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HYOSUNG HEAVY INDUSTRIES CORPORATION

(A298040)
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WTO finds for South Korea over U.S. trade measures, in challenge for Biden

01/21/2021 | 11:37am EDT

GENEVA, Jan 21 (Reuters) - The World Trade Organization recommended on Thursday that the United States revise a series of duties imposed in the pre-Trump era on South Korea, presenting new U.S. President Joe Biden with a dilemma.

A day after Biden's inauguration, his new administration faces a test of its multilateral credentials, with a choice between complying with the WTO ruling or lodging an appeal to put the case into a legal void.

The United States has up to 60 days to appeal. If it does so, the case would enter a legal limbo because the Trump administration paralysed the WTO's Appellate Body by blocking appointments and leaving it with too few adjudicators to rule.

The duties were imposed on four grades of steel in 2016 and on large power transformers in 2012 under the administration of Donald Trump's predecessor Barack Obama, whose vice president Biden was.

A three-person WTO panel found that the U.S. Department of Commerce failed to take into account all the information available when it calculated the level of dumping or subsidies.

The Commerce Department had not specified in detail the information requested, did not take into account some of the information submitted and rejected other information provided after a certain date, the panel found.

The tariffs on transformer makers Hyosung Heavy Industries Corp and Hyundai Electric & Energy Systems Co and steelmakers from Hyundai Steel and POSCO were therefore inconsistent with WTO rules, the panel said.

The European Union also joined the case, saying steel producers in Italy, the Netherlands and Britain, then an EU member, had also suffered from this U.S. practice.

South Korea did though fail to convince the panel that U.S. authorities had an "unwritten measure" of using the most adverse facts available in order to maximise duties, where an exporter had failed fully to cooperate. (Reporting by Philip Blenkinsop Editing by Gareth Jones and Jonathan Oatis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HYOSUNG CORPORATION -1.20% 123000 End-of-day quote.60.99%
HYOSUNG HEAVY INDUSTRIES CORPORATION -0.38% 78800 End-of-day quote.26.69%
HYUNDAI CORPORATION -2.72% 17850 End-of-day quote.11.91%
HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD. 1.58% 25650 End-of-day quote.56.40%
HYUNDAI MOTOR COMPANY 0.48% 209000 End-of-day quote.8.85%
HYUNDAI STEEL COMPANY -0.19% 51500 End-of-day quote.30.05%
POSCO -0.55% 362500 End-of-day quote.33.27%
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Financials
Sales 2021 3 050 B 2,58 B 2,58 B
Net income 2021 65,0 B 0,05 B 0,05 B
Net Debt 2021 1 097 B 0,93 B 0,93 B
P/E ratio 2021 11,3x
Yield 2021 -
Capitalization 734 B 622 M 621 M
EV / Sales 2021 0,60x
EV / Sales 2022 0,51x
Nbr of Employees 2 966
Free-Float 45,7%
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Hyosung Heavy Industries Corporation Technical Analysis Chart | A298040 | KR7298040007 | MarketScreener
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Number of Analysts 1
Last Close Price 78 800,00 KRW
Average target price 95 000,00 KRW
Spread / Average Target 20,6%
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Managers and Directors
Takeshi Yokota Co-Chief Executive Officer, Director & VP
Dong-Woo Kim Co-Chief Executive Officer, Director & VP
Chang-Ho Lee Managing Director & Head-Finance
Young-Ryul Ahn Independent Director
Eon-Seong Shin Independent Director