Ferroglobe Welcomes Canada Border Services Agency’s Preliminary Determination of Anti-Dumping and Subsidy Duties Against Imports of Silicon Metal
LONDON, July 6, 2017 (GLOBE NEWSWIRE) — Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or the “Company”) welcomes the Canada Border Services Agency’s (“CBSA”) preliminary determinations on dumping and subsidizing duties with respect to certain silicon metal imports into Canada from Brazil, Kazakhstan, Laos, Malaysia, Norway and Thailand.
The CBSA initiated its investigation in response to a complaint filed earlier this year by the sole Canadian producer of silicon metal, Quebec Silicon Limited Partnership, and QSIP Canada ULC, a subsidiary of Ferroglobe.
The CBSA determined margins of dumping of up to 135.3% for silicon metal from the six countries and an amount of subsidy of up to 23.5% for silicon metal imports from Brazil, Kazakhstan, Malaysia, Norway and Thailand. The resulting provisional duties go into effect immediately and apply to silicon metal imported into Canada as of July 5, 2017.
Based on import data from Statistics Canada, for 2016, at least 62% of silicon metal imports into Canada are now subject to provisional duties of over 70%.
Ferroglobe’s Executive Chairman, Javier Lopez Madrid, commented that, “This case demonstrates our commitment to protecting our investments and our workers so that they can enjoy a stable work environment and fair wages and we can compete with foreign producers on a level playing field. We are pleased with this outcome and look forward to working with the CBSA as they continue the investigation over the coming months.” Mr. Lopez Madrid added: “we remain confident of a favorable outcome in the similar ongoing investigation in the U.S., where unfair trade practices have likewise impacted the market.”
The CBSA will make a final dumping and subsidy determination by October 3, 2017, and the Canadian International Trade Tribunal will make a final injury determination by November 2, 2017.
The CBSA’s full statement regarding the preliminary determination may be accessed at: http://www.cbsa-asfc.gc.ca/sima-lmsi/i-e/sm22017/sm22017-np-eng.html
Ferroglobe PLC is one of the world’s leading suppliers of silicon metal, silicon-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. The Company is based in London.
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