WASHINGTON, Aug. 13, 2020 /PRNewswire/ -- 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 announced that the U.S. International Trade Commission
("ITC") will continue investigating the harm caused by imports of
silicon metal into the United
States. The announcement comes after Commissioners voted 5-0
that there is a "reasonable indication" that silicon metal imports
from Bosnia and Herzegovina,
Iceland, Malaysia and Kazakhstan are materially injuring the U.S.
industry.
The ITC's preliminary decision follows a July 21, 2020 announcement that the U.S.
Department of Commerce ("DOC") would investigate unfair pricing and
subsidies of these products.
"Unfair and illegal trade practices can have devastating
effects, not just on the businesses and workers directly and most
immediately impacted – the local communities and the entire economy
also suffer from the fallout," said Marco
Levi, Chief Executive Officer of GSM's parent, Ferroglobe.
"We applaud the ITC for taking this step toward restoring fair
competition to the U.S. silicon metal market."
On June 30, 2020, GSM and MS filed
petitions 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. In their petitions, the companies asked the
DOC and ITC to impose duties on Bosnia
and Herzegovina, Iceland
and Malaysia to offset unfair
pricing and to impose duties on Kazakhstan to offset unfair subsidies.
Now that the ITC has made its initial determination, duties
could be imposed on imports from Kazakhstan as early as September 2020, and on imports from Bosnia and Herzegovina, Iceland and Malaysia as early as December 2020.
"Today's vote reaffirms what U.S. producers of silicon metal and
their workers have known for years – that our industry is suffering
as a result of dumped and subsidized imports," 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 applaud the
ITC for its commitment to addressing harmful trade practices and
look forward to seeing a level playing field restored."
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 also is a critical
raw material 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.
For more on the petitions, see the companies' press
release.
For more on the ITC's investigation, see the
Commission's press release.
For more on the DOC's investigation, see the agency's press
release.
About GSM and MS
Globe Specialty Metals, Inc. is a
wholly-owned U.S. subsidiary of Ferroglobe PLC, one
of the world's leading suppliers of silicon metal, silicon- and
manganese- 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.
Mississippi Silicon LLC is a partnership between Rima Holding
USA, Inc. and Clean Tech I LLC.
Rima Holding USA Inc. is the
majority owner of MS and also is associated with Rima Industrial
S/A, a leading ferroalloy and non-ferrous metals producer in
Brazil. Clean Tech I LLC is a
partnership composed of strategic investors and financial advisers.
MS's manufacturing operation is based in Burnsville, MS, and its silicon metal serves
customers throughout the United
States.
For more information,
visit http://investor.ferroglobe.com and https://www.missilicon.com/.
Contact Elizabeth Heaton,
elizabeth@EAHstrategiesLLC.com, 202-445-9858.
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content:http://www.prnewswire.com/news-releases/us-silicon-metal-producers-itc-finds-harm-caused-by-imports-from-bosnia-and-herzegovina-iceland-malaysia-and-kazakhstan-301112181.html
SOURCE Globe Specialty Metals / Mississippi Silicon