Resolute Forest Products Inc.: United States Department of Commerce Announces Termination of Supercalendered Paper CVD Order
MONTRÉAL, July 6, 2018 – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) is pleased to announce that the United States Department of Commerce is formally revoking the countervailing duty order on supercalendered (SC) paper from Canada, retroactive to August 3, 2015. Collection of cash deposits on imports of SC paper from Canada will cease, and all cash deposits that have been collected from importers of record since August 3, 2015, will be returned with interest.
Resolute’s cash deposits as of June 30, 2018, total $60 million. The company will also receive accumulated interest on these deposits. The precise timing of the refund will be set out in a Federal Register Notice to be published in the upcoming days.
Revocation of the countervailing duty order is pursuant to issuance today of a final determination in the Changed Circumstances Review that the Department initiated on May 14, 2018. The Department initiated the Changed Circumstances Review after Verso Corporation, the principal remaining producer of SC paper in the United States and the only remaining petitioner, wrote to Commerce Secretary Wilbur Rosson March 21, 2018, that it was no longer interested in the continuation of the countervailing duty order. All other interested parties in the SC paper proceedings, including the federal and provincial governments in Canada, notified the Department that they supported Verso’s request for a Changed Circumstances Review.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers, which are marketed in close to 70 countries. The company owns or operates some 40 manufacturing facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.
Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.
For further information: Investors, Silvana Travaglini, Treasurer and Vice President, Investor Relations, 514 394-2217, firstname.lastname@example.org; Media and Others, Seth Kursman, Vice President, Corporate Communications, Sustainability and Government Affairs, 514 394-2398, email@example.com