WASHINGTON, Nov. 30, 2020 /PRNewswire/ -- American
manufacturers Globe Specialty Metals, Inc., a subsidiary of
Ferroglobe PLC (NASDAQ:GSM) ("GSM"), and Mississippi Silicon LLC
("MS"), together representing the majority of American silicon
metal production, today welcomed news that the U.S. Department of
Commerce ("Commerce") will impose preliminary duties of 120% on all
silicon metal imports from Kazakhstan.
Today's announcement is part of ongoing investigations of
unfairly-traded silicon metal imports from Bosnia and Herzegovina, Iceland, Malaysia and Kazakhstan. In August, the U.S. International
Trade Commission (ITC) preliminarily determined that imports
from these four countries are a cause of material injury to the
U.S. industry.
"Unfair trade practices by foreign suppliers have been an
ongoing challenge for our industry," said Marco Levi, Chief Executive Officer of GSM's
parent, Ferroglobe. "These duties will facilitate normalization of
the U.S. market as the government responds to unfairly-traded
imports. We appreciate the diligent efforts by the Commerce
Department in this investigation."
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
Commerce and ITC to impose duties on to offset unfair pricing and
unfair subsidies.
Following today's announcement, preliminary determinations will
be announced in the Bosnia and
Herzegovina and Iceland
investigations on December 8, 2020,
and in the Malaysia investigation
on January 27, 2021.
"Today's decision appropriately recognizes the challenges our
industry has faced in recent years as a result of dumped and
subsidized imports," said Eddie
Boardwine, Chief Operations Officer of MS. "We appreciate
the government's efforts to respond to unfair trade practices and
look forward to seeing conditions in the U.S. market improve in the
near future."
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 Commerce's
investigations, 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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SOURCE Globe Specialty Metals / Mississippi Silicon