GSM Boosted by Higher Silicon Metal Shipments

Globe Specialty Metals Inc (GSM) of New York, NY has announced a second quarter net income, for the three months ended December 31, 2012, of US$15.1 million on net sales of US$179.9 million compared with US$13.4 million on sales of US$165.5 million in the same period of 2011. The company’’s shipments of silicon metal and alloys in the latest quarter were 61,972 tonnes, up 21% from the prior year period. The increase in sales reflects the acquisition of Quebec Silicon in June 2012. GSM increased shipments of silicon metal by 32% to 35,273 tonnes and silicon-based alloys by 8% to 26,699 tonnes. The average selling price for silicon metal in the period was US$2,908/tonne, a decrease of 9% from the same period of 2011. The average selling price for silicon-based alloys decreased 14% to US$2,152/tonne. Jeff Bradley, Globe’s CEO, said, “We are pleased with our second quarter result as we continue to integrate the Quebec Silicon assets and continue to lower production costs through efficiency and cost reduction initiatives. We are optimistic about 2013. We have maintained a strong balance sheet and a high level of liquidity which allowed us to return over US$14 million to shareholders through dividends in the second quarter and positions us to actively pursue acquisition and business development opportunities.”

Volume 27 issue 4

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