Globe Specialty Metals and Mississippi Silicon File Unfair Trade Cases Against Bosnia and Herzegovina, Iceland, Malaysia, and...
June 30 2020 - 9:20AM
Globe Specialty Metals, Inc., a subsidiary of Ferroglobe PLC
(NASDAQ:GSM) (“GSM”), and Mississippi Silicon LLC (“MS”),
collectively representing the majority of American silicon metal
production, today petitioned the U.S. Department of Commerce
(“Commerce”) and the U.S. International Trade
Commission (“ITC”) to stop silicon metal producers in Bosnia
and Herzegovina, Iceland, Malaysia and Kazakhstan from selling
dumped and unfairly subsidized silicon metal imports into the
United States.
The antidumping (AD) and countervailing duty
(CVD) petitions outline deliberate practices to sell silicon metals
at less than fair value and allege dumping margins ranging from 54%
to 85% as well as numerous unfair subsidies. The companies seek
relief in the form of special duties on all associated imports to
offset unfair pricing and unfair subsidies.
“Over the past three years, unfairly priced and
subsidized imports have harmed American producers,” said Marco
Levi, Chief Executive Officer of GSM’s parent, Ferroglobe PLC.
“This is precisely what the ITC found in May when it continued
anti-dumping duties on silicon metal imports from Russia.”
Silicon metal is an important element added to
various grades of aluminum alloys used in performance applications
such as automotive components and aerospace products. Silicon metal
is also a critical raw material used in the production of silicone
compounds used in numerous products including sealants, adhesives,
rubber gaskets, caulking compounds, lubricants, food additives,
coatings, polishes and cosmetics, among others. In addition,
silicon metal is the base material in the production of
polysilicon, a purified form of silicon used in solar cells and
semi-conductors.
“Our companies can compete with anyone in the
world, as long as we’re all playing by the same rules,” said Eddie
Boardwine, Chief Operations Officer of MS. “Fortunately, our trade
laws are set up to support fair trade. On behalf of our employees,
customers, and colleagues, we look forward to seeing those laws
enforced and those who violate our laws held accountable.”
The next steps in the process will be the
initiation of Commerce antidumping and countervailing duty
investigations by July 20, 2020, and a preliminary ITC
determination by August 14, 2020.
About Globe Specialty
Metals
Globe Specialty Metals, Inc. is a
wholly-owned U.S. subsidiary of Ferroglobe PLC, a
leading global producer of silicon metal, silicon-based specialty
alloys, and ferroalloys serving a customer base across the globe in
dynamic and fast-growing end markets, such as solar, automotive,
consumer products, construction and energy. Through its
subsidiaries, GSM owns metallurgical manufacturing facilities and
other operations in Ohio, West Virginia, New York, Alabama,
Indiana, Florida and Kentucky.
INVESTOR CONTACT:Gaurav Mehta,
EVP - Investor Relationsinvestor.relations@ferroglobe.com
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Apr 2023 to Apr 2024