Full opinion text
OPINION WALLACH, Judge. I INTRODUCTION This case comes before the Court on Plaintiffs’ Rule 56.2 Motion For Judgment Upon The Agency Record (“Plaintiffs’ Motion”), challenging the decision of the International Trade Administration of the U.S. Department of Commerce (“Commerce” or “the Department”) in Final Affirmative Countervailing Duty Determination; Stainless Steel Plate in Coils from Belgium, 64 Fed.Reg. 15567 (1999) {“Final Determination ”). Plaintiffs dispute Commerce’s finding in this investigation that certain programs or transactions did not confer countervailable subsidies upon a Belgian producer of stainless steel coiled plate, and question whether the Department accurately measured the subsidies that it found had been conferred. Counsel have presented well-briefed and ably argued claims concerning the various points in dispute. Upon consideration of these arguments, the Court finds that a remand is necessary so that Commerce may (a) evaluate whether it erred in not investigating the Government of Belgium’s (“GOB”) 1984 purchase of stock in the Belgian steel company Siderurgie Maritime SA (“Sidmar”), and (b) consider record evidence which appears to undermine its conclusion that no subsidy was conferred though the GOB’s participation in a joint venture with Sidmar. In all other respects, the Final Determination is affirmed. II BACKGROUND On March 31, 1998, Plaintiffs filed a countervailing duty petition with Commerce alleging that a Belgian producer of stainless steel plate in coils, ALZ N.V. (“ALZ”), had benefitted from numerous types of subsidies provided by the GOB, the regional Government of Flanders (“GOF”) and the European Commission (“EC”). See Initiation of Countervailing Duty Investigations: Stainless Steel Plate in Coils from Belgium, Italy, the Republic of Korea, and the Republic of South Africa, 63 Fed.Reg. 23272 (1998) (“Initiation Notice ”). Based upon this information, on April 28, 1998, Commerce initiated a countervailing duty investigation concerning the subject merchandise, identifying fourteen programs operated by the GOB and the GOF, and five programs operated by the EC, that potentially provided counter-vailable subsidies to the Belgian stainless steel coiled plate industry. Id. at 23273. Besides subsidies that were allegedly provided directly to ALZ, Commerce also investigated whether certain subsidies provided to Sidmar should be attributed to ALZ, on account of Sidmar’s ownership interests in ALZ. See id. On August 28, 1999, Commerce issued its Preliminary Determination and, after conducting verification and considering the parties’ case and rebuttal briefs, issued its Final Determination on March 31, 1999. See Final Determination, 64 Fed.Reg. at 15584 (finding the countervailable subsidy rate for ALZ to be 1.82 percent, ad valo-rem). Four , aspects of this determination are relevant to Plaintiffs’ challenge and are discussed in the respective sections below. Ill ANALYSIS A STANDARD OF REVIEW In reviewing Commerce’s determination, the Court “shall hold unlawful any determination, finding, or conclusion found ... to be unsupported by substantial evidence on the record, or otherwise not in accordance with law.” 19 U.S.C. § 1516a(b)(l)(B) (1994). “As long as the agency’s methodology and procedures are reasonable means of effectuating the statutory purpose, and there is substantial evidence in the record supporting the agency’s conclusions, the court will not impose its own views as to the sufficiency of the agency’s investigation or question the agency’s methodology.” Ceramica Regiomontana, S.A. v. United States, 10 CIT 399, 404-5, 636 F.Supp. 961, 966 (1986), aff'd, 810 F.2d 1137 (Fed.Cir.1987). “Substantial evidence is something more than a ‘mere scintilla,’ ” and must be enough evidence to reasonably support the Department’s conclusion. Id. at 405, 636 F.Supp. at 966. B REMAND IS NECESSARY SO THAT COMMERCE MAY EITHER RECONSIDER OR ELABORATE UPON ITS DECISION NOT TO INVESTIGATE THE GOB’S 1984 EQUITY INFUSION INTO SIDMAR. Plaintiffs’ first claim challenges Commerce’s decision not to investigate the GOB’s 1984 purchase of Sidmar’s common and preferred shares (characterized by Plaintiffs as an “equity infusion”). In their initial petition to the Department, Plaintiffs alleged that five GOB programs provided subsidies specifically to ALZ, and that another three programs provided Sidmar subsidies “that are [a]t-tributable to ALZ.” Plaintiffs’ Countervailing Duty Petition of 03/31/98 at in and 33-42. Plaintiffs did not identify the GOB’s 1984 investments in Sidmar as a subsidy “[attributable to ALZ,” although they did reference these investments in a separate section of the petition entitled “Overview of the Belgian Industry Producing Stainless Steel Plate in Coils and the Subsidies Alleged.” Id. at iii and 28. In the overview section, Plaintiffs stated that “[i]n 1984 the GOB increased its ownership in Sidmar through a combination of debt to equity conversions and direct equity infusions .... ” Id. at 30. As support, Plaintiffs cited and attached excerpts from a 1988 book which briefly described these transactions and noted that “[t]he [European] Commission indicated that in its view the Belgian government had overvalued the shares acquired in Sidmar, but was ‘prepared to consider that a higher price could be considered normal for the purchase of a blocking minority.’ ” Id. at Ex. B-8, p. 124. Apart from this one sentence statement, however, which was made in the course of a general discussion of the GOB’s ownership interests in both ALZ and Sidmar, Plaintiffs petition did not address the 1984 equity infusion in Sid-mar. Presumably because of this fact, Commerce did not list these investments as subject to investigation in its Initiation Notice of April 28, 1998. See Initiation Notice, 63 Fed.Reg. at 23273. Plaintiffs neither specifically challenged this action, nor commented on Commerce’s failure to investigate these investments in the Preliminary Determination. Three days pri- or to the start of verification, however, Plaintiffs requested that Commerce examine the terms of the GOB’s 1984 acquisition of Sidmar stock through a debt-to-equity conversion and verify the methodology used by the GOB to arrive at the value per share. See Letter from Petitioners to Commerce of 11/06/98 at 9-10. Plaintiffs followed up this request by arguing in their case brief, submitted following verification, that Commerce should countervail these transactions because the GOB failed to make an objective analysis of the commercial soundness of its investment in Sid-mar. See Petitioners’ Case Brief of 02/11/99 at 17-33; Final Determination, 64 Fed.Reg. at 15575. In the Final Determination, Commerce declined to investigate these transactions, since it found that Plaintiffs “first made this allegation” after the regulatory dead-fine set out in 19 C.F.R. § 351.301(d)(4)(i)(A). Final Determination, 64 Fed.Reg. at 15575. In relevant part, 19 C.F.R. § 351.301(d)(4)(i) (2000) provides that “[a] countervailable subsidy allegation made by the petitioner or other domestic interested party is due no later than: (A) [i]n a countervailing duty investigation, 40 days before the scheduled date of the preliminary determination.” Plaintiffs advance both factual and legal arguments why this decision was in error. For the reasons stated below, the Court remands this issue to Commerce for further consideration. 