Reps with an American-based paper production company have entered into a settlement agreement with two Canadian production companies, including the Port Hawkesbury Paper in Point Tupper.
Verso Corp. reps entered into the settlement agreement with the local mill and Irving Paper, of Saint John, NB, Tuesday.
Documents indicate reps from the American company will submit for a ”no interest” changed circumstances review by the United States Department of Commerce for the final countervailing duty order implemented against Port Hawkesbury Paper and Irving Paper in August, 2015.
Verso reps are also requesting DOC officials make the removal of the CVD on product shipped from the Canadian mills, retroactive to when they were first implemented over years ago.
If DOC officials grant the request, reps from Port Hawkesbury Paper and Irving Paper would pay Verso reps a percentage of the duties refunded to the Canadian companies back; the total amount payable would be capped at $42,000,000.
Photo credits: Port Hawkesbury Paper Facebook page