Globe Specialty Metals Announces Formation of Domestic Trade Coalition
October 28 2019 - 9:26AM
Ferroglobe PLC (NASDAQ: GSM) today announced that its U.S.
subsidiary Globe Specialty Metals, Inc. (“Globe”) has formed an ad
hoc trade coalition in the United States with Mississippi Silicon
LLC. The two U.S. merchant producers of silicon metal have
agreed to form a coalition to address international trade
regulatory issues related to unfair import competition which affect
both companies.
Going forward, Globe and Mississippi Silicon
have agreed that they will work together in opposing revocation of
the current antidumping duty order on silicon metal from Russia in
the full sunset review of the order that the U.S. International
Trade Commission (ITC) recently determined to conduct.
See
https://www.usitc.gov/trade_remedy/731_ad_701_cvd/investigations/2019/Silicon
metal from Russia /Full Review/explanation_of_adq.pdf. The ITC is
expected to issue the schedule for the sunset review soon.
The two companies are concerned about the
serious adverse impact that unfairly traded imports have on the
U.S. silicon metal market and the domestic silicon metal
industry.
About Ferroglobe
Through its operating subsidiaries, Ferroglobe
PLC is 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. The Company is based in
London. For more information, visit
http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of U.S. securities laws.
Forward-looking statements are not historical facts but are based
on certain assumptions of management and describe Ferroglobe’s
future plans, strategies and expectations. Forward-looking
statements often use forward-looking terminology, including words
such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”,
“potential”, “predicts”, “seek”, “will” and words of similar
meaning or the negative thereof.
Forward-looking statements contained in this
press release are based on information currently available to
Ferroglobe and assumptions that management believe to be
reasonable, but are inherently uncertain. As a result, Ferroglobe’s
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements, which are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond Ferroglobe’s control.
Forward-looking financial information and other
metrics presented herein represent Ferroglobe’s goals and are not
intended as guidance or projections for the periods referenced
herein or any future periods.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake any
obligation to update publicly any of the forward-looking statements
contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statements,
which are made only as of the date of this press release.
CONTACT: Gaurav MehtaEVP – Investor Relations
Email: investor.relations@ferroglobe.com
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