WASHINGTON, March 24, 2021 /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
the U.S. International Trade Commission's (ITC) final 5-0
vote reaffirming that unfairly traded silicon metal imports
from Bosnia and Herzegovina,
Iceland, and Kazakhstan are materially injuring the U.S.
industry.
Today's decision clears the way for the U.S. Department of
Commerce (Commerce) to issue final orders imposing antidumping (AD)
and countervailing (CVD) duties on imports from these countries for
at least five years.
"Certain foreign producers have been dumping unfairly traded
goods – harming U.S. businesses and workers – for far too long,","
said Marco Levi, Chief Executive
Officer of GSM's parent, Ferroglobe PLC. "We thank the ITC for its
work on this case and its commitment to fair competition. Today's
decision will bring a much-needed and long-overdue level playing
field to the silicon metal market at a critical time."
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, setting four cases in motion.
Today's vote finalizes three of the four cases. A final
determination in Commerce's Malaysia investigation will be announced in
early June, 2021, after which the ITC will issue a separate
determination in that case. On January 27,
2021, Commerce announced preliminary duties of 7.41% on all
imports of silicon metal from Malaysia.
"U.S. manufacturers of all sizes can be harmed by imports that
engage in unfair pricing practices or receive improper subsidies,
as the ITC has found," said Eddie
Boardwine, Chief Operations Officer of MS. "Today's decision
is a shot in the arm not only for our company but for our
employees, their families, and their communities."
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.
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SOURCE Globe Specialty Metals / Mississippi Silicon