Globe Specialty Metals (GSM) Reports Incident at Bridgeport Plant; Sees $1M-$2M Pre-Tax Charge
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Globe Specialty Metals, Inc. (Nasdaq: GSM) reports a fire occurred at its Bridgeport, Alabama ferrosilicon plant and, as a result, the plant in not currently producing material. No one was hurt in the incident, however, replacing and repairing the damaged equipment and resuming production could take until mid to late January.
We expect property insurance to cover the cost of repairing and replacing equipment and business interruption insurance to cover lost profits.
Due to our insurance deductible and exclusion period this incident is expected to reduce our pre-tax profits by $1 million to $2 million.
We expect property insurance to cover the cost of repairing and replacing equipment and business interruption insurance to cover lost profits.
Due to our insurance deductible and exclusion period this incident is expected to reduce our pre-tax profits by $1 million to $2 million.
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