natgillin/translations-raw huggingface dataset:
For yderligere at illustrere dette viser oplysningerne fra den kinesiske regering, at det relative spread var lavt, inden it-boblen bristede i 2002.
Hence, the imposition of definitive countervailing measures at the proposed level only has a limited impact on the prices of the supply chain and the performance of users.
Det vendte tilbage til lave niveauer indtil den finansielle og økonomiske krise, der skyldtes subprime og statsgæld.
Weighing and balancing the strong interests of an important Union industry to be protected against unfair practices, on the one hand, and the limited likely effects of measures on unrelated importers and users, which continue to benefit from a wide array of supply in the Union, the Commission concluded that there were no compelling reasons that it was not in the Union interest to impose measures on subsidised imports of the product concerned originating in the country concerned.
Der er f.eks. en forholdsvis lille forskel i det absolutte afkastspread i USA — 2,46 procentpoint i 2003 og 2,35 procentpoint i UP, selv hvis der er en stor forskel i den gennemsnitlige inflationsrate — 2,27 % i 2003 og kun 0,12 % i 2015.
DEFINITIVE ANTI-SUBSIDY MEASURES
Det relative spread tager bedre højde for forskellene i den økonomiske situation mellem de to, nemlig fra 48,86 % i 2003 i forhold til 71,57 % i 2015.
On the basis of the conclusions reached by the Commission on subsidy, threat of injury, causation and Union interest, definitive anti-subsidy measures should be imposed to prevent that the imminent threat of material injury which is caused to the Union industry by the subsidised imports would materialise.
På lignende måde var det absolutte spread i 2006 (før krisen) på 1,55 %, hvilket er næsten det samme som i 2017 (1,56 %), selv om de underliggende markedsvilkår har ændret sig væsentligt.
Injury elimination level (Injury margin)
Desuden beregnede Kommissionen ikke nogen fordel for Shagang Finance.
To determine the level of the measures, the Commission first established the amount of duty necessary to eliminate the threat of injury suffered by the Union industry.
Dette udelukker enhver mulighed for dobbelttælling.
The threat of injury would be eliminated if the Union industry was able to cover its costs of production and to obtain a profit before tax on sales of the like product (the so-called target profit) in the Union market that could be reasonably achieved under normal conditions of competition by an industry of this type in the sector, namely in the absence of dumped imports.
Ud fra den dokumentationen for årene 2014 og fremefter var Shougang Group tabsgivende i både 2014 og 2015.
As regards the determination of a target profit, the Commission first analysed the proposal of the complainant in the anti-dumping investigation against China on the same product concerned, which pointed to 12,9 %, taken from a previous Commission decision on the same product [101].
Den var højt gearet, og den øgede sin kortfristede gæld med mere end 10 % i undersøgelsesperioden.
However, this finding dates back to the year 2000, and the data from over 15 years ago cannot be regarded as representative anymore given the technological and financial changes the Union industry faced since then and given the changes in size of the Union market since 2000 as a result of the growing number of Member States during the period 2000-2016.
Vedrørende Shougang Group opnåede produktionsvirksomheden Jingtang faktisk overskud i 2014 og 2015, selv om den først indledte sine forretningsaktiviteter i 2010.
The Government of China proposed that only a profit margin of at most 5 % can be considered reasonable [102].
Endelig anså Kommissionen selv den finansielle situation for Shougang Group og Benxi Group for at have en BB-rating, hvilket bør være tilstrækkelig til at få lån på markedet.
In this regard, it referred to Commission past practice, whereby 4,8 % and 3 % target profit was found to be appropriate in respectively the Rebars case [103] and the Seamless Pipes and Tubes case [104].
Produktionsvirksomheden i gruppen, Qian'an, var tabsgivende i 2015, men rent faktisk rentabel mellem 2011 og 2014.
However, these products are downstream steel products, which are not similar to the product concerned.
Shougang Group erklærede sig også uenig i, at produktionsvirksomhederne ikke har et tilstrækkeligt overskud til at dække deres renteudgifter og påpegede, at det driftsoverskud, der blev indberettet i årsregnskabet, faktisk var overskuddet efter betaling af de finansielle udgifter.
The Commission then turned to the profitability data of the year 2008, which it had regarded as the most representative year for a downstream product, namely cold-rolled steel products.
Kommissionen foretog navnlig en vurdering af den finansielle situation for Qian'an Coal Shougang Mining og Xishan Coking i perioden 2012-2015.
