Globe Specialty Reports Higher Silicon Metal Shipments and Prices

Globe Specialty Metals Inc of New York, NY has reported a net income to US$15.1 million on net sales of US$194.7 million for its third quarter, the three months ended March 31, 2015, compared with a net income of US$10.3 million on sales of US$195.8 million in the corresponding period of 2014. The company’’s shipments of silicon and silicon-based alloys decreased 6.3% to 69,234 tonnes and the average selling price increased 5.4% to US$2,520/tonne. Silicon metal shipments increased 4.8% to 38,285 tonnes and the average selling price increased 5.1% to US$2,934/tonne. Shipments of silicon-based alloys decreased 17% to 30,949 tonnes while the average selling price was essentially flat at US$2,008/tonne. Jeff Bradley, Globe’s CEO, said, “During the quarter we posted a strong incremental performance driven by earnings growth from a continued focus on overall cost controls. We have also continued to progress our proposed business combination with Grupo FerroAtlantica, which will allow us to further capitalize on fast -growing end-markets such as automotive and solar in the U.S. and abroad, while continuing to reduce our costs and drive value for our shareholders.” The transaction is subject to customary closing conditions, including Globe shareholder approval and receipt of regulatory approvals in the U.S. And other jurisdictions. The competition authorities in Germany have cleared the transaction and, after discussion with the competition authorities in Spain, the parties have determined that a filing is not required in Spain. The regulatory process continues in the U.S. And South Africa. Canadian Metals Inc of Montreal, QC has hired BBA Inc of Mont-Saint-Hilaire, QC to undertake an assessment study for selecting a suitable industrial site in Quebec for the production of ferrosilicon. At the end of 2013, the company announced that its Langis quartzite deposit in Quebec contained between 15 and 28 million tonnes at 98.1% to 99.20% SiO2.

Volume 29 issue 10

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