Court of Justice 20 November 2025, C-498/24 P (Çolakoğlu Metalurji AŞ and Çolakoğlu Dış Ticaret AŞ v European Commission.)

Also known as

In Cases C-498/24 P and C-499/24 P, Advocate General Norkus opines that Article 2(10)(j) of Regulation (EU) 2016/1036 (the basic regulation) does not oblige the Commission to incorporate foreign currency hedging contracts concluded between private parties into its dumping margin calculations, as such contracts serve solely the internal risk management of the undertakings concerned and have no legal effect on the Commission's established practice of using official exchange rates. The Advocate General reasons that, since the appellants' hedging contracts were denominated in euro/US dollar and the Commission converted export prices directly from euro into Turkish lira without any intermediate US dollar conversion, those contracts were irrelevant to the currency conversion required for a fair comparison between normal value and export price under that provision. Accordingly, the Advocate General proposes that the Court dismiss the fourth ground of appeal in Case C-498/24 P and the sixth ground of appeal in Case C-499/24 P as unfounded.AI