July 2009
Disclaimer
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the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or
commitment whatsoever. Any such offer will be made by means of a prospectus to be published by the Company in due course in connection with the proposed offering
and any decision to purchase or subscribe for securities in connection with the proposed offering described in this presentation should be made solely on the basis of
the information contained in such prospectus.
This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any
accompanying materials are preliminary, for information only and are not a prospectus or admission document. The information contained in this presentation has not
been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or
completeness of the information or the opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information
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negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.
Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company’s financial position, business strategy, plans
and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,”
“project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause
actual results to differ materially. These risks and uncertainties include, among other factors, the implementation of our business strategy, the achievement of the
anticipated levels of profitability, growth, costs and synergies of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact
of competitive pricing and behavior, the ability to obtain necessary regulatory approvals, the ability to attract and retain qualified personnel and the impact of metals
industry-specific and general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans
and events described herein.
Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the
forward-looking statements contained in this presentation.
The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.
This document has not been approved by any competent regulatory or supervisory authority.
All references to “MT” or “tons” mean metric tons, each of which equals 2,204.6 pounds.
This document will not be left behind after this presentation and by accepting this document and attending the presentation you agree to be bound by the foregoing
limitations.
1
GSM: The Leader in Silicon



One of the Western World’s largest and lowest cost silicon metal producers
−
3 of the 4 lowest cost facilities in the Western World per CRU
−
Estimated ~61% and ~18% share of capacity in North America and Western World, respectively(1)
−
Silicon is a critical input in a number of industrial materials and has no substitute
Leading global silicon-based specialty alloy producer
−
Sole source relationships with many customers
−
50%+ share of capacity in certain key alloys
Global reach with 9 facilities in 5 countries – U.S., Brazil, Argentina, Poland and China
−
Significant raw materials ownership / proximity

Historically solid revenue and profit visibility

Strong profitability through the cycle with substantial leverage to price
(1)
Pro forma for Niagara Falls, NY facility re-start.
2
Global Production Footprint
Beverly, OH (CRU #2)
Niagara Falls, NY
(unranked)
Si metal / 24,800 tons
Silicon-based alloys / 46,800 tons
Solar-grade silicon / 360 tons
Si metal / 30,000 tons
Shizuishan, Ningxia Hiu,
China (“Yonvey”)
Carbon electrodes / 10,000 tons
(undergoing expansion)
Alloy, WV (CRU #3)
New York, NY
Police, Poland
Si metal / 67,100 tons
Headquarters
Cored wire / 8 million meters
Selma, AL (CRU #4)
Si metal / 20,900 tons
Breu Branco, Para, Brazil
(CRU #8)
Mendoza, Argentina
Si metal / 43,600 tons
Silicon-based alloys / 26,000 tons
Product
San Luis, Argentina
Villa Mercedes Plant
Cored wire / 24 million meters
Silicon metal
Silicon alloys
Cored wire
Solar grade silicon
Electrodes
Source: Company information, CRU, 2009.
Note:
Parenthetical figures reflect CRU, 2008 cost curve rankings.
3
Track Record of Growth Through Strategic,
Well-Priced and Accretive Acquisitions
1874
December 2002
June 2004
December 2005
January 2007
May 2008



GMI purchases largest
silicon metal plant in
the world (Alloy, West
Virginia) from Elkem



GMI raises capital from
D.E. Shaw and
Plainfield
Alan Kestenbaum
purchases the debt of
Globe Metallurgical
(“GMI”)
2002
2003
Alan Kestenbaum
obtains control of GMI
and leads a
reorganization
2004
2005
2005
2006
Acquires Camargo
Correa Metais S.A., a
major Brazilian silicon
metal producer,
renames Globe Metais
2007
2008
2008
1874
April 2003
October 2005
November 2006
January 2008




GMI merges into IME
and is renamed Globe
Specialty Metals, Inc.
(“GSM”)


