09.03.2017, 13:14
Globe Specialty Metals, Inc accused Kazakhstan, Brazil, Australia and Norway in unfair traded silicon metal
OREANDA-NEWS. Globe Specialty Metals, Inc., a subsidiary of Ferroglobe PLC, (NASDAQ:GSM) (“GSM”) today petitioned the U.S. Department of Commerce (“Commerce”) and the U.S. International Trade Commission (“ITC”) to stop and provide relief from unfairly traded silicon metal imports from Brazil, Kazakhstan, Norway and Australia, said NASDAQ. In petitions filed with Commerce and the ITC, GSM outlined deliberate practices by producers from these four countries to sell silicon metal at artificially low prices in the U.S., resulting in severe damage to the competitiveness of U.S.-based companies and the loss of good U.S. manufacturing jobs.
“The facts clearly show that these companies are relying on unfair trade and subsidy practices in order to sell their products into the U.S. market at artificially low prices. By doing so, they violate international trade law and gain an unfair advantage over U.S.-based companies, resulting in the loss of American manufacturing jobs and discouraging investment in the U.S.,” said Jeff Watson, Executive Vice President of GSM. “Through this petition, we are seeking to restore a level playing field so that competition in our industry is fair and all companies have a chance to win. A favorable decision on this petition will be critical to GSM’s well-being as a company and our ability to compete, return to growth, invest in our facilities and create jobs right here in the U.S.”
Through this petition, GSM is asking Commerce and the ITC to enforce existing trade laws and restore the integrity of the open, rules-based trade environment in the U.S. Specifically, the petition alleges that imports from Brazil, Norway and Australia, are being sold at artificially low prices, with alleged dumping margins ranging as high as 134.9 per cent for Brazil, 45.7 percent for Norway and 52.8 percent for Australia. The petition further alleges that producers in Brazil, Kazakhstan and Australia have received government subsidies that have given them an unfair advantage and artificially low input costs. This includes subsidized electricity – the primary input cost for silicon metal producers. Additionally, the petition alleges that Brazilian and Kazakh producers receive government subsidies through various tax incentives. GSM is asking Commerce to impose antidumping and countervailing duties to offset the impact of these unfair trade practices on the U.S. silicon metal industry and its workers.
“The facts clearly show that these companies are relying on unfair trade and subsidy practices in order to sell their products into the U.S. market at artificially low prices. By doing so, they violate international trade law and gain an unfair advantage over U.S.-based companies, resulting in the loss of American manufacturing jobs and discouraging investment in the U.S.,” said Jeff Watson, Executive Vice President of GSM. “Through this petition, we are seeking to restore a level playing field so that competition in our industry is fair and all companies have a chance to win. A favorable decision on this petition will be critical to GSM’s well-being as a company and our ability to compete, return to growth, invest in our facilities and create jobs right here in the U.S.”
Through this petition, GSM is asking Commerce and the ITC to enforce existing trade laws and restore the integrity of the open, rules-based trade environment in the U.S. Specifically, the petition alleges that imports from Brazil, Norway and Australia, are being sold at artificially low prices, with alleged dumping margins ranging as high as 134.9 per cent for Brazil, 45.7 percent for Norway and 52.8 percent for Australia. The petition further alleges that producers in Brazil, Kazakhstan and Australia have received government subsidies that have given them an unfair advantage and artificially low input costs. This includes subsidized electricity – the primary input cost for silicon metal producers. Additionally, the petition alleges that Brazilian and Kazakh producers receive government subsidies through various tax incentives. GSM is asking Commerce to impose antidumping and countervailing duties to offset the impact of these unfair trade practices on the U.S. silicon metal industry and its workers.
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