The product concerned of the current investigation is similar in many aspects to certain cold-rolled flat steel products (cold-rolled products) for the following reasons:
Ud over rentabiliteten blev andre finansielle forhold overvejet med henblik på at drage konklusioner om virksomhedernes finansielle sundhed, jf. betragtning 226 til 228nedenfor.
For both products (iron ore and coking coal) certain alloys are major parts of their cost of production and they go through similar processes (furnace, hot strip mill).
Virksomhedens omsætning var konstant faldende og næsten halveret mellem 2012 og 2015.
As set out in recital (40) above, the product concerned is the primary material for the production of various value-added downstream steel products, starting with cold-rolled products.
Desuden havde virksomheden en konstant høj gearing (et forhold mellem gæld og aktiver på over 60 %) i det pågældende tidsrum og genererede ikke tilstrækkeligt overskud til at dække rentebetalingen i UP (rentedækningsrate < 1).
On this basis, the Commission found a profit margin of 14,4 %.
I alt havde virksomheden akkumulerede tab på omkring 2 mia. RMB i 2015.
However, various elements in that case relating to injurious dumping from China and Russia are not present in the current case, where the Commission found a threat of injury from Chinese subsidised exports, which involves a prospective analysis.
Virksomhedens omsætning havde været konstant faldende i de seneste 4 år og blev mere end halveret mellem 2012 og UP.
In particular, in that case, imports at low prices from the countries under investigation had taken place throughout the four-year period prior to the investigation period.
Desuden havde virksomheden konstant overskud mellem 2012 og 2015.
The Commission then tried to establish a target profit by simulating how the recovery of the Union industry from the recession caused by the economic and financial crisis in 2009 might have developed if it had not been interrupted by the high volumes of price-depressing Chinese imports.
Som følge heraf blev lånene fra 2015 hos Xishan Coking ikke behandlet som tilskud, og fordelen blev beregnet efter samme metode som for virksomhederne på koncernniveau, jf. betragtning 209 til 210.
For this exercise, it relied on more recent data and a prospective analysis presented to the OECD's Steel Committee in December 2013.
Imidlertid kunne forbindelsen til medarbejderudgifter og/eller udflytning i perioden fra 2006 til 2009 ikke fastslås under kontrolbesøget hos virksomheden.
In a study entitled ‘Laying the foundations for a financially sound industry’ an expert opinion looked at the profitability of the global steel industry in recent years and fixed a long-term sustainability profit threshold.
Dertil kommer, at de 18 virksomheder i koncernen, der er nævnt i meddelelsen, ikke har nogen forbindelse til projektet Jingtang Iron & Steel.
In particular, this study argued in favour of 17 % global average EBITDA margin (earnings before interest, taxes, depreciation and amortisation) [106].
Til trods for disse bestræbelser forblev produktionsomkostningerne generelt højere end de faldende salgspriser, og for at begrænse tabet af markedsandel fulgte EU-producenterne den nedadgående prisspiral og reducerede deres salgspriser betydeligt, især i 2015.
The report also points to an average of 7 % investment costs and an average debt cost of 3 %.
Da den pågældende vare er en råvare, var EU-producenterne nødt til at følge den faldende prisspiral i den betragtede periode.
The Commission deducted these two cost categories, and arrived at level of 7 % for earnings before taxes (EBT).
Desuden var den kinesiske regering uenig med Kommissionens erklæring om, at rentabiliteten udviklede sig negativt i den betragtede periode, fordi der rent faktisk var en forbedring på 2,5 % i forhold til 2012.
Absent any other reliable data, it equated these figures made for the steel industry as a whole to the product concerned, as HRF makes up a big proportion of the crude steel production.
Desuden indikerer tallene, at likviditeten i EU-erhvervsgrenen forblev positiv i hele den betragtede periode, og at EU-producenterne i stikprøven stadig kunne foretage investeringer på ca. 250-330 mio. EUR om året.
In conclusion, the Commission established that a target profit of 7 % can be used to calculate the threat of injury margin for the Union HRF industry.
I betragtning 462 ovenfor, bortset fra at henvise til et tab af markedsandele og en reduktion af investeringer i lyset af det negative investeringsafkast, bemærkede Kommissionen også, at tabene nåede uholdbare niveauer i anden halvdel af 2015.
The period to be used for the injury margin calculation in a threat of injury case
Kommissionen afviste derfor alle argumenter fra den kinesiske regering i denne henseende.
