Ferroglobe (GSM) Announces ITC Reaffirms Material Injury to U.S. Silicon Metal Industry

March 24, 2021 5:44 PM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

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 announced the U.S. International Trade Commission's (ITC) final 5-0 vote reaffirming that unfairly traded silicon metal imports from Bosnia and Herzegovina, Iceland, and Kazakhstan are materially injuring the U.S. industry.

Today's decision clears the way for the U.S. Department of Commerce (Commerce) to issue final orders imposing antidumping (AD) and countervailing (CVD) duties on imports from these countries for at least five years.

"Certain foreign producers have been dumping unfairly traded goods – harming U.S. businesses and workers – for far too long,"," said Marco Levi, Chief Executive Officer of GSM's parent, Ferroglobe PLC. "We thank the ITC for its work on this case and its commitment to fair competition. Today's decision will bring a much-needed and long-overdue level playing field to the silicon metal market at a critical time."

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, setting four cases in motion.

Today's vote finalizes three of the four cases. A final determination in Commerce's Malaysia investigation will be announced in early June, 2021, after which the ITC will issue a separate determination in that case. On January 27, 2021, Commerce announced preliminary duties of 7.41% on all imports of silicon metal from Malaysia.

"U.S. manufacturers of all sizes can be harmed by imports that engage in unfair pricing practices or receive improper subsidies, as the ITC has found," said Eddie Boardwine, Chief Operations Officer of MS. "Today's decision is a shot in the arm not only for our company but for our employees, their families, and their communities."

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.For more on Commerce's preliminary determination in the Malaysia investigation, see the agency's fact sheet.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Litigation