Acquires Stein
Ferroaleaciones S.A.,
an Argentine silicon
metal and specialty
alloys producer,
renames Globe
Metales
Predecessor
company founded in
1874 in Ohio
Globe Metallurgical
Inc. (“GMI”) files for
bankruptcy protection
International Metal
Enterprises (“IME”),
founded by Alan
Kestenbaum, raises
$200 million as a
special purpose
acquisition corporation
(“SPAC”)
Acquires 70% of a
Chinese carbon
electrode manufacturer
(“Yonvey”)
2009
Today
Acquires 81% of Solsil,  One of the
largest silicon
Inc., a producer of
metal producers
upgraded metallurgical
in the Americas
grade (“UMG”) silicon,
from a related party
 Lowest cost
silicon metal
producer in the
world
4
Well-Diversified Business Mix
Production mix
End-markets
Steel
12%
Magnesium Ferrosilicon (MgFeSi)
20%
(automotive, pipe)
Silicon Metal (Si)
65%
(silicones, aluminum, solar
silicon)
Ferrosilicon (FeSi)
9%
(steel, foundries)
Calcium Silicon (CaSi)
6%
(steel)
Revenue by region
Other
13%
Solar /
Semiconductors
12%
Chemicals
24%
Foundry Alloys
17%
Customers
South America
10%
Dow Corning
16%
Wacker
10%
Europe
21%
Asia
4%
Aluminum
22%
Others
51%
5%
North America
65%
2% 2%
Note:
3%
3%
3%
3%
2%
Figures represent percent of total volume produced.
Data is for nine months ended 03/31/09.
5
World’s Lowest Cost Producer
2008 Western World Silicon Metal Cost Curve
$2,500
$2,288
$2,300
$2,334
$2,157
$2,065
$2,100
$1,887
Operating Cost (per ton)
$1,900
$1,830
$1,779 $1,793 $1,806 $1,807 $1,810 $1,814
$1,700
$1,500
$1,969 $1,977
$1,917 $1,939 $1,944
$1,472
$1,515
$1,550
$1,593
$1,398 $1,404
$1,300
$1,100
$900
$700
$500
A Beverly, Alloy, Selma,
OH
WV
AL
B
C
D
Breu
Branco,
Brazil
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
Source: CRU, 2009.
Note: Red line denotes median operating cost per ton.
Argentina and Niagara Falls, NY facilities are not currently researched by CRU.
6
Strong Barriers to Entry with Consolidated
Supply Base
Strong Barriers to Entry
Consolidated Supply Base

Power (36%) – requires stable, long-term supply of low
cost electricity

Raw materials (40%)
2008 Western World Silicon Metal Production
− Proximity to high purity, low cost raw materials –
GSM owns quartz and wood chips supply
Elkem
13%
− Freight costs are significant – 6.6:1 ratio of inputs to
output
2.8 tons
of
quartz

2.4 tons
of
wood
1 ton
of
silicon
metal
Electrodes
−

1.4 tons
of
coal
Other
27%
FerroAtlantica
23%
Quality is critical – GSM owns supply
Capital cost of greenfield construction
−
AMG
9%
$180 million for a two-furnace operation
− GSM has 18 furnaces

Globe
Specialty
Metals
18%
Dow Corning
10%
Long lead time for greenfield completion
−
Permitting is a long and complicated process
−
3–5 years from concept to commissioning
Top 5 producers = 73%
Source: CRU, 2009.
7
Prices Resilient /
Substantial Leverage to Price
Silicon metal prices have been more resilient than other metals relative to historic levels and are
expected to recover as the economy rebounds
Relative Price Movements
GSM has Substantial Leverage to Price
250

Costs are stable and facilities are some of the
most efficient in the world

Control of inputs through ownership or longterm contracts

Each 1¢/lb ($22/MT) increase leads to
~$4 million more in EBITDA
January 1, 2007 = 100
200
150
22.3%
100
(15.6%)
(43.7%)
50
0
01/07
07/07
01/08
Silicon metal
07/08
Aluminum
Source: American Metal Market.
Note: Prices reflect the spot high price for each respective period.
01/09
07/09
Copper
Note:
EBITDA impact estimated based on assumed $0.01/lb increase on all 186,400 tons of pro
forma silicon metal capacity.
8
Growth-Oriented Strategy

IPO is the first step in executing our growth strategy

Acquisitions will be carefully targeted, synergistic and accretive
− Current economic environment and poor capital structures = opportunity

Product diversification
− Pricing leverage in strong markets
− Ensure greater operational utilization in down markets
9
Silicon Metal is Critical to a Variety of
Industrial Materials
Chemicals
Aluminum
(50% of sales)
(40% of sales)
Silicones
Oils


Cosmetics
Hydraulics

Coatings

Adhesives
Sealants


Textiles
 Polishes



Mechanical fluids
Resins
Auto /
Commercial
Coatings
Rubber
 Thermoplastics
Solar /
Electrical
(10% of sales)
Other
Auto / commercial
vehicles
 Engine parts
Other

