Full opinion text
OPINION CARMAN, Chief Judge. This case is before the Court on plaintiffs’ Motion for Judgment on the Agency Record, pursuant to U.S. CIT R. 56.2. Both plaintiffs and defendant-intervenors challenge certain aspects of the Department of Commerce’s (“Department” or “Commerce”) Final Affirmative Countervailing Duty Determinations: Certain Steel Products from France, 58 Fed.Reg. 37,304 (Dep’t Comm.1993) (final determ.) {“Final Determination ”), and relevant portions of the General Issues Appendix to Final Affirmative Countervailing Duty Determination: Certain Steel Products from Austria, 58 Fed.Reg. 37,217, 37,225-73 (Dep’t Comm.1993) {“General Issues Appendix ”). Defendant asserts this Court should affirm Commerce’s Final Determination, with the exception that it requests the Court remand to Commerce the issue of whether certain Credit National export loans discovered at verification are countervailable. The Court has jurisdiction pursuant to 28 U.S.C. § 1581(c) (1988), and for the reasons set forth below, sustains the Final Determination with the exception that the Court remands to Commerce the issue of whether certain Credit National export loans discovered for the first time at verification conferred a countervailable benefit on Usinor Saeilor. Background In accordance with a February 18, 1994 scheduling order, and after extensive consultation with the parties and upon their consent the parties were directed to brief five general issues arising out of determinations by the International Trade Administration addressing steel products from various countries, as well as country-specific issues raised by those determinations. In prior opinions, this Court has disposed of all challenges to the general issues. See British Steel plc v. United States, 936 F.Supp. 1053 (CIT 1996) (“British Steel IV”); British Steel plc v. United States, 929 F.Supp. 426 (CIT 1996) (“British Steel III”); British Steel plc v. United States, 924 F.Supp. 139 (CIT 1996) (“British Steel II”), appeals docketed, Nos. 96-1401 to -06 (Fed. Cir. June 21, 1996); British Steel plc v. United States, 879 F.Supp. 1254 (CIT 1995) (“British Steel I”), appeals docketed, Nos. 96-1401 to -06 (Fed. Cir. June 21, 1996). What remains before the Court are the parties’ country-specific challenges to Commerce’s steel determinations. This opinion addresses the French country-specific issues raised by the parties with respect to Commerce’s Final Determination that remain following the issuance of this Court’s opinions addressing the general issues. While the Court believes this opinion is in no way inconsistent with its prior opinions addressing the general issues, to the extent any perceived inconsistencies arise, this Court’s findings in the general issues opinions prevail. In this consolidated action, Inland Steel Industries, Incorporated, Bethlehem Steel Corporation, LTV Steel Company, Incorporated, National Steel Corporation, Armeo Steel Company, L.P., Geneva Steel, U.S. Steel Group a Unit of USX Corporation, Gulf States Steel Incorporated of Alabama, Sharon Steel Corporation, WCI Steel, Incorporated, Laclede Steel Company, and Lukens Steel Company (collectively “plaintiffs” or “Inland Steel”), and Usinor Saeilor and two of its subsidiaries, Sollac and GTS (collectively “defendant-intervenors” or “Usinor Saeilor”), challenge certain aspects of the Final Determination and relevant portions of the General Issues Appendix. The Final Determination addresses subject merchandise manufactured and exported by Usinor Saeilor during the period of investigation (“POI”) of calendar year 1991. The Final Determination found a subsidy rate of 15.49% ad valorem, although this rate was later revised downward to 15.12% ad valorem when certain clerical errors in the Final Determination were corrected. See Countervailing Duty Order and Amendment to Final Affirmative Countervailing Duty Determination: Certain Steel Products from France, 58 Fed.Reg. 43,759 (Dep’t Comm. 1993) (“Amended Final Determination ”). A. Subsidies Examined in the Final Determination During the course of its investigation, Commerce examined subsidies provided by the Government of France (“GOF”) to the French steel industry, particularly to Usinor Sacilor and its predecessors. Commerce’s investigation revealed Usinor Sacilor and its predecessors received substantial subsidies, including various forms of grants, equity infusions and loans, from the GOF during the fifteen years preceding the POI, as the GOF tried to restructure and revitalize the French steel industry. 1. PACS A principal component of the GOF’s 1978 plan to assist French steel companies in restructuring their debts was the creation and issuance of préts a caractéñstiques spéciales (“PACS”), or loans with special characteristics, a new type of debt instrument. The principal terms of the PACS required the debtor company to: (1) make interest payments of 0.1 percent for the first five years following the loan; (2) make interest payments of 1.0 percent and make principal and supplementary interest payments, with the amount to be set by the Minister of Economy, beginning in the sixth year after receipt of the loan; (3) make the principal and supplementary interest payments from its profits; (4) pay the face amount of the PACS plus interest; and (5) subordinate the PACS to all other forms of debt, although PACS were superior to common stock. Commerce concluded the PACS constituted debt instruments upon their issuance, based on its observation the PACS’ repayment obligation and interest payment provisions were characteristics of a debt instrument. See General Issues Appendix, 58 Fed.Reg. at 37,255. In reaching its determination, Commerce focused on the first criteria, noting “these instruments carry an obligation for repayment, even though there is no predetermined maturity date.” Id. Additionally, with respect to the second criteria, Commerce observed “these instruments have guaranteed interest payments.” Id. In the course of subsequent restructuring of the French steel industry, the GOF and French steel companies periodically agreed to convert PACS into the debtor company’s common stock in order to ease the steel companies’ debt burdens. In 1981, French steel companies converted FF 13.8 billion worth of PACS into common stock, while the companies converted FF 12.6 billion and FF 2.8 billion worth of PACS into common stock in 1986 and 1991, respectively. With respect to the PACS conversions that occurred in 1981 and 1986, Commerce determined Usinor and Sacilor were not equity worthy in those years. As a result, Commerce determined the transactions were equity infusions made on terms inconsistent with commercial considerations, and therefore countervailable. As for the 1991 conversions, Commerce determined Usinor Sacilor was equity worthy in 1991 and the equity infusion was not inconsistent with commercial considerations, and thus was not eountervailable. 