GSM seeks to add silicon to the list of 301 commodities subject to increased duties

Globe Specialty Metals (Ferroglobe) never gives up. In its latest legal battle, the US silicon metal producer wants to add Chinese silicon metal to President Trump’s Sec. 301 action against Chinese imports. If approved, the measure would add silicon to the list of Chinese products subject to increased duties.

Even through there have been substantial duties, in excess of 140% against imports Chinese silicon, GSM apparently wants to foreclose any future attempts to change or lower the duties.

According to the petition to the USTR, silicon is the primary input used in producing polysilicon, which is used to make high tech products such as semiconductors, integrated circuits, and solar cells. In addition, silicon is used as an alloying agent in the production of aluminum, which is sued in a wide range of applications, including weapon systems and aerospace products.


Globe 301 filing

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GSM reports Q1 sales up 20%, EBITDA of 94M vs. 22M in Q4, reinstates dividend of 6 cents ( 2% yield ).
Average Q1 selling price for SiM was $ 1.25/lb. up 13% from Q4.
Average Q1 selling price for Silicone based alloys was $ .89/lb. up 13% from Q4.
Average Q1 selling price for Maganese based alloys was $ .62/lb. up 2% from Q4.
Stock up 8% after-hours.