EU’s Antidumping Duty against Fasteners of Shanghai Prime Machinery Co., Ltd.
"However, the company considered the bad influence not huge, because the company would continue selling and manufacturing other kinds of precision component parts and fittings besides fasteners through its subsidiaries. The company believes that the dispersed and diversified revenue sources help to impair the bad influence on the operation and profit.
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Shanghai Prime Machinery Co., Ltd. declared that the antidumping duty of 69.9% announced by European Council against its subsidiary Shanghai Biaowu High-Tensile Fasteners Co., Ltd. would have bad influence on the company’s operation and profit, but not huge.
Shanghai Prime Machinery Co., Ltd. (02345.HK) declared on Jan 29, 2009 that the antidumping duty of 69.9% announced by European Council against its subsidiary Shanghai Biaowu High-Tensile Fasteners Co., Ltd. would have bad influence on the company’s operation and profit. However, the company considered the bad influence not huge, because the company would continue selling and manufacturing other kinds of precision component parts and fittings besides fasteners through its subsidiaries. The company believes that the dispersed and diversified revenue sources help to impair the bad influence on the operation and profit.
In addition, in view of the result of the announcement, the company will decrease the involved fasteners export to Europe and increase these fasteners export to other countries. However, the company indicates that in despite of what has been said above, it’s still not sure whether the bad influence on operation and profit is huge or not now.
Source: http://finance.sina.com.cn/ Translated by Stephanie www.chinaFastener.info
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