2. FIS Bonds In 1983, the GOF created the Fonds d’lntervention Sidérurgique (“FIS”), or Steel Intervention Fund, to facilitate Usinor and Sacilor’s exercise of their authority to issue convertible bonds. Usinor and Sacilor issued convertible bonds to the FIS in 1983, 1984, and 1985. The FIS in turn issued bonds, guaranteed by the GOF, to the public. In 1986 and 1988, these bonds were converted to the companies’ common stock as a means of easing their debt burden. As with its analysis of the PACS, Commerce first determined the FIS bonds constituted debt upon issuance, noting the FIS bonds satisfied the first set of hierarchical criteria used to classify hybrid instruments as debt because “these instruments have fixed amortization schedules.” General Issues Appendix, 58 Fed.Reg. at 37,255. Additionally, Commerce determined the conversion of FIS bonds into common stock constituted a debt-to-equity conversion, or equity infusion, which was eountervailable because Usinor and Sacilor were unequity worthy in 1986 and 1988 when the conversions were made. 3. Shareholders’ Advances Beginning in 1982, the GOF supplied Usinor and Sacilor with grants which were accounted for as shareholders’ advances. The advances, which earned no interest or other precondition, were intended to finance revenue shortfalls experienced by Usinor and Sacilor. The advances were distributed on an ad hoc basis, without any legislative mandate or specific agreement, although they did have to be authorized by the Ministry of Treasury. While Usinor and Sacilor did not distribute any of the shares to the GOF at the time they received the grants, the GOF and Usinor and Sacilor converted all the advances into the companies’ common stock in 1986. In an effort to comply with the European Community’s then newly applicable State Aids Code, which limited the subsidies a member state could bestow on its steel industry, the GOF discontinued its grants to Usinor and Sacilor in 1986. Commerce determined the shareholders’ advances constituted grants to Usinor and Sacilor. While Commerce typically treats typical shareholders’ advances as loans, Commerce determined the shareholders’ advances to the French steel companies should be treated as grants based on the facts surrounding their provision by the GOF. Additionally, Commerce determined the shareholders’ advances were nonrecurring grants based upon its observation the grants were “exceptional” because “the [French steel companies] cannot expect to receive benefits on an ongoing basis from review period to review period and/or the provision of funds by the government must be approved every year.” General Issues Appendix, 58 Fed. Reg. at 37,226. 4. FDES Loans The GOF’s Fonds de Développement Economique et Social (“FDES”), or Economic and Social Development Fund, was another means the GOF used to provide loans to the French steel industry. Following passage of The Law of July 13, 1978, FDES made available préts participatifs, or participative loans, to all French companies. These loans were made available at below market interest rates, and provided for repayment through a share of future profits according to a formula agreed to by the parties. In 1990, FDES consolidated the principal amounts on outstanding FDES loans made to Usinor, Sacilor, and their subsidiaries. The result of the consolidation was the creation of multiple long-term loans which had a different structure and interest rate from the previous loans. Commerce’s Final Determination analyzed whether FDES’ consolidation of the outstanding loans in 1990 satisfied the three elements of a eountervailable loan. Based on its determination the interest rates charged on the loans consolidated by FDES in 1990 were consistent with Usinor Sacilor’s benchmark interest rate for 1990, Commerce concluded the consolidated loans were not eountervailable because no special benefits were conferred on Usinor Sacilor through FDES’ consolidation. 5. CFDI Loans Similar to the FDES loans, participative loans were also issued by the Caisse Francaise de Développement Industriel (“CFDI”). The participative loans issued by CFDI were available to all French companies and were provided at below market interest rates with repayment based on a share of future profits according to an agreed upon formula. In 1991, outstanding CFDI loans held by Usinor, Sacilor and their subsidiaries were transferred, with the terms unchanged, to Usinor Sacilor. Commerce determined the key issue in analyzing the eountervailability of the loans provided by CFDI was their specificity. In order to determine the specificity of the loans, Commerce examined data supplied by the GOF concerning the distribution of the CFDI loans issued from 1983 to 1988, rather than the distribution of the CFDI loans when Usinor Sacilor’s outstanding loans were consolidated in 1991. While the GOF did provide Commerce with information on the distribution of the CFDI loans issued between 1983 and 1988, the information failed verification because “GOF officials could not provide any documentation supporting the data provided.” Final Determination, 58 Fed.Reg. at 37,309. Commerce ultimately concluded the CFDI loans were eountervailable, based on its determinations the CFDI loans were “de facto limited to a specific enterprise or industry or group of enterprises or industries,” id., and that the other two elements of a eountervailable loan were satisfied. 6.Other Participative Loans In addition to the participative loans issued by FDES and CFDI to Usinor Sacilor, during verification Commerce discovered loans described as “other participative loans” which had not been reported previously by Usinor Sacilor. Usinor Sacilor officials could not offer any explanation of these loans and failed to explain the number of loans involved, the duration of the loans, the outstanding principal balances on the loans, the interest rates applicable to the loans, and the principal and interest payments made on the loans. Because the “loans were unreported” and it had “no information about the programs under which these loans might have been issued,” Commerce used best information available (“BIA”) to calculate the countervailable benefit to Usinor Sacilor from the loans, treating them as zero interest rate, short-term loans. See Final Determination, 58 Fed.Reg. at 37,310. 7.Credit National Loans Credit National, a financial institution owned by the GOF, was another source of long-term loans for Usinor Sacilor. In 1991, Usinor Sacilor’s outstanding loans from Credit National were consolidated. Commerce’s determination the loans were consolidated in such a manner that “Credit National would obtain the same return that it would have earned on the pre-consolidated loans,” led it to conclude the consolidation should not be treated as a new loan. Id. at 37,311. In analyzing the specificity of the Credit National loans, consistent with the methodology applied in examining the CFDI loans, Commerce “looked to the years in which the original loans were issued.” Id. The Final Determination notes “[t]he law creating Credit National does not in any way limit the industries to which loans can be made” and “Credit National’s Annual Reports demonstrate that loans in these years were in fact provided to numerous sectors and were not disproportionately provided to the steel industry.” Id. Based on these observations, Commerce concluded the loans were nonspecific, and therefore not countervailable. 