WASHINGTON, Feb. 23, 2021 /PRNewswire/ -- American
manufacturers Globe Specialty Metals, Inc., a subsidiary of
Ferroglobe PLC (NASDAQ:GSM) ("GSM"), and Mississippi Silicon LLC
("MS"), representing the majority of American silicon metal
production, today applauded news that the U.S. Department of
Commerce ("Commerce") will impose final antidumping (AD) and
countervailing (CVD) duties of up to 160% on silicon metal imports
from Bosnia and Herzegovina,
Iceland, and Kazakhstan.
Next, the U.S. International Trade Commission (ITC) will vote
whether to affirm its preliminary decision that these imports have
injured the U.S. industry. Assuming the outcome is affirmative,
formal orders will be published shortly thereafter. The ITC is
scheduled to vote on March 24.
"Unfair trade practices have devastating effects, not just on
the businesses and workers most directly impacted – families, local
communities, and the entire economy also get caught in the
undertow," said Eddie Boardwine,
Chief Operations Officer of MS. "We appreciate Commerce's efforts
to support American manufacturing, and look forward to seeing fair
competition again in the U.S. 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
Commerce and ITC to impose duties on to offset unfair pricing and
unfair subsidies.
Since the initial filing, investigations into all four countries
have been ongoing. Most recently, on January
27, 2021, Commerce announced duties of 7.41% on all imports
of silicon metal from Malaysia. A
final determination in the Malaysia investigation will be announced in
early June, 2021.
"U.S. businesses, small and large, routinely face challenges
from imports that engage in unfair pricing practices or receive
improper subsidies – even the most efficient and agile industry,
like ours, can be injured if we're forced to compete with one hand
tied behind our back," said Marco
Levi, Chief Executive Officer of GSM's parent, Ferroglobe.
"Fortunately, the trade laws are crafted to support a level playing
field where everyone can compete fairly."
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.
For more
on Commerce's preliminary determination in the Kazakhstan investigation, see the agency's
press release.
For more on Commerce's preliminary
determination in the Bosnia and
Herzegovina and Iceland
investigations, see the agency's press release.
For more
on Commerce's preliminary determination in the Malaysia investigation, see the agency's fact
sheet.
About Globe Specialty Metals and Mississippi Silicon
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.
Globe and Mississippi Silicon are represented in these
proceedings by Adam H. Gordon, Esq.
of The Bristol Group PLLC.
For more information,
visit http://investor.ferroglobe.com and https://www.missilicon.com/.
Contact Elizabeth Heaton,
elizabeth@EAHstrategiesLLC.com, 202-445-9858.
View original
content:http://www.prnewswire.com/news-releases/commerce-responds-to-unfair-trade-practices-with-import-duties-on-silicon-metal-from-bosnia-and-herzegovina-iceland-kazakhstan-us-industry-applauds-decision-301233974.html
SOURCE Globe Specialty Metals / Mississippi Silicon