Resolute Forest Products Inc. 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 Ross on 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.
Cautionary Statements Regarding Forward-Looking Information
Statements in this press release that are not statements of historical results, performance, financial condition, or other historical information of Resolute Forest Products Inc. are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements regarding the anticipated revocation of the countervailing duty order on supercalendered paper from Canada and return of cash deposits associated therewith. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "will," "expect" and other terms with similar meaning indicating possible future events or potential impact on our business or our shareholders.
The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on Resolute's management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual performance or outcomes to differ materially from those expressed in this press release. Some of the potential risks and uncertainties that could cause the company's actual future performance or outcomes to differ materially from those expressed or implied in this press release include, the potential risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of the company's annual report on Form 10-K for the year ended December 31, 2017.
All forward-looking statements in this press release are expressly qualified by the cautionary statements set out or referred to above and in the company's filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. The company disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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.
SOURCE Resolute Forest Products Inc