GSM Almost Sold-Out of Silicon for 2015

Globe Specialty Metals Inc (GSM) of New York, NY has announced a second quarter net income, for the three months ended December 31, 2014, of US$15.5 million on net sales of US$198.0 million compared with US$ 16.3 million on sales of US$178.4 million in the same period of 2013. The company’’s shipments of silicon metal and alloys in the period were 70,886 tonnes, up 6.4% from the prior year. In the latest quarter, GSM shipped 38,436 tonnes of silicon metal at an average selling price of US$2,916/tonne and 32,450 tonnes of silicon-based alloys at an average price of US$2,030/tonne. In the same quarter of last year, the company shipped 31,631 tonnes of silicon at an average selling price of US$2,766/tonne and 34,985 tonnes of silicon-based alloys at an average price of US$1,983/tonne. Jeff Bradley, GSM’s CEO, said, “As a result of the strong demand in our key end markets, and we approached the end of the year in a near sold out position for 2015, we successfully increased our silicon metal production capacity. We completed the proprietary conversion process before the end of December and entered 2015 with more than 120,000 tonnes of annual capacity to enable us to be active on the spot market. We are offsetting the impact to our silicon alloy business of this conversion, with the increasing output of our South African operation.” GSM converted silicon alloy capacity to more profitable silicon metal and moved silicon alloy production to its South African silicon alloys facility, which started up in October, 2014.

Volume 29 issue 4

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