1) Formation of a Joint Venture at Globe's Alloy, WV Silicon Metal
    Facility, One of the World's Largest
 2) The Sale of Globe's Brazilian Operation to Dow Corning

  Gross Proceeds of $175 Million To be Used for Strategic Growth
  Initiatives

NEW YORK, Nov. 5, 2009 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) today announced the formation of a joint venture with Dow Corning at its silicon metal facility in Alloy, West Virginia and the sale of its Brazil operation to Dow Corning. Globe received $175 million in cash from Dow Corning for its interests in the two facilities. "This strategic transaction strengthens and solidifies our Company's relationship with Dow Corning, a global leader in silicones and silicon-based technology and one of our largest customers," said Globe Chief Executive Officer, Jeff Bradley. "We expect the joint venture to facilitate an even higher level of cooperation with Dow Corning and look forward to working with them in the future."

"The decision to sell our Brazilian facility was driven by the difference in strategic value to Dow Corning versus the Company," Bradley added. "We are still very committed to the South American market and will continue to maintain a strong presence there with our Argentina plants."

"These acquisitions reflect Dow Corning's strategy of securing a sustainable and reliable supply of the raw material, to meet most efficiently the needs of our customers," said Robert Hansen, Dow Corning's executive vice president and general manager of Core Products. "Globe has been a long-time strategic supplier to Dow Corning. Our joint venture manufacturing arrangement with them puts us in a partnership with one of the world's leading silicon metal companies. We look forward to continuing and growing that relationship."

"The net proceeds from the sale provide significant additional capital to continue our aggressive growth and diversification strategy," said Bradley. "Globe has been a consistently profitable and solidly American-based manufacturing company with a history of making timely acquisitions at attractive prices. We are always evaluating strategic acquisitions with an eye on delivering long-term shareholder value."

Joint Venture

Globe retains a 51% stake in the Alloy, WV plant, one of the world's largest silicon metal manufacturing facilities. As the managing partner, Globe will continue to operate the plant on behalf of the new venture, WVA Manufacturing LLC. Dow Corning, which owns the remaining 49%, and Globe will split production output proportional to their ownership interests.

Brazil Facility

All customer contracts at the former Globe facility in Brazil will be honored.