1 Commerce Did Not Mischaracterize Plaintiffs’ Claim as a “New Subsidy Allegation.” Plaintiffs first argue that, rather than presenting a new subsidy allegation, their case brief “simply represented a legal theory about how to treat factual information already on the record.” Memorandum Of Law In Support Of Plaintiffs’ Motion For Judgment On The Agency Record (“Plaintiffs’ Memorandum”) at 8. Essentially, Plaintiffs claim that Commerce misconstrued record evidence in finding that the 1984 transactions were not already a part of the Department’s investigation. Pursuant to 19 U.S.C. § 1671a(b)(l) (1994) (“Petition requirements”), a proper subsidy allegation “alleges the elements necessary for the imposition of the duty imposed by section 1671(a) of [Title 19].” Section 1671(a) states that a countervailing duty shall be imposed if Commerce determines that a government is providing a “eountervailable subsidy with respect to the manufacture, production, or export of a class or kind of merchandise imported ... into the United States.” 19 U.S.C. § 1671(a) (1994). A subsidy, in turn, is deemed to be conferred when a government authority “provides a financial contri-button,” including an equity infusion, “to a person and a benefit is thereby conferred.” 19 U.S.C. § 1677(5)(B) & (D) (1994). “Government provision of equity does not per se confer a eountervailable benefit,” however. Comeau Seafoods Ltd. v. United States, 13 CIT 923, 935, 724 F.Supp. 1407, 1417 (1989). Rather, 19 U.S.C. § 1677(5)(E) (1994) provides that, “in the case of an equity infusion,” a benefit is generally conferred “if the investment decision is inconsistent with the usual investment practice of private investors.” In light of these requirements, it is clear that Plaintiffs did not properly allege, until submission of their case brief, that the 1984 investments in Sidmar constituted eountervailable subsidies that should be investigated. Although Plaintiffs’ initial petition noted that “[i]n 1984 the GOB increased its ownership in Sidmar through a combination of debt to equity conversions and direct equity infusions,” Plaintiffs’ Countervailing Duty Petition of 03/31/98 at 30, this general statement was made only in the “overview” section of their petition. Plaintiffs did not list these investments with the other alleged subsidies that it specifically requested to be investigated. Nor did Plaintiffs allege the elements necessary for the imposition countervailing duties, since their petition failed to indicate that any “benefit” was conferred through the GOB’s equity investments. Notwithstanding this initial shortcoming, Plaintiffs advance multiple arguments for why their case brief did not advance a “new allegation.” First, Plaintiffs note that the 1984 infusion was just one in a series of related steel restructuring subsidies that was already being investigated by Commerce. This fact, Plaintiffs argue, “illustrates the error in the agency’s characterization of the 1984 transaction as a ‘new subsidy allegation.’ ” Plaintiffs’ Memorandum at 10. While Plaintiffs appear correct in noting the similarity of the Sidmar investments to other financial contributions that were under investigation (nameíy, the GOB’s 1985 equity investments in ALZ), this fact does not excuse Plaintiffs’ earlier failure to identify these transactions in an enumerated claim. Although made pursuant to the same general GOB plans for aiding the steel industry, the GOB’s purchase of Sid-mar common and preferred stock involved different transactions and separate companies than the GOB’s investments in ALZ. Moreover, because 19 U.S.C. § 1677(5)(E) (1994) provides that a benefit will normally be conferred through an equity infusion when “the investment decision is inconsistent with the usual investment practice of private investors,” different financial contributions made pursuant to the same general program may lead to opposing coun-tervailability determinations. Cf. Nation Ford Chem. Co. v. United States, 21 CIT 1371, 1377, 985 F.Supp. 133, 138 (1997) (recognizing that even subsidy determinations involving a previously reviewed program are “fact-specific” and subject to changed circumstances), aff'd, 166 F.3d 1373 (Fed.Cir.1999). Such factors illustrate the uniqueness of the Sidmar transactions and reasonably support Commerce’s decision to treat Plaintiffs’ claims concerning them as distinct from those subsidy claims already under investigation. Plaintiffs’ second claim is that Commerce wrongly considered Plaintiffs’ argument to be a new allegation because all the factual information .relevant to the 1984 equity transaction was on the record. See Plaintiffs’ Memorandum at 11-12. While this evidence may raise questions about whether Commerce had timely “discovered” this alleged subsidy (as discussed below), the mere fact that information about the transaction had been put into the record says nothing about whether the GOB’s purchases of Sidmar’s stock constituted a distinct transaction. Nor does such evidence demonstrate that Plaintiffs “allege[d] the elements necessary for the imposition of [a countervailing] duty,” as required by 19 U.S.C. § 1671a(b)(l) (1994), within the time limits laid down in 19 C.F.R. § 351.301(d)(4)(i)(A) (2000). Thus, even if true, this argument provides no basis for disturbing Commerce’s characterization of the facts before it. Finally, the Court also rejects Plaintiffs’ argument that the 1984 equity infusion did not constitute a new subsidy allegation because “it clearly occurred within the time period being examined by Commerce.” Plaintiffs’ Memorandum at 10 n. 4. The time period examined by Customs corresponds to the time period over which the Department must allocate non-recurring subsidies (i.&, the average useful life (“AUL”) of a firm’s assets) when determining a subsidy rate for the period of investigation (in this case, 1997). See 19 C.F.R. § 351.524(b) (2000) (codifying the Department’s practice of allocating non-recurring benefits). It is unrelated and irrelevant to whether a party has made an adequate and timely subsidy allegation. To find otherwise would make Commerce’s regulations concerning timely allegations meaningless, since, under Plaintiffs’ argument, any subsidy conferred in the decade or two prior to the period of investigation would automatically be alleged (regardless of whether a respondent actually alleged the subsidy). See, e.g., Final Determination, 64 Fed.Reg. at 15568 (noting the AUL for ALZ and Sidmar’s assets as 15 and 19 years, respectively). In short, the Court finds that substantial record evidence supports Commerce’s conclusion that Plaintiffs’ case brief raised a “new allegation” with respect to the Sid-mar share transactions, in violation of the time limits of 19 C.F.R. § 351.301(d)(4)(i)(A) (2000). Plaintiffs have identified no grounds for disturbing this finding. 