SEOUL, June 9 (Yonhap) -- South Korea's trade watchdog said Thursday that it has decided to impose 43.58 percent anti-dumping tariffs on an industrial solvent from Saudi Arabia over the next five years, citing substantial damage to South Korean industry.
In June last year, Lotte Chemical Corp. filed a petition with the Korea Trade Commission, claiming that cheap imports of butyl glycol ether have hurt its business.
After a yearlong probe, the commission ruled that Lotte Chemical suffered substantial damage -- a decline in profits and lower market prices of the industrial solvent -- due to cheap imports from Sadara Chemical Co, a joint venture between Saudi Aramco and U.S. firm Dow Chemical.
South Korea's finance minister is set to make a final decision based on the commission's ruling by August, it added.
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