ITC Reaffirms Material Injury to U.S. Silicon Metal Industry; Imports from Bosnia and Herzegovina, Iceland, and Kazakhstan Subject to AD/CVD Duties up to 160%

WASHINGTON, March 24, 2021 /PRNewswire/ -- 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.

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.

SOURCE Globe Specialty Metals / Mississippi Silicon

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