NEW YORK Globe Specialty
Metals Inc.s net income fell in its fiscal third-quarter
under the weight of low metals prices, even as the silicon
producer experienced an uptick in shipments and sales after
completing maintenance outages at its four U.S. facilities.
The New York-based silicon
producer reported net income of $11.6 million during the three
months ended March 31, down 13.6 percent from $13.4 million in
its fiscal second quarter and down 50.4 percent from $23.4
million in the same year-ago quarter.
Lower prices for all silicon
metal and silicon-based alloys were largely behind the fall,
The company didnt cite
specific prices, but AMM data shows spot silicon tags
are now between $1.28 and $1.32 per pound, down some 20 percent
from last years highs of $1.63 to $1.72 per pound.
At the same time, net sales rose
to $173.4 million in its fiscal third quarter, up 4.8 percent
from $165.5 million in its fiscal second quarter and slightly
above the $172.8 million reported in the same period last
The higher sales came as Globe
saw a sharp rise in volumes, shipping 60,828 tonnes of silicon
and silicon-based alloys in its fiscal third quarter, up 18.6
percent from 51,306 tonnes in its fiscal second quarter and 2.6
percent higher thanthe 59,276 tonnes shipped in the same
Globe attributed the uptick to
the completion of a number of planned maintenance outages at
its plants in Alloy, W.Va.; Beverly, Ohio; Niagara Falls, N.Y.;
and Selma, Ala. (AMM, Aug. 25); and a
sooner-than-expected restart at its Bridgeport, Ala., facility
following a late-November fire (AMM, Nov. 30).
Globe reported nine-month net
income of $45.8 million, up 22.8 percent from $37.3 million in
the same period a year earlier.