8.ECSC Article 51 Investment Loans Under Article 54 of the treaty establishing the European Coal and Steel Community (“ECSC”), the Commission of the European Communities (“EC”) provides industrial development loans to companies within the ECSC seeking to purchase new equipment or finance the modernization of existing plants. Commerce’s EC Verification Report illustrates the importance of these loans to many member companies of the ECSC, noting “commercial banks were not willing to provide financing to the steel and coal industries due to the difficulties faced by these industries.” EC Verification Report, Def.’s App. Tab 8 at 13. Commerce determined the Article 54 loans, made possible by the EC Commission’s obtaining funds from the financial markets and then reloaning those funds to ECSC member companies, were made to Usinor Sacilor at an interest rate below the long-term market rate. At verification, Commerce also determined the Article 54 loans were not made from any pool of funds to which Usinor Sacilor or other ECSC member companies may have contributed, thus eliminating any possibility the EC Commission was essentially loaning Usinor Sacilor its own money. Additionally, Commerce determined the Article 54 loans satisfied the remaining two elements of the countervailable loan criteria, and therefore countervailed the Article 54 loans received by Usinor Sacilor. 9.DNEL-held PACS In the course of the 1978 restructuring, the former private majority shareholders of Usinor and Sacilor, Denain Nord-Est Longwy (“DNEL”) and Marine-Wendel, respectively, agreed to convert certain loans to PACS at the direction of the GOF. The Final Determination concluded the PACS held by DNEL were “essentially written off in 1981 at a redemption value of FF 100,” and stated that Commerce “treat[ed] the difference between the original value of the loan and the amount repaid as a grant.” Final Determination, 58 Fed.Reg. at 37,308. Commerce determined the grant was not countervailable, however, because it did not exceed 0.50 percent of sales in 1981, and therefore the grant’s benefit was expensed in 1981 and Usinor Sacilor received no countervailable benefit during the POI. 10.SODIs In 1983, Usinor and Sacilor created subsidiaries known as regional development companies, or SODIs, at the request of the GOF. The SODIs sought to revitalize depressed steel regions in France and retrain steel workers for jobs outside the steel industry by loaning funds the SODIs obtained from Usinor and Sacilor to regional enterprises. Between 1983 and 1986, the SODIs made a substantial number of loans to enterprises in the depressed steel regions. In 1986, however, Usinor Saeilor’s obligation to fund the SODIs expired. Based on the success of the SODIs in generating regional economic development, the GOF requested Usinor Sacilor continue to provide loans to the SODIs in depressed steel regions and other regions in France. Following negotiations between Usinor Sacilor and the GOF, it was agreed Usinor Sacilor and the GOF would contribute funds to the SODIs on an equal basis. The agreement provided the GOF would transmit its share of the funds through Usinor Sacilor, with Usinor Sacilor receiving the funds from the GOF as shareholders’ advances and then tunneling those same funds to the SODIs. At verification, Commerce determined the GOF closely monitored Usinor Sacilor to verify the funds were being forwarded to the SODIs for regional development purposes, and that the funds were not used to support Usinor Sacilor’s steel operations. In evaluating whether Usinor Sacilor received a eountervailable benefit from the GOF’s contributions to the SODIs, Commerce examined whether the funds contributed by the GOF relieved Usinor Sacilor of any obligations it may have had to retrain or otherwise assist its displaced workers. The Final Determination noted that the SODIs’ mission expanded after 1986, when they began “servicing depressed regions other than those suffering from steel industry lay-offs.” Final Determination, 58 Fed.Reg. at 37,311. Commerce found the terms of the 1986 agreement between Usinor Sacilor and the GOF did not reheve Usinor Sacilor of any obligations it had when it was solely responsible for funding the SODIs between 1983 and 1986. The Final Determination concluded the GOF’s contributions provided “no benefit to the company” and that “Usinor Sacilor merely channeled these contributions to the SODIs.” Id. B. Commerce’s Equity Worthiness Findings As part of its analysis in determining whether certain equity infusions made by the GOF between 1978 and 1991 are countervail-able, Commerce examined whether Usinor Sacilor and its predecessors were equity worthy at the time of each of the infusions. Commerce determined the companies were unequity worthy between 1978 and 1988, and therefore countervailed equity infusions made by the GOF during that period. Commerce also determined Usinor Sacilor was equity worthy in 1991, and therefore did not countervail the GOF’s equity infusions made during the POI. 1. 1986 and 1988 In concluding Usinor Sacilor was unequity worthy in 1986 and 1988, Commerce noted Usinor, Sacilor and Usinor Sacilor reported substantial losses in each year until 1987. Stockholders’ equity was negative in every year except 1986. Accordingly, certain financial indicators, such as rate of return on assets and equity and profit margin on sales, were negative until 1987. In 1988, Usinor Sacilor reported positive rates of return on assets and equity, profit margin on sales, and a positive debt to equity ratio. Final Determination, 58 Fed.Reg. at 37,305. Additionally, Commerce rejected defendant-intervenors’ argument Usinor Sacilor became equity worthy following the implementation of the GOF’s 1986 steel industry restructuring plan. In the General Issues Appendix Commerce stated while it “currently gives great weight to the company’s recent rate of return on equity as an indication of financial health,” it “tend[s] to place greater reliance on past indicators ... [which] provide a clear track record of the company’s performance.” General Issues Appendix, 58 Fed.Reg. at 37,244. Finally, Commerce determined a study prepared by MeKinsey & Company, analyzing whether the GOF’s proposals to restructure the French steel industry complied with EC Commission guidelines, was not worthy of consideration in analyzing Usinor Sacilor’s equity worthiness. Commerce based this conclusion on its determination potential investors would not rely on the MeKinsey study’s use of EBITD (earnings before interest, taxes, and depreciation) figures, but rather would consider a company’s net income in determining whether or not to invest in that company. 2. 1991 In determining Usinor Sacilor to be equity worthy in 1991, Commerce considered Usinor Sacilor’s relevant financial ratios from the preceding three years, as well as an independent Swiss consulting firm’s analysis of a large investment by Credit Lyonnais, a bank in which the GOF held a majority interest, in Usinor Sacilor. Commerce relied on various financial data as an indicator of Usinor Sacilor’s past performance, while it utilized the Swiss consulting firm’s report as an indicator of Usinor Sacilor’s future prospects, and specifically whether Credit Lyonnais was acting as a prudent investor in acquiring twenty percent of Usinor Sacilor’s voting stock. Final Determination, 58 Fed.Reg. at 37,306. C. Commerce’s Subsidy Rate Calculations 1. Benchmark Interest Rate In calculating the countervailable benefit a company receives from a preferential long-term government loan, Commerce compares the actual interest rate on the loan to a benchmark interest rate, which is calculated based on the methodologies established in Commerce’s Proposed Regulations. See Countervailing Duties; Notice of Proposed Rulemaking and Request for Public Comments, 54 Fed.Reg. 23,365, 23,380 (to be codified at 19 C.F.R. § 355.44(b)) (hereinafter “Proposed Regulations”). In determining the applicable benchmark interest rate, Commerce considers