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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ferroglobe PLC    GSM   GB00BYW6GV68

FERROGLOBE PLC

(GSM)
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Globe Specialty Metals and Mississippi Silicon File Unfair Trade Cases Against Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan

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06/30/2020 | 09:21am EDT

MIAMI, June 30, 2020 (GLOBE NEWSWIRE) -- 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 metals 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 Globe Specialty Metals

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.

INVESTOR CONTACT:
Gaurav Mehta, EVP - Investor Relations
investor.relations@ferroglobe.com

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© GlobeNewswire 2020

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Financials (USD)
Sales 2019 1 615 M - -
Net income 2019 -281 M - -
Net Debt 2019 506 M - -
P/E ratio 2019 -0,57x
Yield 2019 -
Capitalization 106 M 106 M -
EV / Sales 2018 0,31x
EV / Sales 2019 0,41x
Nbr of Employees 3 462
Free-Float 42,2%
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Managers
NameTitle
Marco Levi Chief Executive Officer & Director
Francisco Javier López Madrid Executive Chairman
Benoist Ollivier Chief Operating Officer & Deputy CEO
Beatríz García-Cos Muntańola Chief Financial Officer
Juan Villar-Mir de Fuentes Non-Executive Director
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