2 Remand Is Necessary So That Commerce May Either Conform its Decision Not to Accept Plaintiffs’ New Subsidy Allegation with its Prior Decision to Investigate Untimely Allegations, or Explain its Apparently Inconsistent Actions. In addition to challenging Commerce’s characterization of the facts, Plaintiffs allege that Commerce’s rejection of its claim is inconsistent with its earlier decision to examine Plaintiffs’ untimely allegations concerning the GOB’s 1987 and 1993 sales of ALZ stock to Sidmar. See Plaintiffs’ Memorandum at 13. Such inconsistency, Plaintiffs argue, is directly contrary to this Court’s holdings that Commerce must either conform its actions to its prior decisions or explain the reasons for its departure. Id. at 13 & n. 10. “Although Commerce is traditionally granted broad discretion in its selection of methodology to implement the [anti-dumping and countervailing duty statutes], Commerce may not abuse its discretion and its choice of methodology may not be arbitrary.” Hussey Copper, Ltd. v. United States, 17 CIT 993, 997, 834 F.Supp. 413, 418-19 (1993). Rather, “an agency must either conform itself to its prior decisions or explain the reasons for its departure.” Id. at 997, 834 F.Supp. at 418. This rule against creating conflicting precedents “is not designed to restrict an agency’s consideration of the facts from one case to the next, but rather it is to insure consistency in an agency’s administration of a statute.” Id. Accordingly, it is well-established that Commerce may depart from a prior practice so long as it provides a “ ‘reasoned analysis’ ” for its change. See Rust v. Sullivan, 500 U.S. 173, 187, 111 S.Ct. 1759, 114 L.Ed.2d 238; Motor Vehicle Mfgs. Ass’n of the United States, Inc. v. State Farm Mutual Automobile Ins. Co., 463 U.S. 29, 42, 103 S.Ct. 2856, 77 L.Ed.2d 443 (1983); accord Mantex, Inc. v. United States, 17 CIT 1385, 1399, 841 F.Supp. 1290, 1302-03 (1993). In its brief, Defendant attempts to address the Department’s apparent inconsistency by distinguishing the late allegations Commerce did choose to investigate. Specifically, Defendant states that although plaintiffs filed their submission describing these additional share transactions after the regulatory deadline, the filing took place prior to the preliminary determination and verification of questionnaire responses. Consequently, there was time for Commerce to solicit additional information and to verify such information with respect to these transactions. Additionally, ALZ did not argue that plaintiffs’ submission describing these additional share transactions constituted an untimely filed subsidy allegation. See Def.’s Exh. 2, Pub. Doc. 72. Indeed, in Final Affirmative Countervailing Duty Determination: Stainless Steel Sheet and Strip in Coils from France, 64 Fed.Reg. 30774, 30787 (June 8, 1999), Commerce exercised its discretion to address a subsidy allegation filed after the deadline because the respondents did not express an objection to the petitioners’ allegation with respect to its possible untimeliness. Memorandum Of The United States In Opposition To Plaintiffs’ Motion For Judgment Upon The Administrative Record (“Defendant’s Response”) at 17. This explanation might sufficiently distinguish the two situations, since Plaintiffs’ case brief discussing the GOB’s 1984 Sid-mar investments was submitted after veri-fieation and had drawn a protest from the respondents. See Final Determination, 64 Fed.Reg. at 15575 (noting ALZ’s untimeliness argument); see also American Farm Lines v. Black Ball Freight Service, 397 U.S. 532, 539, 90 S.Ct. 1288, 25 L.Ed.2d 547 (1970) (“ ‘[I]t is always the discretion of ... an administrative agency to relax or modify its procedural rules adopted for the orderly transaction of business before it when in a given case the ends of justice require it. The action of [an agency] in such a case is not reviewable except upon a showing of substantial prejudice to the complaining party.’ ”) (quoting NLRB v. Grace Co., 184 F.2d 126, 129 (8th Cir.1953)). The Government’s problem, however, lies in the fact that this explanation was made only by the Department of Justice in the course of this litigation, and not by the Department of Commerce in its countervailing duty investigation. See Burlington Truck Lines, Inc. v. United States, 371 U.S. 156, 168-69, 83 S.Ct. 239, 9 L.Ed.2d 207 (1962) (“The courts may not accept ... counsel’s post hoc rationalizations for agency action; ... an agency’s discretionary order [must] be upheld, if at all, on the same basis articulated in the order by the agency itself.”). A review of the Final Determination, the Preliminary Determination, and the other papers in this case fails to show any similar explanation by Commerce of why it chose to investigate some untimely allegations, but not others. Rather, the record simply shows that in one instance Commerce used its discretion to consider untimely allegations, while in a later instance it decided not to do so. Compare Final Determination, 64 Fed.Reg. at 15575 (“[W]e have not conducted an investigation of the Sidmar share transactions because the petitioners did not meet this regulatory deadline.”), with Memorandum of 08/28/98 from Team to Richard More-land (“Concurrence Memorandum; Summary of Issues”) at 5-6 (investigating the 1987 and 1998 sale by the GOB of its shares in ALZ to Sidmar, despite the observation that petitioners asked Commerce to investigate these transactions “[o]nly in the more recent submissions made after the deadline for filing new allegations”). Such inconsistency by Commerce is inappropriate, absent an adequate explanation. Accordingly, this aspect of the Final Determination is remanded with instructions that Commerce either conform its decision not to accept Plaintiffs’ new subsidy allegation with its prior decision to investigate untimely allegations, or explain on the record the reasons for this apparent inconsistency. To ensure consistency with other investigations, Commerce is also instructed to explain how its decision on remand comports with other instances where it has used its discretion to similarly reject or accept untimely allegations. 3 Remand Is Necessary For Commerce to Consider Whether it Had a Legal Obligation to Investigate the 1984 Equity Infusion in Sidmar. As an alternative to their arguments above, Plaintiffs assert that, even if their case brief did make a “new allegation,” Commerce was required by statute to consider the Sidmar share transaction in the Final Determination. According to Plaintiffs, 19 U.S.C. § 1677d and its implementing regulation, as well as 19 U.S.C. § 1677m(e), impose on Commerce an obligation to consider subsidies discovered during an investigation. Commerce violated these mandates, Plaintiffs claim, by ignoring reliable record data evidencing this subsidy. See Plaintiffs’ Memorandum at 16-17 (“Commerce was in possession of all the verified information necessary to perform its statutory analysis and thus had no justification for failing to consider plaintiffs’ arguments.”). In relevant part, 19 U.S.C. § 1677d (1994) provides as follows: If, in the course of a proceeding under this subtitle, the administering authority discovers a practice which appears to be a countervailable subsidy, but was not included in the matters alleged in a countervailing duty petition ... then the administering authority— (1) shall include the practice, subsidy, or subsidy program in the proceeding if the practice, subsidy, or subsidy program appears to be a countervailable subsidy with respect to the merchandise which is the subject of the proceeding In turn, 19 C.F.R. § 351.311 (2000) (“Countervailable subsidy practice discovered during investigation or review”) states in relevant part: (b) Inclusion in proceeding. If during a countervailing duty investigation or a countervailing duty administrative review the Secretary discovers a practice that appears to provide a counter-vailable subsidy with respect to the subject merchandise and the practice was not alleged or examined in the proceeding ... the Secretary will examine the practice, subsidy, or subsidy program if the