U.S. Silicon Metal Producers Welcome Duties on Unfairly-Traded Silicon Metal Imports from Bosnia and Herzegovina, Iceland
On Dec. 8, 2020, U.S. manufacturers Globe Specialty Metals (Ferroglobe PLC, NASDAQ:GSM) and Mississippi Silicon announced that the U.S. Department of Commerce will impose preliminary duties of up to 47.54% on silicon metal imports from Iceland and Bosnia and Herzegovina. This decision follows ongoing investigations concerning unfairly traded imports from various countries, including Kazakhstan. The measures aim to protect U.S. industry and restore fair competition in the silicon metal market, crucial for applications in automotive, aerospace, and solar industries.
- Preliminary duties of up to 47.54% on imports from Iceland and Bosnia will support U.S. silicon metal producers.
- Government action reflects efforts to ensure fair trade and protect domestic industries from unfair pricing.
- None.
WASHINGTON, Dec. 8, 2020 /PRNewswire/ -- American manufacturers 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 welcomed news that the U.S. Department of Commerce ("Commerce") will impose preliminary duties of up to
Today's announcement is the latest development in ongoing investigations of unfairly-traded silicon metal imports from Bosnia and Herzegovina, Iceland, Malaysia and Kazakhstan and closely follows an announcement that Commerce will impose preliminary duties up to
"The Commerce Department's action to address unfairly-traded imports from Bosnia and Herzegovina and Iceland come as good news to our business, our workers, and our entire industry," said Eddie Boardwine, Chief Operations Officer of MS. "We greatly appreciate the government's efforts to stop unfair trade practices and look forward to seeing conditions in the U.S. market reflect free and fair trade of silicon metal."
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. In their petitions, the companies asked the Commerce and ITC to impose duties on to offset unfair pricing and unfair subsidies.
"The fact that suppliers in Bosnia and Herzegovina and Iceland have tilted the playing field has made it really difficult for us to even compete," said Marco Levi, Chief Executive Officer of GSM's parent, Ferroglobe. "Like the duties recently imposed on imports from Kazakhstan, these duties will level the playing field and restore real, honest competition. We appreciate the diligent efforts by the Commerce Department to see that our trade rules are followed."
Following today's announcement, preliminary determinations will be announced in the Malaysia investigation on January 27, 2021.
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 purified form of silicon used in solar cells and semi-conductors.
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.
For more on Commerce's preliminary determination in the Kazakhstan investigation, see Globe's and Mississippi Silicon's press release.
About GSM and MS
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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SOURCE Globe Specialty Metals / Mississippi Silicon
FAQ
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