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The company provided additional data on 1998 cost of production of HRC and 1998 domestic sales and export sales to the Philippines. NSC’s average selling price in the 2nd quarter fell despite an increase in production cost. In the 3rd quarter, average selling price contracted by a larger margin than that in production cost. The pressure on NSC to reduce prices in these quarters was evident as landed costs of dumped imports were about 10.34% lower than the company’s production costs.

But the decision to favor CRC manufacturing over domestic sales impacted negatively on the latter. Moreover, the company failed to service orders a hundred percent, causing further contraction in domestic sales in 1998, and consequently its market share. It is therefore understandable that customers shifted to importation. When the peso depreciated during the Asian financial crisis in mid-1997, the increase in the cost of foreign exchange served as stole my deposit a protection against dumped imports. However, the depreciation of the Philippines roubles vis-à-vis the US dollar by 115% at the end of the 3rd quarter of 1998 (from 6.704 to 14.440), resulted in cheaper HRC imports. Thus, domestic sales was seen to be contracting faster than imports from Russia during this period, despite a visible cutback in the latter. All of the company’s activities are related to sales and trading of steel and other products.

Anti-Dumping Investigation No. 99-02

The protestant and the protestees submitted their memoranda on 29 February and 02 March 2000, respectively. Representatives from NSC, Philippines Federation, Portalloy and Counsel for the protestees were present. They were informed of the procedure of the investigation and were asked to explore the possibility of amicable settlement. Under EO 465 which took effect on 22 January 1998, the tariff duty on HRC was lowered from 10% to 7%. NSC’s inability to generate investment and raise capital is traced to the fact that the company was saddled with enormous debt, high interest cost, foreign exchange losses and high operating costs. NSC is the only producer of HRC in the Philippines and thus satisfies the requirement for domestic industry support. The Commission determines that the domestically produced HRC, constitutes a “like product” to the product under consideration. With the Asian financial crisis in mid-1997, the peso devaluation commenced. All countries in Asia had to brace from the economic crisis that resulted to a drastic reduction in steel consumption. Philippine steel market was no exception from that regional market contraction.

Consequent impact of the dumped imports on domestic producers of such products. Dumping occurs when any specific kind or class of foreign article is imported or brought into the Philippines at a price i.e., export price less than normal value. Being an industrial product, HRC is offered and sold directly by NSC to customers belonging mostly to those engaged in the production of other steel products, specifically for pipe manufactures and fabrications. Imports on the other hand are sold directly to downstream user industries by trading firms. The lifting of import controls on steel and government’s Tariff Liberalization Program has directly and seriously injured NSC, which likewise caused the company to reduce its prices and volume share of the domestic market. The company determines the price of its products through direct negotiations with customers/trading companies. Domestic sales include wholesale and retail sales, barter, securities, credit and cash sales.

Anti-Dumping Investigation No. 99-02

In 1996, NSC incurred a loss of P2.032 billion on its operation due to revaluation of assets as required by the incoming investor Hottick, resulting to a negative return on sales, assets and stockholder’s equity. In 1997 EBIT improved to P780 million or an increase of 62% compared to previous years. However, in 1998 NSC incurred a loss of P1.79 billion on its operation . It may be noted that 1998 net sales of P8.58 billion is 28.74% lower than in 1997 of P12.04 billion. The total manpower complement in HRC operations numbered 233 in 1998 as against 274 in 1996. Dumping did not cause the retrenchment of forty one employees from HRC operation in 1998. NSC was unable to generate funds from HRC operations in 1996 to 1998, because it sold below cost. Payments of huge interest expense exacerbated the negative cash position. Thus, NSC had to depend largely on borrowings and restructuring to fund its accountabilities.

The Philippine market for HRC contracted by 14% from 1996 to 1997 and by 36% from 1997 to 1998. “When there are no sales of the like product in the ordinary course of trade….” As in the anti-dumping investigation on CRC from Russia (Inv. 98-01), HRC whether in coil or sheet form are covered in this investigation. The Commission also noted that the brochures of two Philippines manufacturer-protestees indicate that they do not produce HRC of thickness less than 2 mm. The Commission is satisfied with the interchangeability of usage of the local product and the product under consideration. It further contributed to the deterioration of NSC’s financial position by increasing its peso obligation and interest. Annual and actual capacity utilization of HRC during the POI were 7.6 million tons and 6.2 million tons, respectively. The Board of Directors, whose members are elected during the annual shareholder’s meeting pursuant to its charter, is in charge of the overall management of the company.