First, the Commission recalls that the determination of subsidy and injury is made on the basis of an investigation period and a period considered defined in line with the relevant provisions of the basic Regulation and announced in the Notice of Initiation.
Som det fremgår af tabellen i betragtning 481, er det absolutte prisniveau for importen fra Kina i perioden juli 2016-september 2016 og fremefter fortsat meget højt i forhold til 2014.
On the other hand, the basic Regulation does not provide any specific method for the calculation of the injury margin used for the application of the lesser-duty rule.
Imidlertid er det absolutte prisniveau for importen fra Kina for perioderne oktober-december 2016 og januar-februar 2017 faldet betydeligt som følge af indførelsen af foranstaltninger i den parallelt igangværende antidumpingundersøgelse.
Second, the basic Regulation also does not provide specific criteria for the definition of the period during which the parameters for the calculation of the injury margin are assessed.
For det første halvår af 2016 udtalte »World Steel Association følgende om den globale produktion af råstål: I første halvår af 2016 var den globale produktion af råstål på 794,8 mio. ton, hvilket er et fald på 1,9 % sammenlignet med det første halvår af 2015 ...
In the present case, the Commission needed to consider that the period chosen reflects the specificity of the case and is appropriate in the context of a prospective analysis.
Produktionen af råstål … faldt med 6,1 % i EU's 28 medlemsstater … Kinas produktion af råstål i juni 2016 var på 69,5 mio. ton, hvilket er en stigning på 1,7 % sammenlignet med juni 2015… [78].«
In this respect, the Commission was of the opinion that it could not apply a standard material injury approach by taking the average injury margin over the whole IP (i.e. 2015): the threat of injury margin needs to reflect the threat, and when the threat materialises later on during the IP, the injury margin must reflect the concrete impact of the threat.
I et overslag fra OECD fra 2016 [79] skønnedes det, at den kinesiske kapacitet vil stige endnu mere i 2016, 2017 og 2018.
In order to effectively remove the impact of the threat of injury the Commission therefore looked at those parts of the IP where the threat of injury started to materialise as follows: It referred inter alia to recital (549) stating that ‘while the Union industry was recovering during 2014 and the first two quarters of 2015, almost all injury indicators started to fall dramatically during the second half of 2015.
I en nylig rapport fra OECD [80] fra 2017 nævnes det, at den kinesiske kapacitet til stålproduktion forventes at have stabiliseret sig på 1,16 mia. ton om året (2016 sammenlignet med 2015).
The investigation revealed that this negative trend, which started in the second half of 2015, was not invalidated during the first half of 2016.’
Den kinesiske side undgik fortsat at deltage i en bilateral platform mellem Unionen og Kina for at overvåge overkapaciteten af stål.
It further provided in recital (554) that ‘In view of the coincidence in time between, on the one hand, the ever-increasing level of subsidised imports at continuously decreasing prices and, on the other hand, the Union industry's loss of market share and price depression resulting in further losses, in particular from the second half of 2015 onwards, the Commission concluded that the subsidised imports had a negative impact on the situation of the Union industry.’
Endvidere antages det i den 13. femårsplan i »Steel industry adjustment and upgrading plan« (2016-2020), at råstålproduktionsmængden vil være 750-800 mio. ton i 2020, og at råstålproduktionskapaciteten vil falde med 100-150 mio. frem til 2020.
Second, as to the substance of the matter, the Commission established that, as laid out in recital (462), the negative trend started in the second half of 2015 and led to a clearly foreseeable and imminent change in circumstances at the end of the investigation period, which would create a situation in which the subsidisation would cause injury, if no measures were taken.
Den tilskynder også stålvirksomheder, der er i en god position til at etablere stålproduktion samt forarbejdnings- og distributionscentre i udlandet.
This is in line with what was stated by the Commission in recital (457) that ‘the Union producers could partly recover during 2014 and the first half of 2015’.
For det første var statistikkerne for 2013 og 2014 de seneste tilgængelige data.
As a result, the second half of 2015 better reflects the actual impact of the threat of injury to the Union industry that should be removed.
Kommissionen var derfor ikke i stand til at tage nyere oplysninger i betragtning.
Third, the Court held that the analysis of the post-investigation period data is particularly appropriate in an investigation to determine whether there is a threat of injury which, by its very nature, requires a prospective analysis.