Secretary concludes that sufficient time remains before the scheduled date for the final determination or final results of review. (c) Deferral of examination. If the Secretary concludes that insufficient time remains before the scheduled date for the final determination or final results of review to examine the practice, subsidy, or subsidy program described in paragraph (b) of this section, the Secretary will: (1) During an investigation, allow the petitioner to withdraw the petition without prejudice and resubmit it with an allegation with regard to the newly discovered practice, subsidy, or subsidy program; or (2) During an investigation or review, defer consideration of the newly discovered practice, subsidy, or subsidy program until a subsequent administrative review, if any. (d) Notice. The Secretary will notify the parties to the proceeding of any practice the Secretary discovers .... Based upon the plain meaning of this statute and regulation, it is clear that Commerce has an affirmative duty to investigate subsidies discovered during the course of an investigation, even if (for practical reasons) the investigation of the newly discovered subsidies must wait for an administrative review. While not challenging the validity of this obligation, the Government asserts that these provisions are not relevant, since “Commerce did not indicate that it had discovered a 1984 equity infusion in Sid-mar during the proceeding.” Defendant’s Response at 15. According to Defendant, “[t]he absence of any such finding renders the statutory and regulatory provisions described above inapplicable.” Id. at 15-16. This argument is unpersuasive. While it may be true that Commerce “did not indicate” that it had discovered the 1984 equity infusion in Sidmar, this explanation says nothing about whether Commerce actually discovered this transaction, should have discovered this transaction, or had this potential subsidy brought to its attention. Here, Plaintiffs have identified record evidence collected by Commerce during its investigation which indicates the existence of a eountervailable subsidy. Specifically, Plaintiffs point to ALZ’s questionnaire response, as well as their own case brief, as evidence not only of the equity infusion, but also the terms of the transaction and the benchmark share price needed to measure the benefit bestowed. See Plaintiffs’ Memorandum at 11. Such evidence, on its face, appears to trigger Commerce’s investigatory obligations under the plain language of 19 U.S.C. § 1677d and 19 C.F.R. § 351.311. Despite the seeming relevance of this information, in the Final Determination Commerce did not address this evidence. Although Commerce found that Plaintiffs had untimely advanced their allegations concerning the 1984 equity infusion, Final Determination at 15575, the Department said nothing concerning its own, independent obligation to investigate potential subsidies discovered during the investigation. Failing such explanation, the Court is left only to conclude that Commerce committed legal error by simply overlooking or ignoring this record evidence. Accordingly, this aspect of the Final Determination is also remanded for further consideration by Commerce. On remand, Commerce is instructed to examine the record evidence concerning the 1984 equity infusion in Sidmar that it collected (or was put before it) during this investigation and, in light of 19 U.S.C. § 1677d (1994) and 19 C.F.R. § 351.311 (2000), discuss whether it had an obligation to investigate this transaction as a potential subsidy for the Final Determination. Should it find in the affirmative, Commerce is instructed to reopen its investigation, determine whether this transaction constitutes a eountervailable subsidy, and (to the extent it does) adjust ALZ’s net eountervailable subsidy rate accordingly. C COMMERCE DID NOT ERR IN ITS ANALYSIS OF SNCI LOANS TO THE BELGIAN STEEL INDUSTRY. Plaintiffs’ next claim challenges Commerce’s finding that loans made to the Belgian steel industry by the Societe Nati-onale de Credite a l’lndustrie (“SNCI”) were not “specific” to that industry. Before Commerce may countervail a subsidy, 19 U.S.C. § 1677(5)(A) (1994) requires the Department to find that the subsidy is “specific” to an enterprise or industry. “Specificity” may be established in several ways, one of which is a showing that a particular industry received a disproportionate share of the total subsidies provided under a program. See 19 U.S.C. § 1677(5A)(D)(iii)(III) (1994) (providing that a subsidy is specific “as a matter of fact” if “[a]n enterprise or industry receives a disproportionately large amount of the subsidy”). In its Final Determination, Commerce concluded that loans made to the Belgian steel industry by SNCI between 1987 and 1990 were not specific (and, thus, not coun-tervailable) because the steel industry did not receive a disproportionate share of SNCI’s loans. Final Determination, 64 Fed.Reg. at 15570-71, 15577. Plaintiffs allege that Commerce erred in two ways in making this determination: first, by improperly departing from its former methodology for determining specificity; and second, by improperly accounting for SNCI loans made .to the Belgian steel industry through indirect channels. Each of these points is discussed below. 1 Commerce Reasonably Explained Why it Applied a Different Methodology to Determine Whether SNCI Loans to the Steel Industry Were “Specific.” The first error alleged by Plaintiff is that Commerce, without proper explanation, improperly used a different methodology in the Final Determination for determining specificity than that used in both the Preliminary Determination and a previous investigation involving the same alleged subsidy from SNCI, Final Affirmative Countervailing Duty Determination: Certain Steel Products From Belgium, 58 Fed.Reg. 37273 (1993) (“Certain Steel”). In Certain Steel, Commerce determined whether the Belgian steel industry had received a disproportionate share of all SNCI loans by comparing SNCI’s loans outstanding to the steel industry with SNCI’s loans outstanding to all other borrowers. Final Determination, 64 Fed. Reg. at 15570 (citing Certain Steel, 58 Fed.Reg. at 37280-81). In so doing, Commerce found that the Belgian steel industry had received a disproportionate share of SNCI’s loans before 1987, but not during 1987 and 1988. Id. ' In the Preliminary Determination in this case, Commerce applied this methodology to data on outstanding SNCI investment loans in 1989 and 1990, and preliminarily concluded that “loans approved between 1987 and 1990 ... were non-specific and, therefore, not countervailable.” Id. In the Final Determination, however, Commerce — though coming to the same result — applied a different methodology. Commerce explained: In a change from the analysis used in Certain Steel and the Preliminary Determination, we have focused our analysis on the steel industry’s share of loans approved in a given year rather than that industry’s share of loans outstanding in a given year. We believe the former provides a better indication of whether loans are limited to specific industries. Loans outstanding can be affected by other factors besides the approval process which are not relevant to a specificity determination, such as the terms of loans. Therefore, for the final determination, we are modifying our analysis to examine the percentage of loans approved for the basic metals industry in each year. On this basis, we