U.S. Silicon Metal Producers Welcome Duties on Unfairly Traded Silicon Metal Imports From Bosnia and Herzegovina, Iceland
December 09 2020 - 4:30PM
Globe Specialty Metals, Inc. (“GSM”), a subsidiary of Ferroglobe
PLC (NASDAQ: GSM), and Mississippi Silicon LLC (“MS”), together
representing the majority of American silicon metal production,
welcomed news on December 8th that the U.S. Department of Commerce
("Commerce") will impose preliminary duties of up to 47.54% on all
silicon metal imports from Iceland and Bosnia and Herzegovina.
This announcement is the latest development in ongoing
investigations of unfairly-traded silicon metal imports from Bosnia
and Herzegovina, Iceland, Malaysia and Kazakhstan and closely
follows an announcement that Commerce will impose preliminary
duties up to 120% on all silicon metal import from Kazakhstan. In
August, the U.S. International Trade Commission (“ITC”)
preliminarily determined that imports from all four countries are a
cause of material injury to the U.S. industry.
“The fact that suppliers in Bosnia and Herzegovina and Iceland
have distorted the market has made it difficult for us to compete,”
said Marco Levi, Chief Executive Officer of GSM’s parent,
Ferroglobe. “Like the duties recently imposed on imports from
Kazakhstan, these duties will level the playing field and help
restore real, honest competition. We appreciate the diligent
efforts by the Commerce Department to see that the trade rules are
followed.”
“The Commerce Department’s actions to address unfairly-traded
imports from Bosnia and Herzegovina and Iceland come as good news
to our business, our workers, and our entire industry,” said Eddie
Boardwine, Chief Operations Officer of MS. “We greatly appreciate
the government’s efforts to stop unfair trade practices and look
forward to seeing conditions in the U.S. market reflect free and
fair trade of silicon metal.”
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 this announcement, preliminary determinations will be
announced in the Malaysia investigation on January 27, 2021.
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.
About Globe Specialty
Metals
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.
INVESTOR CONTACT:Gaurav
MehtaExecutive Vice President - Investor
Relationsinvestor.relations@ferroglobe.com
MEDIA CONTACT:Cristina Feliu
RoigExecutive Director – Communications & Public
Affairscorporate.comms@ferroglobe.com
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