PETALING JAYA: Pantech Group Holdings Bhd has been cleared of anti-dumping duty circumvention by the US Department of Commerce (DOC), enabling them to resume exporting carbon steel butt-weld fittings to the US.

In a filing with Bursa Malaysia, the group said that the DOC issued a final affirmative determination concerning circumvention of anti-dumping duty order on carbon steel butt-weld pipe fittings from Malaysia last Friday, following the Anti-circumvention Inquiry held after the preliminary determination on July 20, 2018. Large Pipe Flange

In the final determination, the DOC verified Pantech Steel Industries Sdn Bhd’s (PSI) ability to trace country of origin of its shipments of butt-weld pipe fittings and allowed the company to continue exporting to the US without being subject to anti-dumping duty.

Pantech and its importers must provide the required certifications and documentation to the US Customs and Border Protection as well as maintain certifications and supporting documentation which will be provided to DOC upon request.

“PSI will immediately commence shipments of its carbon steel butt-weld fittings to the US once again and this is expected to have positive impact to the group revenue going forward with contribution from PSI projected to normalise by Q3 FY2020,” it said.

In the Anti-circumvention Inquiry, the DOC recognised that Pantech was forthcoming and voluntarily corrected the error by revising quantity and value data.

It also noted Pantech’s timely submission of complete and accurate responses to subsequent requests for information as well as full cooperation with thorough verification and investigation into the matter.

Consequently, DOC is not applying an adverse inference with respect to the country of origin of Pantech’s merchandise.

Pantech Group’s share price rose 9.8% to close at 56 sen today with 3.34 million shares traded.

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