determine that the steel industry did not receive a disproportionate share of SNCI loans for the years 1987 through 1990. Id. (emphasis added). As noted previously, while Commerce is granted broad discretion in its administration of the antidumping and countervailing duty laws, its exercise of this discretion may not be arbitrary. Rather, Commerce “must either conform itself to its prior decisions or explain the reasons for its departure.” Hussey Copper, 17 CIT at 997, 834 F.Supp. at 418; see also Rust, 500 U.S. at 187, 111 S.Ct. 1759 (requiring a “reasoned analysis”). In this case, Commerce’s explanation, though short, was adequate. Here, Commerce’s undisputed goal was to determine whether the Belgian steel industry received disproportionately favorable treatment from SNCI during each of the years under review. It was thus perfectly reasonable for Commerce to focus on a methodology (loans approved) that is directly related to SNCI’s actions during the relevant period of time, in lieu of its previous methodology (loans outstanding) that was susceptible to distortion from factors unrelated to SNCI’s actions during that period. While Commerce certainly could have provided a longer statement or more examples to support its new approach, the inherent logic of examining SNCI’s actual loan practices during the year under review — as opposed to data which only reflects SNCI’s prior loan practices — speaks for itself. While Commerce’s explanation alone is sufficient, the Department’s approach is further supported by the emergence of new evidence for the Final Determination. In Certain Steel, the respondent argued that Commerce should consider the percentage of new loans opened or granted (rather than total loans outstanding) by industrial sector, in each year, to make its specificity determination. Certain Steel, 58 Fed.Reg. at 37290. Commerce responded to this proposal not by rejecting it, but by stating that such an analysis was not possible, since “the GOB did not provide data which would allow us to look at year-by-year shares or new loans issued as opposed to amounts outstanding.” Id. Similarly, in the Preliminary Determination, Commerce again examined only data on SNCI loans outstanding, since this was the only relevant data before the agency. See Preliminary Determination, 63 Fed. Reg. at 47245 (stating that for SNCI loans made before 1989 “[n]o new information has been presented in this investigation to change our Certain Steel determination” and that “[t]he GOB provided information on the sectoral distribution of loans under the program for the years 1989 and 1990”). For the Final Determination, however, Commerce had, for the first time, information on SNCI’s loans approved during a given year. In response to this information, Commerce stated in its Memorandum on this subject that [i]n Certain Steel, we used the figures for “total loans outstanding,” because we did not have information to conduct a year-by-year analysis of loans approved. (Certain Steel at 37290) In the present case, we have information on loans approved for every year between 1984-1990. Therefore, we are including this data in our analysis. SNCI Memorandum at 3. Commerce’s decision to examine SNCI loans approved in the Final Determination can not be considered arbitrary in light of this reasoned explanation. See Rust, 500 U.S. at 187, 111 S.Ct. 1759. The Department’s SNCI Memorandum, which is cited in the Final Determination, makes clear that its decision to examine loans approved in the Final Determination — as opposed to loans outstanding in Certain Steel and the Preliminary Determination — was the result of examining the best evidence before it in each circumstance. In the Final Determination, Commerce had before it new and better evidence than it had previously, and it decided to use this data. Not only is such a result reasonable, but it raises the question of whether Commerce’s use of this data should even be characterized as a “change” in its methodology (as opposed to the application of the same methodology to different data). In short, Commerce provided reasonable explanations for why it did not rely on SNCI’s loans outstanding in the Final Determination. This aspect of the Final Determination is therefore affirmed. 2 Commerce Did Not Err in Evaluating SNCI Loans Made Through Coordination Centers. Besides challenging Commerce’s explanation for its new methodology, Plaintiffs argue that the Department erred in evaluating certain SNCI loans that were made indirectly to the Belgian steel industry. In their case brief to Commerce, Plaintiffs argued that the data relied on by Commerce in Certain Steel and the Preliminary Determination understated the Belgian steel industry’s share of SNCI loans, since this data did not account for SNCI loans made through “coordination centers.” Petitioners’ Case Brief of 02/11/99 at 34-37. Among other activities, coordination centers provide companies with financial services, such as “loan and equity financing and hedging of foreign exchange.” SNCI Memorandum at 2. Agreeing with Plaintiffs, for the Final Determination Commerce considered such indirect loans in its specificity determination. Final Determination, 64 Fed.Reg. at 15577. Commerce, however, was unable to obtain specific information on these loans, and was forced to make an approximation based on limited evidence. See SNCI Memorandum at 3. Specifically, Commerce found that SNCI reported in its 1990 Annual Report that when loans made through coordination centers are accounted for, “the percentage of loans outstanding which went to the production and preliminary processing of metals industry (which includes steel) increases from 8.4 percent to 10.7 percent” Id. Using this data on loans outstanding, Commerce estimated the percentage of loans approved for the steel industry through coordination centers in the years through 1990. To do this, the Department took the percentage of SNCI’s loans outstanding to steel coordination centers in 1990 (2.3 %), divided it by the percentage of outstanding SNCI’s loans to the banking and finance industry (through which SNCI accounted for coordination center loans), and determined that steel coordination centers comprised 8.01 % of SNCI’s loans to the banking and finance industry. Id. at 4 and Attachment 1. Commerce “then applied this percentage to the banking and finance industry’s share of total loans granted for each year” to arrive at revised, estimated figures. Id. at 4 (emphasis added). Based on these new numbers, Commerce then analyzed whether the steel industry had received a disproportionate share of SNCI loans, and determined that loans provided by SNCI from 1987 to 1990 were not specific to that industry. Final Determination, 64 Fed. Reg. at 15571. Plaintiffs challenge this methodology by arguing that, despite having rejected SNCI’s figures for loans outstanding, Commerce then (improperly) relied on these figures in its calculations. According to Plaintiffs: despite concluding that “{l}oans outstanding can be affected by other factors ... which are not relevant to a specificity determination,” Final Determination, 64 Fed.Reg. at 15,570, Commerce relied on a change in the percentage of outstanding loans held by the steel industry to estimate the percentage of loans granted to the steel industry in 1990. In so doing, the agency embraced the very approach it rejected in switching to a different specificity methodology in the final determination. Based on this