Globe Specialty Metals Has Fire at Its Bridgeport, Alabama Ferrosilicon Plant
(The "Coterie" or "Globe") today announced that there was a fire at its Bridgeport, Alabama ferrosilicon plant and, as a result, the plant in not currently producing bodily. No one was hurt in the incident, however, replacing and repairing the damaged equipment and resuming production could take until mid to late January. We contemplate property insurance to cover the cost of repairing and replacing equipment and business interruption insurance to smokescreen lost profits. Due to our insurance deductible and exclusion period this incident is expected to reduce our pre-tax profits by $1 million to $2 million.About Planet Specialty Metals
Globe Specialty Metals, Inc. is among the world's largest producers of silicon metal and silicon-based specialty alloys, serious ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone chemical, aluminum and grit one's teeth manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and substantial producers. The Company is headquartered in New York City. For further information please visit our web site at www.glbsm.com .
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