For det andet henvises der til tabellen i betragtning 571, hvor den faktiske produktion af samme vare i Kina sammenlignes med den faktiske produktion i andre lande for årene 2014 og 2013.
For the Commission, the second half of 2015 seems to better respond to this requirement, as it is closer to future developments than the full IP.
Tabellen viser eksempelvis, at i 2014 var den faktiske produktion af samme vare i Kina (317,4 mio. ton) ca. 5 gange så høj som den samlede produktion i Rusland, Ukraine, Iran og Brasilien (57,4 mio. ton).
Fourth, a calculation on the basis of a full investigation period, irrespective whether there were signs of negative trends, would undermine the objective of a threat of injury case to act effectively and preventively before the threat of injury has caused injury.
For det første eksporterede det pågældende land omtrent det samme i første halvår af 2016 som i 2015, hvis tallene blev omregnet til årsbasis.
After disclosure, the exporting producer Shougang Group disagreed with the Commission's approach of only taking data with respect to the second half of 2015 for the determination of the injury margin.
Ikke desto mindre var den gennemsnitlige enhedssalgspris lavere i første halvår af 2016 end i 2015.
It argued that an investigation period is set at the beginning of an investigation in order to avoid any subjective determinations by investigating authorities.
Kommissionen konkluderede derfor, at det ikke er sandsynligt, at tredjelande alene vil kunne absorbere den enorme mængde ledige kinesiske kapacitet.
Moreover, it alleged that, since the lesser duty rule applies to the imposition of countervailing duties, meaning that both the subsidy and injury margin should determine the duty, it should be logical that both the subsidy and injury margin should relate to the same period.
Selv om den kinesiske eksport til andre tredjelande forblev stabil med hensyn til de samlede mængder, forventes det attraktive EU-marked fortsat at være blandt de primære mål for kinesiske subsidierede eksport.
The Commission rejected these claims for the following reasons: First, as stated in recital (627) above, the threat of injury margin needs to reflect the threat, and when the threat materialises later on during the IP, the injury margin must reflect the concrete impact of the threat.
De kinesiske importpriser var ikke de eneste, der steg efter den 30. juni 2016.
Second, under Articles 11 and 5 of the basic Regulation, which equally apply to investigations initiated on the basis of allegations of threat of injury, representative findings have to be based on a period ending before the initiation of proceedings (see recital (475)).
Importpriserne i andre vigtige lande med eksport til Unionen steg også efter den 30. juni 2016.
Finally, as set out in recital (626), the basic Regulation does not provide any specific method for the calculation of the injury margin used for the application of the lesser-duty rule.
Navnlig er priserne på kokskul næsten fordoblet (til ca. 200 USD pr. ton) i sidste kvartal af 2016 i forhold til priserne i første halvår af 2016.
For all the reasons above, the Commission concluded that the period for calculating the injury margins in this particular case should be based on the second half of 2015 and not on the entire investigation period.
Desuden forblev priserne på kokskul i første kvartal af 2017 svingende og beløb sig til ca. 150 USD/ton i slutningen af marts 2017, hvilket stadig ligger over prisniveauet i første halvår af 2016.
As a result, the Commission requested additional data to co-operating producers.
De kinesiske eksporterende producenter havde en aggressiv prisfastsættelse på EU-markedet, navnlig i andet halvår af 2015 og første halvår af 2016.
It received additional quarterly IP data on the cost of production per product type from the sampled Union producers and verified these data afterwards.
Kommissionen er klar over, at de kinesiske priser er steget støt efter første halvår af 2016.
The verifications concerned solely the additional data provided which were not requested before and ensured that the data on which the Commission eventually based its findings were reliable.
I denne forbindelse henviste den til, at andre landes priser lå konstant under EU-erhvervsgrenens priser i hele den betragtede periode, mens de kinesiske priser ikke faldt under niveauet for EU-erhvervsgrenens priser før 2014.
With respect to the calculation of its specific injury margin, the exporting producer Shougang Group submitted that the data for two product types were not taken into consideration.
Endelig hævdede den, at importpriserne for kinesiske varmvalsede flade produkter er steget siden juli 2016, og at Kommissionen altid har tyet til hypotetiske påstande eller generelle bemærkninger, og ikke oplysninger, der kunne underbygge disse bemærkninger.
After the analysis of this claim, the Commission accepted it.
For at begrænse tabet af markedsandele fulgte EU-producenterne den nedadgående prisspiral og reducerede deres salgspriser betydeligt, især i 2015.
