WASHINGTON

,

Jan. 27, 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 welcomed news that the U.S. Department of Commerce (“Commerce”) will impose preliminary duties of 7.41% on all silicon metal imports from

Malaysia

.

Last August, the U.S. International Trade Commission (ITC)

preliminarily determined

that imports from

Malaysia

, along with

Bosnia and Herzegovina

,

Iceland

, and

Kazakhstan

, are a cause of material injury to the U.S. industry. On

November 30, 2020

,

Commerce subsequently announced

duties of 120% on all silicon metal imports from

Kazakhstan

, and on

December 8, 2020

,

announced

duties up to 47.54% on imports from

Bosnia and Herzegovina

and

Iceland

. The Commerce and ITC investigations are now in their final phases.

“Today’s announcement is good news for our industry,” said

Eddie Boardwine

, Chief Operations Officer of MS. “The margins announced reflect unfair pricing by Malaysian producers that has distorted, and seriously harmed, the U.S. silicon metal market. Commerce’s decision creates significant risk to importers, whose final duty obligation will remain uncertain for several years. We appreciate the government’s efforts to respond to 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 the four aforementioned countries from selling dumped and unfairly subsidized silicon metal imports into

the United States

. In their petitions, the companies asked Commerce and the ITC to impose duties to offset these unfair trade practices.

“Unfairly-traded silicon metal from countries like

Malaysia

has long been a challenge for our industry – today’s announcement is another welcome step toward leveling the playing field in the U.S. market,” said

Marco Levi

, Chief Executive Officer of GSM’s parent, Ferroglobe. “We appreciate the diligent efforts by the Commerce Department in this investigation.”

Final determinations will be announced in the

Kazakhstan

,

Iceland

, and

Bosnia and Herzegovina

investigations on

February 21, 2021

. Commerce’s final determination in the

Malaysia

investigation will be announced in early June, 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 highly 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 the agency’s

press release.




For more on Commerce’s preliminary determination in the

Bosnia and Herzegovina

and

Iceland

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

,

[email protected]

, 202-445-9858.

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SOURCE Globe Specialty Metals / Mississippi Silicon