WT/DS479/AB/R 22 March 2018

1  Introduction 11

2  Arguments of the Participants 17

3  Arguments of the Third Participants 17

4  Issues Raised in This Appeal 17

1.  Analysis of the Appellate Body 19

1.1  Definition of domestic industry 19

1.1.1  Introduction 19

1.1.2  Panel's findings 19

1.1.3  Article 4.1 of the Anti-Dumping Agreement 21

1.1.4  Whether the Panel erred in its interpretation and application of Articles 3.1 and 4.1 of the Anti‑Dumping Agreement 22

1.1.5  Conclusions 29

1.1  Price suppression 29

1.1.1  The 2009 rate of return used to construct the target domestic price 29

4.1.1.2  Introduction 29

4.1.1.3  Panel's findings 30

4.1.1.4  Articles 3.1 and 3.2 of the Anti-Dumping Agreement 31

4.1.1.5  Whether the Panel erred in its interpretation and application of Articles 3.1 and 3.2 of the Anti-Dumping Agreement in connection with the financial crisis 33

1.1.1  Article 11 of the DSU 36

4.1.1.6  Introduction 36

4.1.1.7  Panel's findings 36

4.1.1.8  Whether the Panel findings are internally incoherent and inconsistent 38

1.1.2  The ability of the market to absorb further price increases 41

4.1.1.9  Introduction 41

4.1.1.10  Panel's findings 42

4.1.1.11  Whether the Panel erred in its interpretation and application of Articles 3.1 and 3.2 of the Anti-Dumping Agreement in connection with further price increases 43

1.1.3  Conclusions 48

4.2  Confidential investigation report 51

4.2.1  Introduction 51

4.2.2  Panel's findings 51

4.2.3  Whether the Panel acted inconsistently with Article 11 of the DSU and Article 17.6 of the Anti-Dumping Agreement 52

4.2.4  Conclusions 59

1.2  Related dealer 62

1.1.1  Introduction 62

1.1.2  Panel's findings 62

1.1.3  Whether the Panel erred in its interpretation of Articles 3.1 and 3.4 of the Anti-Dumping Agreement 63

1.1.4  Whether the Panel erred in its application of Articles 3.1 and 3.4 of the Anti-Dumping Agreement 66

1.1.5  Conclusions 68

1.3  Essential facts 68

1.3.1  Introduction 68

1.3.2  Panel's findings 69

1.3.3  Article 6.9 of the Anti-Dumping Agreement 70

1.3.4  Whether the Panel erred in allegedly finding that an inconsistency with Article 6.5 automatically entails an inconsistency with Article 6.9 73

1.3.5  Whether the Panel erred in its finding relating to the customs electronic database 75

1.3.6  Completion of the analysis 78

1.3.7  Whether the Panel erred in its interpretation and application of Article 6.9 of the Anti-Dumping Agreement in relation to sources of information 80

1.3.8  Completion of the analysis 84

1.3.9  Conclusions 85

2.  Findings and conclusions 86

1.1  Definition of domestic industry 86

4.3  Price suppression 87

4.4  Confidential investigation report 88

4.5  Related dealer 89

4.6  Essential facts 90

4.7  Recommendation 91