NEW YORK, Feb. 3, 2010 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) has reopened its silicon metal and ferrosilicon alloys facility in Alabama that it idled during the economic downturn. Globe restarted the first of two furnaces at the plant in early January and restarted the second furnace this week, rehiring 90 workers in the process. At full capacity, this plant produces approximately 27,000 tons of silicon metal and ferrosilicon alloys annually.
On January 29, Alabama Governor Bob Riley joined CEO Jeff Bradley to mark the restart of the facility. "The reopening of this plant is a vote of confidence in the future of Alabama's economy," said Governor Riley. "Its impact, however, goes far beyond new investment and jobs. Globe is bringing renewed opportunity and renewed hope to many families in this area."
Bradley said: "We are confident and optimistic about the future of Globe and about the resilience of American manufacturing. Improvement in our end markets including aluminum, chemicals, electronics and solar panels has enabled us to restart this operation to meet our domestic and export customer needs."
Just ten weeks earlier, on November 23, Globe reopened its Niagara Falls, N.Y., plant after investing approximately $25 million to restart the facility after its closure more than five years ago. The Company brought on line two furnaces capable of producing approximately 30,000 tons of metallurgical grade silicon annually, creating more than 100 new jobs.
"We have now brought back our full capacity at two key facilities, Alabama and New York, and expect the worldwide demand for silicon metal and silicon alloys to continue growing," Bradley added.
About Globe Specialty Metals
Globe Specialty Metals (www.glbsm.com) is one of the world's largest producers of silicon metal and silicon-based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone, chemical, aluminum and steel manufacturers, producers of photovoltaic solar cells and computer chips, the auto industry, ductile iron foundries and concrete producers. In addition to the Alabama and New York plants, Globe has U.S. manufacturing facilities in Ohio and West Virginia and overseas, plants in Poland, Argentina and China. The Company is headquartered in New York, NY.
Forward-Looking Statements
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