GSM - U.S. to impose preliminary duties on silicon metal imports

Ferroglobe (GSM) +2.8% post-market on news that the U.S. Department of Commerce will impose preliminary duties of up to 47.54% on all silicon metal imports from Iceland and from Bosnia and Herzegovina.The DoC recently said it will impose preliminary duties up to 120% on all silicon metal imported from Kazakhstan.In August, the U.S. International Trade Commission preliminarily determined that imports from all four countries are a cause of material injury to the U.S. industry.Ferroglobe subsidiary Globe Specialty Metals and Mississippi Silicon petitioned the DoC and the ITC this summer to impose duties on silicon metal imports from the countries, alleging that producers have sold dumped and unfairly subsidized silicon metal in the U.S.Ferroglobe recently reported a Q3 GAAP loss of $0.28/share on revenues of $262M.

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U.S. to impose preliminary duties on silicon metal imports