Machinery &
equipment
Wheels
 Transmission


Marine
Railway
Solar
Photovoltaic cells for
solar energy systems
providing clean power
to homes, buildings
and industry

Computers
Calculators
Video games
Televisions
Radios
 Auto electronics
Paints
Rubber

Medical electronics
Communications

Weapons


Automotive
 Insulators
Consumer items
Note:
Mobile telephones
DVD recorders


410,000 tons consumed by chemical
industry
 GDP + 4% growth


Insulators
 Waterproofing





Semiconductors for
integrated circuits
(chips) for:

Electrical
Fiberglass
Electronics

390,000 tons consumed by aluminum
industry
 Aluminum content in autos has
increased over the past 20 years

Driven by increasing demand from the
growing middle-class of BRIC
countries and from global demand for
renewable energy
% of sales figures represent industry estimates.
10
Increasing Demand for Silicones

Silicon metal is a base material for the production of silicones

Silicones are a broad family of synthetic products with tremendously diverse applications
− Dow Corning has 20,000+ silicone customers
− New applications continually being developed to improve performance, reduce waste, etc.

Stable industry growth
Silicone sealants provide
environmentally-sound structural
glazing that bonds glass
Safety and reliability for electrical devices
‘Green Tires’ for fuel efficiency
Silicones’ unique properties
enable the two-in-one function
of shampoo-conditioners
Reliability for wind turbines
11
Aluminum Production Trending Higher

Silicon metal is required in aluminum as a strengthener and alloying agent to improve castability and
minimize shrinking and cracking

Aluminum provides a lighter weight alternative to steel

Aluminum demand has increased at a 5%+ CAGR for the past 20 years
(000s tons)
North American light vehicle aluminum content as a percent of
curb weight
50,000
12.0%
Global primary aluminum demand
10.4%
45,000
9.6%
10.0%
40,000
8.8%
7.8%
35,000
8.0%
7.1%
30,000
6.9%
6.4%
25,000
6.0%
4.5%
77
pounds
20,000
326
pounds
3.9%
4.0%
15,000
2.0% 2.1%
10,000
2.0%
5,000
0.0%
0
2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E
Source: Bloomberg, Brook Hunt and Street research.
1970
1975
1980
1985
1990
1995
2000
2005 2010E 2015E 2020E
Source: Ducker Worldwide.
Note: Based on 3,600 lbs of curb weight.
12
Solar Demand is New Large-Scale
Opportunity

Rapidly growing demand for polysilicon due to solar industry growth
−
Increased electricity consumption
−
Demand for alternative energy sources
−
140,000
1,400,000
120,000
1,200,000
100,000
1,000,000
800,000
60,000
600,000
40,000
400,000
20,000
200,000
0
Tons
80,000
MW

Availability of government financing programs
1.4 tons of metallurgical grade silicon required for every 1 ton of solar grade silicon
0
2005
2007
2009E
2011E
Total Solar PV Demand (MW)
2013E
2015E
2017E
Total Solar Poly Demand (tons)
2019E
2021E
2023E
2025E
Total Met. Grade Silicon Demand (tons)
Source: Photon International, EPIA and management estimates.
13
Silicon Alloys Are Key Ingredients in Steel
and Foundry Products
Steel
Foundry
Ferrosilicon
(FeSi)
Commodity

Used in
production of
carbon steels,
stainless steels
and other
ferrous alloys

Calcium Silicon
(CaSi)

Only 6 producers in
Western World

~18% global market
share and ~50% U.S.
share
Magnesium Ferrosilicon
(MgFeSi)
Specialty

High grade
specifications

Requires
technical knowhow
Competitive advantage in providing technical advice
and service by tailoring composition to customers’
requirements
Ductile Iron

Used in applications where
strength and formability are
required
Pipe

Water transmission
− Automotive components

Often sole supplier

Short lead times and variety of
grades discourage imports

~50% share of the magnesium ferrosilicon market in the
Americas and 20% in the Western World
14
Steel Capacity Utilization and Ductile Iron
Growth

Re-stocking in the service center channel has started to improve demand

Fiscal stimulus dollars will begin to impact infrastructure spending further, driving steel demand