whether the company which received the loan was creditworthy or uncreditworthy at the time it received the loan. Commerce includes a risk premium in the benchmark interest rate for companies that are determined to be uncreditworthy, whereas risk premiums are not included in the benchmark interest rate for creditworthy companies. Once Commerce has determined the benchmark interest rate, it then must determine whether the company which received the loan obtained a countervailable benefit. To the extent a company’s payments on a hypothetical loan made at the benchmark rate exceed the actual payments on the loan at issue, the company has received a countervailable benefit. Additionally, Commerce allocates the total amount of countervailable benefit over time, and determines the amount of the countervailable benefit allocable to the POI. With respect to the determination at issue, Commerce concluded Usinor Sacilor received a countervailable benefit from certain long-term, fixed rate government loans. Some of these loans were obtained by Usinor Sacilor in years when it was creditworthy, and other loans were obtained during a time in which it was uncreditworthy. While the GOF’s and Usinor Sacilor’s questionnaire responses reported various national long-term interest rates commonly available in France, they did not identify which rate or rates would be appropriate for use as a benchmark interest rate. During verification, Commerce examined two French banks in an effort to determine an appropriate benchmark interest rate. Because the two banks did not issue long-term, fixed rate loans, however, Commerce considered other available information on French interest rates prior to the issuance of the Final Determination, and concluded a long-term corporate interest rate published in the Organization for Economic Cooperation Development (“OECD”) Monthly Financial Statistics for equipment loans made by Credit National was an appropriate benchmark interest rate. Commerce used the Credit National equipment loan rate as the basis for both creditworthy years (which call for the average long-term fixed rate in France) and unereditworthy years (which call for the highest long-term fixed rate in France plus a risk premium). Commerce’s investigation revealed that banks in France do not vary the interest rates charged to account for a customer’s good standing or the risk associated with a loan. 2.Discount Interest Rate In determining what portion of a countervailable grant or equity infusion is allocable to the POI, Commerce utilizes a discount rate which is adjusted depending on whether the company is creditworthy or uncreditworthy at the time it receives the benefit. Commerce determined Usinor Sacilor was uncreditworthy in each year in which it received a eountervailable grant or equity infusion, and consistent with the methodology developed in Final Affirmative Countervailing Duty Determination: Certain Hot Rolled Lead and Bismuth Carbon Steel Products From France, 58 Fed.Reg. 6,221, 6,225 (Dep’t Comm.1993) (final determ.) (“France Bismuth ”), selected the long-term fixed rate it used as the benchmark interest rate for the discount interest rate. 3.Inclusion of Usinor Sacilor’s French-Produced Merchandise in the Sales Denominator Once Commerce has determined a eountervailable subsidy exists, it calculates the per-unit subsidy rate by dividing the amount of the subsidy, decreased by certain offsets, by the appropriate portion of the subsidized firm’s sales. Because Commerce determined the eountervailable subsidies received by Usinor Sacilor were “tied” to its production in France, Commerce adjusted the sales denominator to include only sales of merchandise Usinor Sacilor produced in France, and to exclude sales of merchandise Usinor Sacilor produced outside of France. At verification, Commerce determined the figures submitted by Usinor Sacilor for total sales of French-produced merchandise were accurate, with one exception. Commerce determined some of the sales Usinor Sacilor categorized as sales of French-produced merchandise were in fact re-sales of merchandise purchased from Usinor Sacilor’s German group producers or resellers. Therefore, in calculating the final sales denominator, Commerce “excluded ... an amount equal to the value of sales made by Usinor Sacilor group companies outside France to Usinor Sacilor group companies within France. This sales value represents sales of foreign production and, therefore, must be excluded from the denominator.” General Issues Appendix, 58 Fed.Reg. at 37,235. 4.F.O.B. (Port) Value In calculating the sales denominator, Commerce endeavors to obtain the F.O.B. (port) value of the merchandise at issue. Usinor Sacilor, however, does not record F.O.B. (port) value in the regular course of business, and therefore it included two methodologies in its questionnaire responses in an effort to assist Commerce in calculating an accurate F.O.B. (port) value for the French-produced sales. Following verification, Commerce concluded Usinor Sacilor had “attempted to provide the Department -with as accurate an estimate as possible of its sales value based on F.O.B. (port)” and decided to “use[ ] the particular percentage provided in the [questionnaire] responses to derive the amount of transportation charges to be deducted from the sales value of French-produced merchandise.” General Issues Appendix, 58 Fed.Reg. at 37,238. Standard of Review In reviewing a final determination of the Commerce Department, this Court will sustain the determination unless it is “unsupported by substantial evidence on the record, or otherwise not in accordance with law.” 19 U.S.C. § 1516a(b)(l)(B)(i) (1988). Substantial evidence is that which “‘a reasonable mind might accept as adequate to support a conclusion.’” Universal Camera Corp. v. NLRB, 340 U.S. 474, 477, 71 S.Ct. 456, 459, 95 L.Ed. 456 (1951) (citation omitted), quoted in Matsushita Elec. Indus. Co., Ltd. v. United States, 3 Fed. Cir. (T) 44, 51, 750 F.2d 927, 933 (1984). The Court must accord substantial weight to the agency’s interpretation of the statute it administers. American Lamb Co. v. United States, 4 Fed. Cir. (T) 47, 54, 785 F.2d 994, 1001 (1986) (citations omitted). While Commerce has discretion in choosing one interpretation over another, “[t]he traditional deference courts pay to agency interpretation is not to be applied to alter the clearly expressed intent of Congress.” Board of Governors of the Fed. Reserve Sys. v. Dimension Fin. Corp., 474 U.S. 361, 368, 106 S.Ct. 681, 686, 88 L.Ed.2d 691 (1986), cited in Ceramica Regiomontana, S.A. v. United States, 10 CIT 399, 405, 636 F.Supp. 961, 966 (1986) (“[T]his Court will not allow an agency, under the guise of lawful discretion, to contravene or ignore the intent of the legislature or the guiding purpose of the statute.”), aff'd, 5 Fed. Cir. (T) 77, 810 F.2d 1137 (1987). The Court is not to substitute its own determination for the agency’s, but rather is to determine whether Commerce’s determination is supported by substantial evidence on the record and is otherwise in accordance with law. See, e.g., Consolo v. Federal Maritime Comm’n, 383 U.S. 607, 620, 86 S.Ct. 1018, 1026, 16 L.Ed.2d 131 (1966) (noting “the possibility of drawing two inconsistent conclusions from the evidence does not prevent an administrative agency’s finding from being supported by substantial evidence”); Universal Camera Corp., 340 U.S. at 488, 71 S.Ct. at 465, 95 L.Ed. at 467-68 (1951) (the