Globe Specialty Metals, Inc. (GSM, Financial), a dominant producer of silicon metals, fell 21.5% in the quarter when the company reported production outages and increased manufacturing costs in the first quarter, which is atypical for what we consider a very well-run operation. More concerning is the continued depressed price environment for silicon and silicon metals, which we had expected to rebound by now. The company announced a share repurchase and it continues to pursue strategic acquisitions.We are content to wait for the business to turn around.
From Ron Baron’s second quarter 2013 commentary.
From Ron Baron’s second quarter 2013 commentary.