Automotive production appears to have troughed
Steel production capacity utilization
Monthly global steel production
(000s tons)
100%
130,000
90%
120,000
110,000
80%
100,000
70%
90,000
60%
80,000
50%
70,000
40%
60,000
30%
20%
01/00
50,000
06/01
10/02
Source: American Iron and Steel Institute.
02/04
06/05
10/06
02/08
06/09
40,000
01/00
06/01
10/02
02/04
06/05
10/06
02/08
06/09
Source: World Steel Association.
15
Solar / Upgraded Metallurgical Grade Silicon
(UMG) Opportunity
Solsil

GSM, through 81%-owned Solsil, intends to be at the origin of the solar cell supply chain

Leverages Globe’s strong materials position to push further downstream in the solar cell industry

MG silicon
SoG silicon
Wafer
Solar cell
Solar module
Systems
Smelting
Chemical
processing
Casting/
cutting
Surface
treatment
Assembly
Installation/
operation
Joint-development agreement with BP Solar
− Technology license agreement
− Technology development agreement
− Long-term supply agreement

Technology partnership with Technion
16
Electrodes Present a Unique Product
Diversification Opportunity

Yonvey is a producer of carbon electrodes, a critical input to smelting processes

Originally acquired to supply GSM
−
Anticipated to eventually meet 100% of requirements
−
Significant positive cost impact

Expansion of third-party sales

Attractive margins, reliable product, alternative to incumbents
17
Rigorous Focus on Cost Reduction

Goal is to strengthen position as the low cost producer

Permanent headcount reductions across all facilities

Significant cuts to SG&A – not expected to return with increased revenue

Implementation of best practices
18
Poised for Sector Rebound



Expect near-term volume improvement
−
Shipments in calendar Q1 2009 reached trough levels
−
Inventory de-stocking is largely complete
−
Calendar Q2 stabilized and began to show signs of improvement driven by end-market demand
Capacity rationalization / discipline
−
GSM has over 80,000 incremental tons available to come online quickly at a low cost
−
GSM recently restarted 3 furnaces at Beverly, Brazil and Argentina facilities
−
Re-start of Niagara Falls, NY facility expected in 2010, subject to market demand
Annual contract negotiations typically begin in November
19
Financial Highlights

Profitable and cash flow positive on operational basis

Margin improvement through price increases

Highly variable cost structure and low overhead

Significant permanent reductions to SG&A

Minimal ongoing maintenance capital expenditure requirements (~$9 million annually)

Increased control of raw materials has substantially reduced working capital requirements

Conservative capital structure with flexibility to pursue growth opportunities

Metrics-focused financial management
20
Strong Financial Results Through
Challenging Times
Adjusted EBITDA(1)
Revenue
($ in millions)
($ in millions)
$600
$100
$453
$500
$480
$60
$300
$222
$40
$173
$20
$100
$30
$16
$0
$0
2006
2007
2008
2006
LTM
03/31/09
2007
($ in millions)
LTM
03/31/09
($ per share)
$56
$60
$0.75
$0.63
$50
$0.50
$0.50
$40
$30
$22
$0.24
$0.25
$20
$5
$9
NA
$0.00
$0
2006
2007
Maintenance
Note:
(1)
(2)
2008
Adjusted EPS(2)
Capital expenditures
$10
$87
$80
$400
$200
$79
2008
Growth
LTM
03/31/09
2006
2007
2008
LTM
03/31/09
2006 data is for the predecessor company, GMI, and is not pro forma for a full-year impact from Globe Metais or Globe Metales.
Adjusted EBITDA is defined as EBITDA (see page 11 of the S-1) plus goodwill and asset impairment charges of $69.7 million.
Adjusted for goodwill and asset impairment charges of $69.7 million in the nine months ended 03/31/09.
21
Conservative Capital Structure Positions the
Company for Growth
($ in millions)
03/31/09
Adjustments
Pro forma
for IPO
Cash and Cash Equivalents
$45.0
$40.2
$85.2
$35mm GMI Revolving Credit Facility (L + 150 bps)
Export Financing
Export Prepayment Financing
Promissory Notes
Senior Term Loan due 2013 (L + 200 bps)
Other Debt
Total Debt
–
$6.5
17.0
8.0
35.8
2.5
$69.9
–
6.5
17.0
8.0
35.8
2.5
$69.9
6.3
6.3
Minority Interest
Stockholders' Equity
Total Capitalization
Total Debt / LTM Adjusted EBITDA
Net Debt / LTM Adjusted EBITDA
Debt / Capitalization
Note:
(1)
$304.2
$380.3
0.8x
0.3x
18.4%
(1)
$40.2
$344.4
$420.5
0.8x
NM
16.6%
LTM Adjusted EBITDA of $86.7 million.
Adjusted EBITDA is defined as EBITDA (see page 11 of the S-1) plus goodwill and asset impairment charges of $69.7 million.
Assumes 5.6 million primary shares issued at mid-point of filing range less gross spread of 7.00% and estimated offering expenses of $1.5 million.
Share information (as of June 30, 2009)