inherent contradiction, Commerce’s specificity determination should be remanded with instructions to calculate either a measurement of all SNCI loans granted to the steel industry, including those loans provided through coordination centers, based on record data concerning loans granted, or, if data is not available, to calculate the percentage of all outstanding SNCI loans held by the steel industry. Plaintiffs’ Memorandum at 22. Plaintiffs further argue that “Commerce’s methodology compounds this error by extrapolating the figure for 1990 to every year between 1984 and 1990,” since “[t]he record is devoid of any evidence that supports the agency’s wholesale application of its 1990 calculations.” Id. at 23. As support, Plaintiffs observe that “not only does the agency explicitly state that the record contains no information on the percentage of all outstanding SNCI loans held by the steel industry for years other than 1990,” but “the record contains evidence demonstrating that a higher percentage of coordination center loans were made to the industrial sector in 1989 than in 1990, presumably indicating that the percentage of outstanding loans held by the steel industry in 1989 was higher than the 2.3 percent figure used for 1990.” Id. a There is Nothing “Inherently Contradictory” about Commerce’s Use of SNCI’s 1990 Data on Steel Loans Outstanding to Coordination Centers. As noted above, substantial evidence supports Commerce’s decision to use data on SNCI’s loans granted, rather than loans outstanding, for determining specificity in the Final Determination. In applying its new methodology, the Department did not “reject” record evidence concerning loans outstanding. The record shows that Commerce used data on loans granted because (a) it was better evidence, and (b) this evidence was available to it for the first time. Commerce did not indicate that evidence of loans outstanding was unreliable, or that such evidence should not be used. On the contrary, the record of this case, as well as Plaintiffs’ own arguments, show that “data reflecting the amount of loans outstanding is useful in the absence of evidence regarding the amount of loans approved.” Defendant’s Response at 24. The Court does not agree that it was an “inherent contradiction” for Commerce to use the 1990 information on loans outstanding. Here, Commerce used this information as an alternative means of measuring specificity, since specific information concerning loans granted to the steel industry through coordination centers was not available. It did not use rejected or manifestly incorrect data. Moreover, Commerce did not simply rely upon the SNCI data concerning loans outstanding in 1990; it used this figure to make an estimate of SNCI’s loans approved through coordination centers (for the steel industry) for each year between 1981 and 1990. See SNCI Memorandum at 4. Such an approach is perfectly consistent with Commerce’s stated preference for “examin[ing] the percentage of loans approved for the basic metals industry in each year,” Final Determination, 64 Fed. Reg. at 15570, and, absent a specific showing of error by Defendant, is a reasonable means of accounting for indirect loans made through coordination centers. Thus, there is nothing inherently, wrong with Commerce’s use of these figures. b Commerce’s Methodology Did Not Fail to Appreciate the Difference Between Loans Granted and Loans Outstanding to Coordination Centers. Turning from the general to the specific, the Court also does not agree that Commerce, in using SNCI’s 1990 data on steel loans outstanding to coordination centers, “wrongly equated loans granted with loans outstanding.” Plaintiffs’ Reply at 8. Plaintiffs argue that Commerce erred in wrongly equating loans granted to loans outstanding for 1990 by adding the coordination centers’ share of loans outstanding in 1990 (2.3%) to the percentage of loans granted to the steel industry in 1990. Id. This was incorrect, Plaintiffs argue, because the percentage of loans granted to coordination centers in 1990 was significantly greater than the coordination center’s share of loans outstanding in that year. Plaintiffs argue that, “[b]y failing to account for the discrepancy between loans granted to coordination centers versus loans outstanding, Commerce’s methodology thus artificially reduces the amount of loans granted to the steel industry by assuming that the coordination centers’ share for loans outstanding in 1990 is a fair approximation of loans granted to coordination centers in that year.” Id. at 9-10 (emphasis in original). Plaintiffs’ argument is based on a misunderstanding of how Commerce used the 1990 data. As their briefs make clear, Plaintiffs presume that Commerce simply added the percentage of outstanding SNCI loans to steel coordination centers in 1990 (2.3%) to SNCI’s reported figures for either loans outstanding or loans granted to the Belgium steel industry for the years 1987-90. This is incorrect. As shown above, Commerce used the 2.3% figure for loans outstanding to calculate the percentage (8.01%) of SNCI’s loans outstanding to-the banking and finance industry that went to steel coordination centers in 1990. See SNCI Memorandum at 4. From there, Commerce applied this percentage to the banking and finance industry’s share of total loans granted for each year to approximate figures for steel loans granted. Id. In 1990, for example, Commerce used 8.01% as an approximation for the percentage of banking and finance loans that went to steel coordination centers, multiplied this figure by 45.6% (representing SNCI loans granted to banking and finance), and estimated that 3.65% of all SNCI loans granted went to steel coordination centers. M Similarly, Commerce multiplied this 8.01% figure by the percentage of SNCI loans granted to banking and finance to calculate loans granted to steel coordination centers for each of the years at issue. Id. In light of this evidence, it is clear that Commerce did not, as Plaintiffs claim, ignore record evidence “[b]y failing to account for the discrepancy between loans granted to coordination centers versus loans outstanding.” Plaintiffs’ Reply at 9. By using record evidence on banking and finance loans granted to approximate steel loans granted through coordination centers, Commerce accounted for the fact that “a greater share of loans was granted to coordination centers during the period in question.” Plaintiffs’ Reply at 9 (emphasis in original). Commerce did not, in using SNCI’s 1990 figure on steel loans outstanding, treat loans granted and loans outstanding as comparable. Rather, it simply used this figure to approximate the percentage of loans granted to “banking and finance” during the years at issue that actually went to steel coordination centers. As such, Commerce’s analysis neither ignores nor contradicts record evidence. c Commerce Did Not Erroneously Extrapolate 1990 Data on Outstanding Loans Held by the Belgian Steel Industry in Analyzing Loans Granted to That Industry. Finally, the Court rejects Plaintiffs’ contention that record evidence contradicts the Department’s decision to use the 1990 loan figure in deriving loan information for other'years. See Plaintiffs’ Memorandum at 23-24. According to Plaintiffs, Commerce’s extrapolation of this data to the years prior to 1990 is unsupported by substantial evidence, since the percentage of SNCI loans granted through coordination centers in 1989 that went to companies in the