Ferroglobe (GSM) announces its intention to restart its silicon metal plant in the United States

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Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or the “Company”), a leading producer of silicon metal, silicon-based alloys and specialty manganese-based alloys, is pleased to announce today hui that its subsidiary, Globe Metallurgical Inc. (“GMI”), is considering restarting its silicon metal plant in Selma, Alabama (United States).

GMI is working with state and local officials and is seeking new tax credits for the project, which would help offset commissioning costs and allow the company to acquire and upgrade equipment to begin production of silicon metal.

Together, the two-kiln operation has a total annual capacity of 22,000 tonnes of silicon metal. GMI plans to restart one furnace in December 2021 and hopes to restart the second furnace by March 2022. Together, the installation would require around 100 new local hires and 150 indirect local suppliers.

Marco Levi, Chairman and CEO of Ferroglobe, said: “Ferroglobe is one of the few silicon metal producers with significant spare capacity that can be restarted globally. Given favorable market conditions in North America by 2022, the Selma facility will be an important asset to our silicon platform in the United States going forward, in particular with the final closure of our facility. of Niagara Falls, New York, as part of our strategic turnaround plan. . Restarting the Selma installation is part of our multi-year strategy and we believe now is the time to start the process. We thank the State of Alabama for all its support and look forward to welcoming the workforce again. “

“The potential reopening of GMI’s silicon metal plant in Selma reflects the company’s confidence in the future of Alabama’s economy and in the strength of the region’s workforce,” Governor Kay Ivey said. “These growth plans position this historic region of our state for significant new investment and additional jobs, and this is great news for Selma and for the state as a whole.”

“The Alabama team is fully committed to spurring economic growth in rural areas of the state and supporting GMI’s decision to restart its unused facility in Dallas County,” said Greg Canfield, secretary. from the Alabama Department of Commerce. “We plan to work with the company to facilitate their plans, which will provide an economic boost to the community of Selma and opportunities for its hard-working citizens.”

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