Globe freezes Iceland silicon facility plans

May 07, 2012 | 04:24 PM | Suzy Waite

Tags  Globe Specialty Metals, silicon, Jeff Bradley, Malcolm Appelbaum, Alden Resources, suzy waite

NEW YORK — Globe Specialty Metals Inc. has put plans to build a silicon plant in Iceland on hold.

"We’re suspending our plans to build the Iceland plant," Jeff Bradley, chief executive officer, said in a conference call following the release of the company’s fiscal third-quarter results Monday.

The company cited "lack of financing, emerging risks, complexities associated with building such a plant and projected increasing operating costs that adversely impact current viability" as reasons for halting the proposed project.

"The world has changed at this moment so therefore the suspension is prudent," said Malcolm Appelbaum, chief financial officer, noting that the suspension is a temporary move and could be reversed if market circumstances change.....

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