Predict your next investment

Corporation
INDUSTRIAL | Basic Materials / Metals
glbsm.com

See what CB Insights has to offer

Founded Year

2006

Stage

Line of Credit | Alive

About Globe Specialty Metals

Globe Specialty Metals produces silicon metal and silicon-based specialty alloys for a variety of industrial and consumer products.

Globe Specialty Metals Headquarter Location

250 West 34th Street, 1 Penn Plaza Suite 4125

New York, New York, 10119,

United States

212-798-8122

Latest Globe Specialty Metals News

U.S. Department of Commerce Imposes Final Duties on All Silicon Metal Imports From Malaysia, US Producers Report

Jun 17, 2021

A WASHINGTON, June 17, 2021 /PRNewswire/ -- Globe Specialty Metals, Inc., a subsidiary of Ferroglobe PLC (NASDAQ:GSM) ("GSM"), and Mississippi Silicon LLC ("MS"), together representing the majority of American silicon metal production, today reported 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. For more on the petitions, see the companies' press release . For more on Commerce's final determination in the Bosnia and Herzegovina, Iceland, and Kazakhstan investigations, see the agency's fact sheet . For more on the ITC's final determination, see the Commission'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. For more information, visit http://investor.ferroglobe.com  and  https://www.missilicon.com/ . Contact Elizabeth Heaton, elizabeth@EAHstrategiesLLC.com , 202-445-9858. View original content: http://www.prnewswire.com/news-releases/us-department-of-commerce-imposes-final-duties-on-all-silicon-metal-imports-from-malaysia-us-producers-report-301315094.html

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.