U.S. Department of Commerce Imposes Final Duties on All Silicon Metal Imports From Malaysia
June 21 2021 - 08:30AM
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,
reported on June 17th that the U.S. Department of Commerce
(“Commerce”) will impose final duties of 12.27% on all silicon
metal imports from Malaysia.
Today’s decision closes out a set of investigations requested by
GSM and MS last June to stop producers in four countries, including
Malaysia, from selling dumped and unfairly subsidized metal imports
into the United States – now, all have resulted in favorable final
rulings. On March 24, 2021, the U.S. International Trade Commission
(“ITC”) unanimously determined that imports from Bosnia and
Herzegovina, Iceland, and Kazakhstan are a cause of material injury
to the U.S. industry. On April 19, 2021, Commerce issued final
antidumping and countervailing duty orders imposing duties as high
as 160% on all imports of silicon metal of Bosnia and Herzegovina,
Iceland, and Kazakhstan.
“Massive subsidies and other unfair trade practices have deeply
hurt U.S. producers and workers over time. Today’s decision is a
welcome step in the right direction to get the market back on
track,” said Marco Levi, Chief Executive Officer of GSM’s parent,
Ferroglobe. “We appreciate the diligent efforts by the Commerce
Department to enforce America’s trade laws and give all players a
chance to compete fairly.”
“Today’s announcement is good news for our industry, our
company, and our workers,” said Eddie Boardwine, Chief Operations
Officer of MS. “The results of this case and the companion cases
should allow American producers to earn a reasonable return, invest
in our operations, and continue to support jobs that pay well and
provide important benefits to our workers, their families, and our
community.”
Following today’s announcement, the ITC will provide an
additional opportunity for comments before making its final
determination. The schedule for these activities has not been
released.
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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