’s two largest economies.
Chinese price competition and excess production capacity for solar products has crushed share prices in the past year for many solar-equipment companies, including Chinese. The 17-member Bloomberg Large Solar Energy index that includes LDK has fallen about 74 percent in the past year.
LDK, which lost 55 percent in the period, the second-best performance, is the fourth-largest solar-cell maker by factory capacity, tied with Yingli Green Energy Holding Co., according to data compiled by Bloomberg.
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