WASHINGTON, July 28, 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
confirming that silicon metal imports from Malaysia have materially injured the U.S.
industry.
Following today's decision, the U.S. Department of Commerce
(Commerce) will issue a formal antidumping (AD) duty order covering
all imports from Malaysia for at
least five years.
"U.S. businesses and workers have been unfairly impacted by
Malaysian producers who refuse to abide by the rules of
international trade," said Marco
Levi, Chief Executive Officer of GSM's parent, Ferroglobe
PLC. "I am glad to see our trade laws enforced and thank the ITC
and its staff for their hard work and commitment to these
cases."
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. On January 27,
2021, Commerce announced preliminary duties of 7.41% on all
imports of silicon metal from Malaysia.
Today's vote finalizes the last of the four cases; formal AD/CVD
orders covering imports from Bosnia and
Herzegovina, Iceland, and
Kazakhstan being issued earlier
this year.
"We are very pleased with today's vote, which confirms the
harmful impact Malaysian imports have had in the U.S. market," said
Eddie Boardwine, Chief Operations
Officer of MS. "This decision will allow our company and our
employees to continue investing in our operations, our communities,
and our customers' futures."
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.
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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content:https://www.prnewswire.com/news-releases/us-international-trade-commission-confirms-malaysian-imports-have-injured-us-silicon-metal-industry-us-industry-applauds-antidumping-order-301343560.html
SOURCE Globe Specialty Metals / Mississippi Silicon