industrial sector (90%) is greater than the corresponding percentage of SNCI loans that went through coordination centers to such companies in 1990(74%). Plaintiffs’ Reply at 11. This evidence, Plaintiffs say, “demonstrat[es] that a higher percentage of coordination center loans were [sic] made to the industrial sector in 1989 than in 1990.” Plaintiffs’ Memorandum at 23 (emphasis added). Thus, they conclude, “Commerce’s decision to derive the loan figures for prior years based on the lending patterns for 1990 contradicts the record evidence, making this aspect of its SNCI specificity methodology unsupported by the record.” Plaintiffs’ Reply at 11. Plaintiffs’ argument fails on three counts. First, Plaintiffs’ argument presumes that because a higher percentage of coordination center loans was made to the industrial sector in 1989 than in 1990, a higher percentage of coordination center loans was also made to the Belgian steel industry in 1989. Plaintiffs identify no reason or evidence why this would be true, but simply assume that the two figures moved in tandem. Absent evidence, Plaintiffs’ assumption is unproved. Second, Plaintiffs’ argument does not undermine the methodology chosen by Commerce. For the Final Determination, Commerce compared steel loans outstanding to total banking and finance loans outstanding in 1990 to derive a figure (8.01%) by which it could estimate the percentage of steel loans granted through coordination centers for the years at issue. See SNCI Memorandum at 4. While the resulting figures may not be entirely accurate, they constitute reasonable estimates derived from actual record evidence of outstanding SNCI loans to steel coordination centers in 1990. In contrast, correlating coordination center loans made to the industrial sector in 1989 with such loans made to the Belgian steel industry in 1989 seems, absent evidence to the contrary, a clumsy means of estimating an increase in the latter. In the Final Determination, Commerce appears to have recognized as much, stating that “[i]nstead of employing the petitioners’ suggestion to include all coordination center loans to industrial sectors and adding 10 percentage points to the calculation of loans provided to the steel industry, we are accounting for coordination centers by using the information specific to the steel industry.” Final Determination, 64 Fed.Reg. at 15577 (emphasis added). Third, Plaintiffs’ argument is challenged by record evidence showing that coordination centers played a less important role in 1989 than in 1990. See SNCI Memorandum at 3-4 (“[W]e also saw no indication that loans through the coordination centers had a greater impact in the years prior to 1990. Instead, the [SNCI] annual reports for those years indicate that the banking and finance sector, and specifically coordination centers, played a less significant role in the years prior to 1990.”). In 1989, banking and finance (though which coordination center loans are accounted for in SNCI’s annual reports) constituted only 40.6 percent of all SNCI’s loans granted, compared to 45.6 percent for 1990. SNCI Memorandum at 4. Thus, even if coordination center loans to the steel industry were actually higher as a relative percentage of all SNCI banking and' finance loans in 1989 than in 1990, they would not necessarily have constituted a higher percentage of SNCTs total loans in 1989. Of course, it is the steel industry’s percentage of total loans that matters in determining whether SNCI’s loans were “specific.” See Final Determination, 64 Fed.Reg. at 15570 (“[F]or the final determination, we are modifying our analysis to examine the percentage of [SNCI’s] loans approved for the basic metals industry in each year.”) (emphasis added). For the foregoing reasons, Plaintiffs have not shown that Commerce’s methodology for approximating SNCI loans granted to steel coordination centers for the years up to, and including, 1990 is unsupported by substantial record evidence. The Court accordingly upholds this aspect of the Final Determination. D COMMERCE’S CALCULATION OF SIDMAR’S SALES DENOMINATOR IS NOT CONTRARY TO LAW OR RECORD EVIDENCE. Plaintiffs’ third claim challenges the mánner in which Commerce allocated subsidies provided to the Sidmar Group of companies (“Sidmar Group”) in calculating a subsidy rate. When Commerce finds an event counter-vailable, it determines the appropriate countervailing duty rate by “divid[ing] the amount of the subsidy by the amount of sales products assisted by that subsidy.” Inland Steel Industries v. United States, 188 F.3d 1349, 1357 (Fed.Cir.1999). In line with this practice, Commerce determined the countervailing duty rate for the Sidmar Group by dividing the eountervailable subsidies it discovered (the numerator) that were attributable to the period of investigation by the consolidated sales figures reported by ALZ’s for the Sidmar Group’s Belgian steel operations during the period of investigation (the denominator). See Final Determination, 64 Fed. Reg. at 15574; Defendant’s Response at 26. Providing Commerce with a sales “denominator,” however, was not a straightforward task. To derive a Belgium-only sales figure, ALZ took the revenues for the Sidmar Group’s steel companies located in Belgium and subtracted cost account information on intra-company transfers. Reply Brief of ALZ, N.V. of 02/11/99 (“ALZ Case Brief’) at 3; Final Determination, 64 Fed.Reg. at 15574. To do this, ALZ was required to add in, and then subtract out, sales revenue unrelated to any subsidies. Specifically, although the Sidmar Group derived total sales figures for its companies based on their accounts starting with the number “70,” cost accounts covering - intra-company transfers did not correspond exactly with the “70” accounts. Rather, “[wjhile cost accounts beginning with the number ’60’ (the ’60 account’) correspond mostly to 70 accounts, some of the items included therein correspond to 74 account items.” ALZ Case Brief at 3 (emphasis added). The Sidmar Group’s “74 accounts” covered “Other Operating Income.” Id. The other costs corresponding to revenue items recorded in the 74 accounts were recorded in accounts beginning with the number “61.” Id. Because of this lack of correspondence, to simply deduct the Sidmar Group’s intra-group 60 account entries from its 70 account revenues would have understated the Sidmar Group’s steel revenues by deducting costs unrelated to steel sales. See id. In turn, if used as the denominator to calculate a countervailing duty rate, this understated figure would have lead to a subsidy rate that was inappropriately high. To avoid this problem and “achieve complete correspondence between revenues and expenditures,” ALZ added the Group’s 70 accounts (turnover) and its 74 account (other operating income), and then “deducted from that combined total the intra-group acquisitions reflected in accounts 60 and 61,” to arrive at a consolidated sales figure. Final Determination, 64 Fed.Reg. at 16674. In the Final Determination, Commerce approved of this approach, stating simply that “[a]s noted by respondents, simply deducting the 60 account results in an understatement of Sidmar’s operating income. Thus, for purposes of our final determination, we have retained in Sid-mar’s sales denominator the revenue from account 74 because this is the most accurate information on the record.” Id. Plaintiffs challenge this aspect of the Final Determination on essentially two grounds, one substantive, one procedural. The Court finds neither argument persuasive. 