66,944,254 basic shares outstanding

201,453 outstanding warrants (at $5.00)

1,325,414 outstanding unit purchase options (at $7.50) – each represents 1 share and 2 warrants (at $5.00)
22
Summary Highlights

Leading global market share in silicon metal

World’s lowest cost producer

High barriers to entry in an already consolidated industry

Strong financial performance through downturn

Improving trends in key end-markets and new growth markets

Substantial leverage to price

Experienced and cost conscious management team with unique operational skills and proven history of
growth by acquisition
Globe Specialty Metals is a business with strong fundamentals that presents a unique
opportunity to leverage the economic recovery
23
Appendix
Strong and Experienced Management Team
Alan Kestenbaum
Executive Chairman
Jeff Bradley
Chief Executive Officer
Founder / >20 years in industry
2008 / >25 years in industry
Malcolm Appelbaum
Chief Financial Officer
Arden Sims
Chief Operating Officer
Stephen Lebowitz
Chief Legal Officer
2008 / >25 years of experience
1984 / >35 years in industry
2008 / 19 years of experience
Bruno Parreiras
Executive Director
Globe Metais, S.A.
Delfin Rabinovich
Executive Director
Globe Metales, S.A.
Ted Heilman
Executive Director
Yonvey
1993 / 16 years in industry
2007 / >20 years in industry
2004 / >20 years in industry
25
Board of Directors
GSM’s Board of Directors is comprised of seasoned executives with strong management, metals,
finance and international experience

Alan Kestenbaum (Executive Chairman)

Stuart Eizenstat
− Partner, Covington & Burling LLP; Former Deputy Secretary of the United States Department of
the Treasury; International Advisory Board Member of Coca-Cola, Board Member of UPS

Franklin Lavin
− Chairman of the Public Affairs practice for Asia-Pacific at Edelman; Former Managing Director and
Chief Operating Officer of Cushman & Wakefield Investors Asia; Former Under Secretary for
International Trade at the United States Department of Commerce

Thomas Danjczek
− President of the Steel Manufacturers Association; former senior executive at Wheeling-Pittsburgh
Steel Corporation

Donald Barger, Jr.
− Former Chief Financial Officer at YRC Worldwide, Worthington Industries and Hillenbrand
Industries; Board Member and Audit Chair of Gardner Denver and Quanex

Daniel Karosen
− CPA; Partner, Mandel, Fekete & Bloom
26
EBITDA Reconciliation
($ in millions)
Fiscal year ended June 30,
2006
Net (loss) income attributable to common stock
2008
2009
$11.8
$36.5
$18.2
Provision for (benefit from) income taxes
1.9
7.0
15.9
7.3
7.3
15.9
Net interest expense(1)
5.7
0.1
7.0
5.3
5.0
6.7
Depreciation and amortization(2)
5.5
10.6
19.3
14.3
14.7
19.8
$16.2
$29.7
$78.8
$45.1
($16.6)
$17.0
–
–
–
–
69.7
69.7
$16.2
$29.7
$78.8
$45.1
$53.1
$86.7
Goodwill and intangible asset impairment
Adjusted EBITDA(3)(4)
(4)
2008
($43.6)
LTM
03/31/09
$3.1
EBITDA(3)(4)
(1)
(2)
(3)
2007
9 months ended March 31,
($25.4)
Net interest expense excludes interest income earned on common shares subject to redemption of $0.8 million for the year ended June 30, 2007.
Amortization expense during the year ended June 30, 2006 excludes amortization of deferred financing fees of $0.6 million.
EBITDA and Adjusted EBITDA include non-cash share-based compensation expense of $4.7 million and $6.6 million for the nine months ended March 31, 2009 and March 31, 2008, respectively,
and expense of $8.2 million and $0.5 million for the year ended June 30, 2008, and the year ended June 30, 2007, respectively.
For the nine months ended March 31, 2009, EBITDA and Adjusted EBITDA also include $1.4 million of restructuring charges and an inventory write-down of $5.1 million.
27