reviewing court may not “even as to matters not requiring expertise ... displace the [agency’s] choice between two fairly conflicting views, even though the court would justifiably have made a different choice had the matter been before it de novo ”). Discussion Part I. Plaintiffs raise the following ten challenges to the Final Determination. A. Usinor Sacilor’s Equity Worthiness as of 1991 Inland Steel first argues Commerce’s determination that Usinor Saeilor was equity worthy in 1991 is unreasonable and unsupported by record evidence. In advancing this argument, Inland Steel makes three assertions. First, plaintiffs maintain Commerce ignored precedent by refusing to rely on audited information obtained from Usinor Saeilor, and instead improperly based its analysis on a McKinsey & Company report which evaluated Usinor Sacilor’s future prospects. Second, plaintiffs contend Commerce improperly delegated its responsibility by relying on the McKinsey report, which plaintiffs assert did not analyze potential investments in Usinor Saeilor according to the “reasonable investor” standard, and that Commerce improperly applied a cost-to-government standard in analyzing the report. Finally, plaintiffs assert Commerce unreasonably determined not to countervail other equity infusions received by Usinor Saeilor from the GOF in 1991, based on its determination Usinor Saeilor was equity worthy at that time. Defendant responds “[ajlthough Commerce could not discuss its findings in detail in its final determination because significant evidence on which it relied ... was proprietary, its analysis, nevertheless, was fact-intensive and reflected a thorough consideration of the record evidence and points raised by the parties.” (Def.’s Mem. in Opp’n to Pis.’ and Def.-Intervs.’ Mots, for J. on Agency R. (“Def.’s Br.”) at 103.) In responding to Inland Steel’s criticism that Commerce failed to explain which financial ratios were significant to its analysis, the government notes “the final determination shows that Commerce considered numerous relevant current and past financial ratios.” (Id. at 104 (footnote omitted)). Additionally, in response to Inland Steel’s criticism that ratios calculated using Usinor Saeilor’s audited financial information did not support the conclusion a reasonable private investor would invest in Usinor Saeilor in 1991, the government observes “Commerce did not make a definitive conclusion at this point because its equity worthiness methodology requires it to consider ... not only the relevant financial ratios, but also evidence ... regarding the future prospects of a firm.” (Id. at 105 (citing General Issues Appendix, 58 Fed.Reg. at 37,244)). According to the government, Commerce concluded Usinor Saeilor was equity worthy in 1991, “only after considering and weighing not only the relevant financial rations but also the Swiss consulting report.” (Id. at 106.) The Court is not persuaded by plaintiffs’ arguments. Initially, the Court notes the Proposed Regulations specify four criteria Commerce will consider in determining whether a company is equity worthy. Those criteria are: (i) Current and past indicators of a firm’s financial health calculated from that firm’s statement and accounts ...; (ii) Future financial prospects of the firm, including market studies, economic forecasts, and project or loan appraisals; (iii) Rates of return on equity in the three years prior to the government equity infusion; and (iv) Equity investment in the firm by private investors. Proposed Regulations, 54 Fed.Reg. at 23,381 (to be codified at 19 C.F.R. § 355.44(e)(2)). The text of the Final Determination indicates Commerce considered both historical and forward-looking information in evaluating Usinor Sacilor’s equity worthiness in 1991. See Final Determination, 58 Fed.Reg. at 37,306 (stating “we have looked to both the relevant financial data and the Swiss consulting report” in concluding Usinor Saeilor was equity worthy in 1991). The Court rejects plaintiffs’ assertion Commerce ignored audited financial information obtained from Usinor Saeilor and improperly based its determination on the McKinsey report. As noted above, the Final Determination specifically states Commerce reached its equity worthiness determination after evaluating both the financial data obtained from Usinor Saeilor and the McKinsey report. The Court finds Commerce’s consideration of various financial ratios for Usinor Saeilor as well as the McKinsey report complies with the Proposed Regulations. Additionally, the Court rejects Inland Steel’s argument Commerce improperly delegated its responsibility by relying on the report, which plaintiffs assert utilizes a “cost-to-government” standard in evaluating Credit Lyonnais’ purchase of a twenty percent stake in Usinor Saeilor. The Court notes Commerce’s decision to utilize information contained in the McKinsey report was made with considerable thought, and only after an independent review of the report’s analysis and findings. See Memorandum from Julie Anne Osgood to Susan Kuhbach re: Equity worthy and Creditworthy Analysis of Usinor Saeilor, Def.-Interv.App., Tab 4 at 4-6 (hereinafter “Equity Worthy and Creditworthy Memorandum”). The Court also notes plaintiffs’ assertion the McKinsey report does not analyze the transaction from the standpoint of a reasonable private investor in incorrect. The McKinsey report states quite plainly that it evaluated Credit Lyonnais’ acquisition of Usinor Saeilor shares from the perspective of a private investor. See McKinsey Report, Def.App., Tab 19 at 1 (“it is also a question of determining whether the acquisition of shares in Usinor Saeilor by Credit Lyonnais corresponds to the action of a private investor who decides to make a contribution to risk capital by following criteria that identify normal conditions of a market economy”); id. at 9 (“The issue here is to determine whether an investor, regardless of whether he belongs to the public or private sector, could be interested in investing in the Group, based on objective criteria for making the decision, relevant to the normal conditions of a market economy.”). Additionally, the Court notes Commerce specifically examined whether the transaction between Credit Lyonnais and Usinor Saeilor [ ] as plaintiffs contend. A memorandum prepared by Commerce analyzing Usinor Sacilor’s equity worthiness and creditworthiness states the consultants did consider whether there could be a [ ]. This is evident in their statement in the report that [ ]. Equity Worthy and Creditworthy Analysis of Usinor Saeilor, Def.-Intervs.App., Tab 4 at 5. Finally, the Court rejects Inland Steel’s argument that Commerce improperly failed to countervail other equity infusions received by Usinor Sacilor in 1991. Based on the reasons discussed above, the Court finds Commerce’s determination that Usinor Sacilor was equity worthy as of 1991 is supported by substantial evidence on the record and is otherwise in accordance with law, and accordingly Commerce appropriately determined not to countervail other equity infusions received by Usinor Sacilor in 1991. B. Benefits Received by Usinor Sacilor From PACS Outstanding During the POI Commerce determined not to countervail the benefits Usinor Sacilor received from PACS prior to their conversion in 1991 stating [b]ecause we do not prorate equity benefits to correspond to the amount of time the equity was “outstanding” during the year of receipt, we can only countervail the equity portion of debt to equity conversions in the year of conversion. To do otherwise would lead to overcountervailing. (Br. in Supp. of Pis.’ R. 56.2 Mot. for J. Upon the Agency R. (“Pis.’ Br.”) at 27 (quoting Final Determination, 58 Fed.Reg. at 37,-312).) Plaintiffs challenge Commerce’s decision not to countervail the benefits conferred by PACS which were outstanding during a portion of the POI, contending Commerce’s determination is contrary to law. Plaintiffs argue certain PACS, converted to equity during the POI in March 1991, gave rise to two separate and countervailable subsidies, “one, a soft loan, benefitting the company for the first (approximately) two months of the POI, and the other, an equity infusion benefitting the company for the POI’s last ten months.” (Id. at 27.) Plaintiffs challenge Commerce’s statement it was concerned about over countervailing, noting “the fact remains that the conversion was not countervailed. Thus, countervailing the benefit derived from the loans during part of the POI presents no risk of ‘over countervailing.’ ” (Id. at 27.) Finally, plaintiffs assert the PACS were undisputedly inconsistent with commercial considerations, and thus satisfy the statute’s definition of a subsidy upon which countervailing duties “shall” be imposed. In response, the government contends Commerce properly followed its “longstanding practice of valuing equity infusions ... as though they were in the possession of the recipient firm for the entire year of receipt regardless of when actually received during that year.” (Def.’s Br. at 60.) The government asserts Commerce developed this methodology “principally for administrative convenience and because of the difficulty that it would encounter in trying to calculate subsidy benefits for varying periods of days rather than on a yearly basis.” (Id. at 60-61.) The Court notes while the methodology adopted and utilized by Commerce calculates the benefits received by companies on a yearly basis, and therefore arguably is not as precise as it might be in measuring benefits conferred on a company, Commerce’s methodology is a reasonable means of carrying out the statute’s mandate. In reviewing an agency’s interpretation of a statute in which Congress has left a gap, this Court examines whether the agency’s interpretation of the statute is reasonable. See Chevron U.S.A. v. Natural Resources Defense Council, Inc., 467 U.S. 837, 844, 104 S.Ct. 2778, 2782, 81 L.Ed.2d 694 (1984) (stating “a court may not substitute its own construction of a statutory provision for a reasonable interpretation made by the administrator of an agency”). The Court finds Commerce’s determination not to countervail the benefits received by Usinor Sacilor from the outstanding PACS during the first few months of 1991 is a reasonable interpretation of the statute and is supported by substantial evidence on the record and is otherwise in accordance with law. Accordingly, that portion of Commerce’s Final Determination is sustained. C. Treatment of Stockholders’ Advances as Grants In the Final Determination, Commerce concluded the shareholders’ advances received by Usinor and Sacilor between 1982 and 1986 were grants, noting “no shares were received [by the GOF] for them.” See Final Determination, 58 Fed.Reg. at 37,307. Based on its conclusion the shareholders’ advances were grants when provided, Commerce determined the countervailable event occurred when the advances were received by Usinor and Saeilor between 1982 and 1986. Plaintiffs challenge Commerce’s determination, arguing the shareholders’ advances were debt (not grants) when provided, and therefore, Usinor Sacilor’s 1986 write-off of the debt created by the shareholders’ advances was a countervailable event. Plaintiffs assert “[t]he companies had no obligation to pay interest on the funds advanced, but were plainly obligated to repay the principal as they accounted for the [shareholders’ advances] by creating a new ‘liability’ category on their balance sheets.” (Pis.’ Br. at 28 (footnote omitted).) Plaintiffs contend Commerce “significantly undervalued[ ] the subsidy” as a result of its determination that “the [shareholders’ advances] were grants when provided, rather than debt, and that the bestowal of these funds, not the 1986 write-off of the debt, constituted the subsidy.” (Id. at 29 (citing Final Determination, 58 Fed.Reg. at 37,307).) Plaintiffs dispute Commerce’s determination the shareholders’ advances were grants at the outset, contending it is contrary to and not supported by record information. In support of its argument, plaintiffs note Usinor Saeilor has admitted: the shareholders’ advances were debt; Usinor Saeilor did not record the shareholders’ advances as “income” on its annual financial statements (even though its practice was to record donated funds not giving rise to liability as “income”); Usinor Saeilor converted the shareholders’ advances in 1986 in order to avoid taxation associated with loan forgiveness; and French law and accounting practice provide shareholders’ advances create debts and must be treated as loans, absent an explicit agreement to the contrary. According to the plaintiffs, “[t]he Department’s determination was ... internally inconsistent; in its view, funds which were ‘donated’ to the companies by the GOF, and carried with them no liability at all, were later turned into equity (with a concomitant expectation of return) in the 1986-87 restructuring.” (Id. at 32 (emphasis omitted).) The government responds substantial evidence on the record supports Commerce’s findings the shareholders’ advances were nonrecurring grants at the time they were made. The government’s brief specifically asserts “[t]here was no evidence of loan or repayment agreements, payment schedules or actual principal or interest payments being made, nor was there any other evidence tending to show that the GOF or Usinor Saeilor contemplated a repayment obligation.” (Def.’s Br. at 64.) The government also challenges Inland Steel’s assertion Usinor Saeilor did not treat the shareholders’ advances as loans by accounting for them in a debt account, but rather “Usinor Saeilor listed [the shareholders’ advances] in a hybrid debt/equity category.” (Id. at 65.) Further, the government asserts “the listing is inconclusive, as it equally could be argued that the listing is an acknowledgment that the advances were considered to be equity instruments.” (Id.) Additionally, the government contends Commerce’s determination the shareholders’ advances were exceptional, and therefore nonrecurring, is supported by substantial record evidence. The government’s brief asserts “[d]espite the fact that these advances were provided on a somewhat regular basis from 1982 to 1986, each advance required specific approval by the GOF.” (Id. at 66-67.) The government also argues the shareholders’ advances were exceptional because “they clearly did not represent a long-term solution to Usinor’s and Sacilor’s financial problems. Rather, the advances were given by the GOF merely to provide time for the development of a long-term solution.” (Id. at 67.) The Court is unpersuaded by plaintiffs’ arguments. Despite plaintiffs’ statement that Usinor Saeilor was “plainly obligated to repay the principal as they accounted for the [shareholders’ advances] by creating a new ‘liability’ category on their balance sheet”, (Pis.’ Br. at 28), plaintiffs fail to point to any record evidence which definitively establishes the existence of a repayment obligation on the part of Usinor and Saeilor. Indeed, as defendant notes, the record contains “no evidence of loan or repayment agreements, payment schedules or actual principal or interest payments being made, nor was there any other evidence tending to show that the GOF or Usinor Sacilor contemplated a repayment obligation.” (Def.’s Br. at 64.) The Court also finds unpersuasive Inland Steel’s contention the shareholders’ advances should be considered debt based on Usinor Sacilor’s treatment of the advances on its balance sheets. In asserting Usinor Sacilor treated the shareholders’ advances as “long-term debt”, plaintiffs cite to materials prepared by Usinor Sacilor in responding to Commerce questionnaires in 1992. The Court notes, however, that contemporaneous financial statements and accompanying notes prepared by Usinor Sacilor between 1982 and 1985 classify the shareholders’ advances as either contributions set aside for a future capital increase or as other equity. (See Mem. in Opp’n to Pis.’ R. 56.2 Mot. for J. on the Agency R. (“Def.-Intervs.’ Opp’n Br.”) at 27.) The Court additionally rejects Inland Steel’s argument that Usinor Sacilor’s conversion of the shareholders’ advances to common stock in 1986 is inconsistent with its treatment of the advances as grants prior to the conversion. The Court finds Usinor Sacilor’s conversion of the grants into common stock in 1986 was made pursuant to article 241 of the Law of July 24, which requires the maintenance of equity to stated capital ratio of one to two. The reclassification was necessary because article 241 counts only pure equity, not grants or quasi-equity, towards the mandatory ratio. Finally, the Court rejects plaintiffs’ contention that under French law shareholders’ advances create debts and must be treated as loans. While French law may generally provide shareholders’ advances create debts and must be treated as loans, the record evidence clearly establishes a different arrangement was reached between Usinor Sacilor and the GOF with respect to the shareholders’ advances at issue in this case. The Court finds Commerce’s determination the shareholders’ advances received by Usinor Sacilor were grants when provided and that the countervailable event occurred in 1986 when the grants were converted to common stock is supported by substantial evidence on the record and is otherwise in accordance with law. D. Provision of FDES Loans on Terms Consistent with Commercial Considerations The outstanding principal on two groups of FDES loans issued to Usinor Sacilor during the 1980s was consolidated on July 1, 1990 into two loan instruments which were outstanding during the POI. Commerce determined the consolidations “resulted in a different structure for the loan and a different interest rate”, treated them as if they were new loans in 1990 and examined the consolidated loans to determine whether they were consistent with commercial considerations. Final Determination, 58 Fed.Reg. at 37,311. In the Preliminary Affirmative Countervailing Duty Determinations: Certain Steel Products From France and Alignment of Final Countervailing Duty Determination: Certain Steel Products From France, 57 Fed.Reg. 57,785 (Dep’t Comm.1992) (prelim.determ.) (“Preliminary Determination ”), Commerce determined the consolidated loans were countervailable. In the Final Determination, however, Commerce concluded the consolidated loans were not countervailable when compared with the benchmark interest rate. A fourth challenge raised by plaintiffs asserts substantial record evidence does not support Commerce’s determination that certain FDES loans on Usinor Sacilor’s books during the POI were consistent with commercial considerations. According to plaintiffs, by utilizing the Credit National equipment loan rate as the benchmark rate, Commerce committed three errors. First, plaintiffs contend Commerce abandoned, without explanation, its policy of using a nongovernment source of funding in selecting a benchmark interest rate. Additionally, plaintiffs assert Commerce improperly determined Credit National loans are not countervailable. Finally, plaintiffs contend Commerce’s determination that Credit National’s equipment loan rate reflects the cost of corporate long-term borrowing cannot form the basis for Commerce’s selection of a benchmark rate. Defendant responds Commerce acted properly in selecting Credit National’s equipment loan rate as the benchmark rate in analyzing whether the consolidated loans were made at preferential rates. The government advances three arguments that Commerce acted properly. First, the government contends Commerce selected the highest long-term fixed interest rate from among the available evidence. The government contends plaintiffs are mistaken in asserting Commerce’s selection of the Credit National equipment loan rate as the benchmark interest rate failed to comply with Section 355.44(b)(6)(iv) of the Proposed Regulations, which requires the selection of the highest long-term fixed interest rate commonly available as the benchmark interest rate. The government asserts “record evidence showed that the [International Monetary Fund] rate included both short-term and long-term borrowing, while section 355.44(b)(6)(iv) directs Commerce to use a long-term interest rate.” (Def.’s Br. at 112 (footnote omitted).) The government notes Commerce’s selection of Credit National’s equipment loan rate satisfied the Proposed Regulations, because it “reflected exclusively ‘the cost of corporate long-term borrowing.’ ” (Id. at 112-13 (citing Final Determination, 58 Fed.Reg. at 37,314)). Second, the government asserts Commerce’s selection of Credit National’s equipment loan rate is consistent with Commerce’s past practice. Initially, the government notes “Inland Steel does not cite to any Commerce cases to support its characterization of Commerce’s past practice,” and continues on to note “[a] review of relevant Commerce cases ... shows that Commerce frequently uses rates based on government-owned bank loans, ... provided that the program from which the loans originate is not ... specific.” (Id. at 113.) Because Commerce did not determine the Credit National equipment loans were specific, the government contends Commerce’s “use [of] the rates on [Credit National’s equipment] loans as possible benchmark interest rates” was consistent with its past practice and was supported by substantial evidence on the record and otherwise in accordance with law. (Id. at 114.) Finally, the government contends Commerce properly selected a country-wide rate for use as the benchmark interest rate. The government contends Inland Steel’s assertion that Commerce erred by utilizing the Credit National equipment loan rates because those rates were not companyspecific is without merit. The government notes Commerce’s statement in the Preliminary Determination that “Usinor Sacilor did not report its actual cost for long-term fixed-rate debt”, Preliminary Determination, 57 Fed.Reg. at 57,787, and asserts the Proposed Regulations direct Commerce to utilize a long-term, fixed interest rate commonly available in France. Therefore, “when Commerce eventually selected the Credit National equipment loan rates as the benchmark interest rates (in the final determination), it was not attempting to find a company-specific rate”, but rather “Commerce was attempting to find a country-wide rate, regardless of whether Usinor