Globe Specialty Metals and Mississippi Silicon File Unfair T
WASHINGTON, June 30, 2020 /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 petitioned the U.S. Department of Commerce ("Commerce") and the U.S. International Trade Commission ("ITC") 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.
The antidumping (AD) and countervailing duty (CVD) petitions outline deliberate practices to sell silicon metal at less than fair value and allege dumping margins ranging from 54% to 85% as well as numerous unfair subsidies. The companies seek relief in the form of special duties on all associated imports to offset unfair pricing and unfair subsidies.
"Over the past three years, unfairly priced and subsidized imports have harmed American producers," said Marco Levi, Chief Executive Officer of GSM's parent, Ferroglobe PLC. "This is precisely what the ITC found in May when it continued anti-dumping duties on silicon metal imports from Russia."
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 is also a critical raw material used 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 purified form of silicon used in solar cells and semi-conductors.
"Our companies can compete with anyone in the world, as long as we're all playing by the same rules," said Eddie Boardwine, Chief Operations Officer of MS. "Fortunately, our trade laws are set up to support fair trade. On behalf of our employees, customers, and colleagues, we look forward to seeing those laws enforced and those who violate our laws held accountable."
The next steps in the process will be the initiation of Commerce antidumping and countervailing duty investigations by July 20, 2020, and a preliminary ITC determination by August 14, 2020.
About GSM and MS
Globe Specialty Metals, Inc. is a wholly-owned U.S. subsidiary of Ferroglobe PLC, a leading global producer of silicon metal, silicon-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 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.
Contact Elizabeth Heaton, [email protected], 202-445-9858
View original content:http://www.prnewswire.com/news-releases/globe-specialty-metals-and-mississippi-silicon-file-unfair-trade-cases-against-bosnia-and-herzegovina-iceland-malaysia-and-kazakhstan-301085915.html
SOURCE Globe Specialty Metals / Mississippi Silicon