Therefore, the injury margin for the Shougang Group decreased from 31,9 % to 31,5 %.
Ikke desto mindre fandt Kommissionen, at det var sandsynligt, at lagerbeholdningerne af den pågældende vare forbliver forholdsvis lave i EU i begyndelsen af 2016: Hvad angår eksempelvis Tyskland, så »faldt lagerbeholdningerne af flade produkter af stål ved udgangen af sidste år til det laveste niveau siden december 2003 ifølge den tyske sammenslutning af stålforhandlere (BDS).
Definitive measures
De seneste data viste en vis forbedring, men lagrene af flade produkter af stål var i februar på 1,4 mio. ton og var dermed fortsat 7 % lavere end på samme tidspunkt året før« [87].
The anti-subsidy investigation was carried out in parallel with an investigation concerning the anti-dumping measures, limited to the threat of injury.
Endvidere tyder en nyere artikel på, at lagerbeholdningerne ved begyndelsen af 2017 har været stigende, da det i denne artikel fastslås, at »køberne ligeledes fastholdt deres lagre er høje nok til at undgå større indkøb« [88].
In view of the use of the lesser duty rule, and the fact that the definitive amounts of countervailable subsidies expressed on ad valorem basis are lower than the injury elimination level, the Commission should impose the definitive countervailing duty at the level of the established definitive amounts of countervailable subsidies and then impose the definitive anti-dumping duty up to the relevant injury elimination level.
Desuden faldt lagerbeholdningerne af stål i varelagrene i 40 større kinesiske byer angiveligt til 8,89 mio. ton i slutningen af oktober 2016 fra 9,41 mio. ton i slutningen af september 2016.
However, as the definitive anti-dumping regulation was already adopted on 6 April 2017, it was necessary to amend that regulation to take account of the findings present herein.
Endvidere udgjorde lagerbeholdningerne af stål for omkring 80 større værker i Kina 13,46 mio. ton i slutningen af september 2016 [90] sammenlignet med 16,07 mio. ton i slutningen af september 2015.
On the basis of this methodology and of the facts of the case, in particular the fact that the present investigation did not countervail any export subsidies, the measures are limited by the injury margin, the Commission considers that no ‘double-counting’ issue arises in this case.
Kommissionen konstaterede også, at Unionens stålproducenter muligvis genvinder deres styrke i andet halvår af 2016, men at dette ikke ville kunne kompensere for tabene i 2015 og første halvår af 2016.
Given the high rate of cooperation of Chinese exporting producers, the ‘all other companies’ duty was set at the level of the highest duty imposed on the sampled companies.
Derfor er vurderingen af, at der eksisterede en trussel om en umiddelbart forestående skade i slutningen af 2015, ikke blevet afkræftet.
The ‘all other companies’ duty will be applied to those companies which did not cooperate in this investigation.
Undersøgelsen viste, at denne negative tendens, som begyndte i andet halvår af 2015, ikke blev stoppet i første halvår af 2016.
For the other cooperating non-sampled Chinese exporting producers listed in the Annex, the definitive duty rate is set at the weighted average of the rates established for the cooperating exporting producers in the sample.
Som følge heraf peger alle faktorer, som er vurderet inden for rammerne af grundforordningens artikel 8, stk. 8, især den betydelige stigning i den subsidierede import til stadigt faldende priser, den enorme overskudskapacitet i Kina og den negative udvikling i EU-erhvervsgrenens rentabilitet, i samme retning.
On the basis of the above, the rates at which such duties will be imposed are set as follows:
Mens faldet i efterspørgslen efter stål og eftervirkningerne af gældskrisen i euroområdet påvirkede EU-erhvervsgrenens resultater negativt i 2012 og 2013, var EU-erhvervsgrenen i stand til at rejse sig lidt igen i 2014.
Table 24
Men især fra andet halvår af 2015 og fremefter havde den fortsatte stigning i importen fra det pågældende land til underbudspriser en klar negativ indvirkning på EU-erhvervsgrenens resultater.
Definitive Countervailing duty
I lyset af det tidsmæssige sammenfald mellem på den ene side den fortsatte vækst i den subsidierede import til konstant faldende priser og på den anden side EU-erhvervsgrenens tab af markedsandele og prisfald, der førte til yderligere tab, særlig fra andet halvår af 2015 og fremefter, konkluderede Kommissionen, at den subsidierede import havde en negativ virkning på EU-erhvervsgrenens situation.
Chinese exporting producers