Sacilor had access to it.” (Def.’s Br. at 115.) The Court is not persuaded by plaintiffs’ arguments. First, the Court notes the Proposed Regulations state that in selecting a benchmark rate, “[w]here necessary, ... the Secretary may use loans made available under one or more government programs, provided that any such program is not deemed to be selective.” Proposed Regulations, 54 Fed.Reg. at 23,281 (to be codified at 19 C.F.R. § 355.44(b)(7)). In the Final Determination, Commerce found the Credit National equipment loan rates “to be more consistent with our Regulations than either the IMF or the PIBOR rates because they reflect the cost of corporate long-term borrowing”, Final Determination, 58 Fed. Reg. at 37,314, indicating Commerce considered non-government sources of financing in calculating a benchmark interest rate, but concluded the Credit National equipment loan rates were more appropriate for use in calculating the benchmark rate. Additionally, the Court notes Commerce determined the IMF rates were inappropriate for use as a benchmark interest rate because they included both short- and long-term interest rates, contrary to the Proposed Regulations. See Prehminary Determination Disclosure Documents, Def.App. Tab 11, attachment; Proposed Regulations, 54 Fed.Reg. at 23,381 (to be codified at 19 C.F.R. § 355.44(b)(6)(iv)). Additionally, the Court rejects Inland Steel’s contention the methodology utilized by Commerce in the Final Determination departed improperly from its past practice. The Court observes Commerce’s utilization of rates based on non-specific government-owned bank loans in the Final Determination does not represent the first time Commerce has utilized such rates. See, e.g., Final Affirmative Countervailing Duty Determination; Industrial Phosphoric Acid from Israel, 52 Fed.Reg. 25,447, 25,448-49, 25,452 (Dep’t Comm.1987); Final Affirmative Countervailing Duty Determination and Countervailing Duty Order; Certain Frest (sic) Cut Flowers from Ecuador, 52 Fed.Reg. 1,361, 1,364, 1,366-67 (Dep’t Comm.1987). The Court finds not only is Commerce’s utilization of the Crédit National equipment loan rate consistent with its past practice, but it also is consistent with the requirements established in the Proposed Regulations. Second, the Court rejects Inland Steel’s contention the Crédit National equipment loan rates cannot be used in calculating a benchmark interest rate because those loans are specific, and thus violate the Proposed Regulations’ condition that loans made available under government programs that are “deemed to be selective” cannot be used in calculating a benchmark interest rate. Proposed Regulations, 54 Fed.Reg. at 23,381 (to be codified at 19 C.F.R. § 355.44(b)(7)). This matter is discussed more fully below. See infra Part I.F. Finally, the Court rejects Inland Steel’s assertion that Commerce improperly utilized the Crédit National equipment loan rates in calculating a benchmark interest rate based on its determination the Crédit National rates “reflect the cost of corporate long-term borrowing”, Final Determination, 58 Fed.Reg. at 37,314, is an inappropriate basis for the selection of a benchmark interest rate. The Court notes the Proposed Regulations establish a two-track approach to selecting a benchmark interest rate, differentiating between calculating a company-specific benchmark rate and a country-wide benchmark rate. See Proposed Regulations, 54 Fed.Reg. at 23,380 (to be codified at 19 C.F.R. § 355.44(b)(4)(i)-(iii) (providing for the calculation of a company-specific benchmark interest rate based on a loan taken out, or a debt obligation issued, “by the firm receiving the government loan”); § 355.44(b)(4)(iv)-(v) (providing for the calculation of a country-wide benchmark interest rate based on “[t]he national” long-term fixed or variable interest rate “in the country in question”)). Because “Usinor Sacilor did not report its actual cost for long-term fixed-rate debt”, Preliminary Determination, 57 Fed. Reg. at 57,787, Commerce calculated a benchmark interest rate based on the country-specific provisions set out in the Proposed Regulations. Contrary to plaintiffs’ contention Commerce improperly selected Crédit National’s equipment loan rate as a benchmark based on its observation those rates “reflect the cost of corporate long-term borrowing”, the Court finds this is the type of consideration the Proposed Regulations intended Commerce to undertake. As plaintiffs note “the very purpose of selecting a benchmark interest rate is to estimate the loan recipient’s alternative (unsubsidized) cost of loan capital.” (Pis.’ Br. at 35.) The Court observes that in determining the Crédit National equipment loan rates “reflect the cost of corporate long-term borrowing”, Commerce is complying with the Proposed Regulations ’ direction that a country-specific rate be utilized where a company-specific rate is unavailable. Accordingly, the Court rejects plaintiffs’ challenges and finds Commerce’s use of Crédit National’s equipment loan rates as the benchmark interest rate in evaluating whether the FDES loans consolidated in 1990 were countervailable is supported by substantial evidence on the record and is otherwise in accordance with law. E. Benefits Received by Usinor Sacilor From CFDI Loans Plaintiffs next contest Commerce’s calculation of the benefits conferred upon Usinor Sacilor by loans issued by the Caisse Francaise de Developpement Industriel (“CFDI”). Plaintiffs raise four specific objections concerning Commerce’s actions with respect to this portion of the investigation. 1. Commerce’s Selection of A[ ] to Calculate the Benefits Conferred Upon Usinor Sacilor The first objection raised by plaintiffs asserts Commerce improperly selected [ ]. According to plaintiffs, Commerce calculated the benefits certain CFDI loans conferred upon Usinor Sacilor using its [ ], in both the France Bismuth investigation and the Preliminary Determination. Plaintiffs assert Commerce’s application of its [ ] departs without any explanation from its prior methodology, and therefore must be remanded because “[w]hile the Department is permitted to change its methodology, it may not apply an utterly new methodology, which could not possibly have been anticipated during the investigation, without explaining why.” (Pis.’ Br. at 41 (footnote omitted).) The defendant responds Commerce properly analyzed the CFDI loans given the record evidence. According to the defendant, in analyzing the CFDI loans, Commerce “applied [ ]” because “Commerce was able to identify and verify [ ], [and] it would have been inappropriate for Commerce to use [ ].” (Def.’s Br. at 72, 73.) Defendant also responds to plaintiffs’ assertion that Commerce acted inconsistently by [ ] in the France Bismuth investigation and not in the investigation presently under review. According to the defendant, “Commerce was unable to [ ] [in the France Bismuth investigation] because ‘respondents did not provide legible repayment schedules.’ ” (Id. at 73.) The Court rejects plaintiffs’ contention Commerce improperly applied its [ ] in measuring the eountervailable benefits conferred on Usinor Sacilor by the CFDI loans. While plaintiffs note Commerce applied its [ ] in the France Bismuth investigation and the Preliminary Determination, they fail to note Commerce [ ] because “respondents did not provide legible repayment schedules” for the CFDI loans. See Final Determination Concurrence Memorandum, Def.App. Tab 1