London-based Ferroglobe PLC applauded Wednesday the U.S. Department of Commerce's determination to impose duties on silicon imports from Australia, Brazil and Kazakhstan. The DOC had initiated its duty investigation after Ferroglobe's subsidiary Globe Specialty Metals Inc. filed a petition earlier this year against the three countries. U.S. Secretary of Commerce Wilbur Ross said late Tuesday that silicon metal exporters from Australia received countervailable subsidies of 16.23%, those from Brazil received subsidies of 3.69% to 52.07% and exporters from Kazakhstan received subsidies of 120%. Ross instructed U.S. Customs and Border Protection to collect cash deposits from importers from those countries. Ferroglobe said that means more than 54% of silicon metal imports into the U.S. will now be subject to cash deposit requirements. "We are confident that these affirmative preliminary determinations will be the first step in ensuring a more competitive and fair silicon metal market in the United States and we look forward to receiving a favorable outcome in the ongoing antidumping investigations," said Ferroglobe Executive Chairman Javier Lopez Madrid. Ferroglobe's stock, which was still inactive in premarket trade, has rallied 40.6% over the past 12 months, while the S&P 500 has gained 13.4%.
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