Friday, February 28, 2003
Two U.S. Senators with Micron Technology fabs in their states Thursday introduced a Congressional resolution deploring what they charged was the continued Korean government bailout of Hynix Semiconductor Inc.
Sen. Mike Crapo, R. Idaho, and Sen. George Allen, R. Va., co-sponsored the resolution to put Congress on record against government-owned or controlled Korean banks coming to the rescue of Hynix.
Sen. Crapo alleged, "The Korean government subsidies to Hynix have affected the pricing of DRAMs and resulted in loss revenue to Micron of $2 billion over the past two years."
Sen. Crapo also met with the Deputy U.S. Trade Representative Jon Huntsman Jr., seeking U.S. government action against what he claimed were the illegal subsidies to Hynix.
The non-binding resolution is seen as ratcheting up political pressure in Micron's on-going trade dispute with Hynix. The Boise, Idaho chipmaker has its own countervailing duty petition against Korean DRAM producers, including Hynix, seeking penalty tariffs for alleged government-backed bailouts.
The U.S. International Trade Commission has already made a preliminary finding that Micron was injured by the trade practices. The Commerce Department will shortly make its preliminary ruling whether the creditor bank bailouts of Hynix constituted Korean government subsidies to the firm.
By: DocMemory
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