U.S. International Trade Commission Confirms Malaysian Imports Have Injured U.S. Silicon Metal Industry; U.S. Industry Applauds Antidumping Order
July 29 2021 - 9:00AM
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 July 28th, that 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 (“DOC”) 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,
the DOC 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 antidumping/countervailing duty 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.”
Silicon metal is an important element added to
various grades of aluminum alloys used in performance applications
such as automotive components and aerospace products. Silicon metal
also is a critical raw material in the production of silicone
compounds used in numerous products including sealants, adhesives,
rubber gaskets, caulking compounds, lubricants, food additives,
coatings, polishes, and cosmetics, among others. In addition,
silicon metal is the base material in the production of
polysilicon, a highly purified form of silicon used in solar cells
and semi-conductors.
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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