U.S. International Trade Commission Reaffirms Material Injury to the U.S. Silicon Metal Industry — Imports From Bosnia and ...
March 25 2021 - 5:15PM
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 March 24th that 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.
The decision clears the way for the U.S.
Department of Commerce to issue final orders imposing antidumping
and countervailing duties on imports from these countries for at
least five years.
Marco Levi, Chief Executive Officer of GSM's
parent, Ferroglobe commented, "Certain foreign producers have been
dumping unfairly traded goods, harming U.S. businesses and workers
for far too long.” Marco Levi added, "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."
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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