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Chung Hung shares up over favorable US ruling

TAIPEI -- Shares of Chung Hung(中鴻) Steel Corp. moved higher Wednesday after an anti-dumping investigation by the U.S.Department of Commerce (DOC) ruled that the company was not engaged in any unfair practices, dealers said.

Chung Hung shares rose 0.96 percent to close at NT$8.39 (US$0.28)with 1.1 million shares changing hands, outperforming the broadermarket, in which the benchmark weighted index ended up 0.24 percent at8,577.01.

The stock attracted buying soon after the local bourse opened inthe wake of a preliminary decision issued by the DOC and moved abovethe previous closing level, where it remained until the end of thesession, the dealers said.

In a preliminary ruling, the DOC said that Chung Hung did notviolate any U.S. anti-dumping rules when it sold oil country tubulargoods (OCTG), used by oil and natural gas producers, to the U.S.market.

However, other Taiwanese OCTG exporters, including Tension SteelIndustries Co., were found to have conducted dumping practices andface an anti-dumping tariff of 2.65 percent imposed by the DOC in the preliminary decision.

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