GCC expects to recoup $40m

GCC expects to recoup $40m
Published: 23 January 2006

Mexican cement maker Grupo Cementos de Chihuahua SA said Friday it expects to get back about US$40m in disputed cement duties after the US and Mexico settled a 16-year-old antidumping row. Under the agreement announced Thursday, Mexican cement makers will be allowed to export 3Mta to the US with an import tariff of US$3/t, down from US$26/t. After three years, the antidumping duties will be eliminated entirely. The settlement also included an agreement to share unliquidated duties dating back to 1990 between the US and Mexican cement industries. GCC said it expects to receive US$40m in cash and to remove liabilities of US$30m.