1 Commerce Did Not Err in Failing to Exclude Revenue From the Sidmar Group’s “74 Accounts.” Plaintiffs first argue that Commerce erred in using the sales figures provided by ALZ, since this figure “included sales from a revenue account [the “74 accounts”] that bear no relation to Sidmar’s production of the subject merchandise.” Plaintiffs’ Memorandum at 25. According to Plaintiffs, “[i]n accordance with Commerce practice ... these sales should not have been reflected in SIDMAR’s sales denominator ....” Id. at 26. Essentially, Plaintiffs posit an argument that Commerce unjustifiably departed from its former practice for calculating countervailing duty rates. As noted previously, Commerce may depart from a practice used in prior antidumping and countervailing duty investigations so long as it provides a reasoned analysis for its change. See Rust, 500 U.S. at 187, 111 S.Ct. 1759. Here, however, the Court need not evaluate the reasonableness of the Department’s explanation, since Plaintiffs have failed to show that Commerce actually departed from its former methodology. Standing alone, Commerce’s inclusion of a non-production-related source of revenue in the denominator would certainly be contrary to its practice. See, e.g., Inland Steel Industries v. United States, 21 CIT 553, 563, 967 F.Supp. 1338, 1351 (1997) (“[Commerce] calculates the per-unit subsidy rate by dividing the amount of the subsidy ... by the appropriate portion of the subsidized firm’s sales.”), aff'd, 188 F.3d 1349 (Fed.Cir.1999). As discussed above, however, this non-production-related revenue was effectively “removed” from the denominator by subtracting out the Sidmar Group’s “60” and “61” cost accounts, leaving only a figure representing the Group’s consolidated steel sales. See ALZ Case Brief at 3. The only reason for the inclusion of “74 account” revenues in the first place was to ensure that “costs” unrelated to the Sidmar Group’s steel sales were not inappropriately included in the denominator. See Certain Ircm-Metal Castings From India: Final Results of Countervailing Duty Administrative Review, 62 Fed.Reg. 32297, 32302 (1997) (“[I]t is imperative that both the numerator (the benefit) and denominator (the universe of sales to which the benefit applies) used in our calculation of a subsidy reflect the same universe of goods. Otherwise the rate calculated will either over- or understate the subsidy attributable' to the subject merchandise.”). In its briefs, Plaintiffs argue only that Commerce improperly included “sales from a revenue account that bear no relation to Sidmar’s production of the subject merchandise”; they do not discuss the fact that this “improper” revenue was subtracted from the denominator before Commerce ran its computations. Because the resulting denominator used by Commerce appears to include only Sidmar Group sales that benefitted from subsidies, and because Plaintiffs have provided nothing to rebut this appearance, the Court finds Commerce’s denominator determination to be in accordance with law and supported by substantial record evidence. 2 Commerce Was Not Required to Use Facts Otherwise Available In Calculating a Sales Denominator for the Sidmar Group. Plaintiffs also challenge the sales denominator used by Commerce on procedural grounds. According to Plaintiffs, the record shows that Commerce “had asked ALZ to report Sidmar’s sales data exclusive of non-production related sources of revenue on more than one occasion,” but that ALZ repeatedly failed to provide it with this data. Plaintiffs’ Reply at 15. As a result, Commerce was forced to rely on “a newly estimated sales figure” for consolidated sales submitted at verification, id., “which resulted in an inflated denominator and thus benefitted ALZ by incorrectly reducing the subsidy margin,” Plaintiffs’ Memorandum at 26. This reduced subsidy margin, Plaintiffs continue, “wrongly rewarded ALZ for its failure to cooperate,” in violation of the policy objectives underlying the facts available rule. Id. at 27. Thus, they propose, “this issue should be remanded for Commerce to revise its denominator calculation with the facts available rule.” Id. 28 U.S.C. § 2687(d) (1994) states that “the Court of International Trade shall, where appropriate, require the exhaustion of administrative remedies” for such a challenge. A review of the record does not show that Plaintiffs ever specifically argued before the Department that it should have resorted to “facts available”— a fact acknowledge by both parties at oral argument. Rather, Plaintiffs appearance before this Court is the first time they argue that Commerce should employ “facts available,” even though they had opportunities to present this argument earlier. Thus, without more, the Court must reject Plaintiffs’ claim for failure to exhaust administrative remedies. See Delverde v. United States, 21 CIT 1294, 1801, 989 F.Supp. 218, 225 (1997) (dismissing a party’s challenge to Commerce’s calculation of a sales denominator where the party had not previously exhausted it administrative remedies), rev’d on other grounds, 202 F.3d 1360 (Fed.Cir.2000). At oral argument, Plaintiffs attempted to provide the Court with “something more” by clarifying that they are not seeking a punitive application of facts available on remand. Rather, Plaintiffs noted, their argument is simply that Commerce was unjustified in selecting an inaccurate figure which benefitted ALZ, given a choice between an understated or overstated sales denominator. See Plaintiffs’ Reply at 15. Plaintiffs also agreed with the Court that this argument would be largely irrelevant if the Court did not find that Commerce’s denominator calculation bene-fitted ALZ. Regardless of whether this clarification saves Plaintiffs’ argument from § 2637(d), it does not lead to a different substantive result. As noted above, Plaintiffs have failed to show that the denominator used by Commerce included Sidmar Group revenues that did not benefit from subsidies. Accordingly, even if ALZ failed to provide Belgium-only sales figures in an untimely manner, as Plaintiffs allege, there is no evidence that ALZ “benefitted” from its inaction. By Plaintiffs’ own admission, therefore, there is no need for the Court to address whether ALZ’s presentation of sales figures to the Department was untimely or whether the application of facts available sought by Plaintiffs is, indeed, punitive. In short, Plaintiffs have not shown that Commerce erred, either substantively or procedurally, in calculating a sales denominator figure for the Sidmar Group. The Court accordingly finds the Department’s calculation of the Sidmar Group’s sales denominator to have been in accordance with law and supported by substantial evidence. E REMAND IS NECESSARY SO THAT COMMERCE MAY CONSIDER WHETHER SIDMAR BENEFIT-TED THROUGH ITS PARTICIPATION IN A JOINT VENTURE WITH THE GOVERNMENT OF FLANDERS. Plaintiffs’ final claim concerns Commerce’s decision not to countervail the regional Government of Flanders’ participation in a joint venture with Sidmar. In 1985, the GOB purchased both common and preferred stock in ALZ, pursuant to a royal decree which allowed the GOB to make share subscriptions in the Belgian steel industry. Commerce’s Analysis Memorandum of ALZ Preference Shares of 03/19/99 at 1. According to the terms of the purchase, in 2005 the preferred shares are to be redeemed by ALZ at the higher of their subscri