Globe SpecialtyMetal - Energy Recycling Project

RNS Number:3983N
Globe Specialty Metals, Inc
06 February 2008

February 6, 2008

Globe Specialty Metals, Inc.

Energy Recycling Project to Improve Silicon Production
West Virginia Project Cuts Costs and Greenhouse Gas Emissions
and Improves Efficiency

Charleston, West Virginia - February 5, 2008 - Silicon producer West Virginia
Alloys ("WVA") a unit of Globe Specialty Metals, Inc, (AIM "GLBM.LN " ) has
entered into an innovative agreement with Recycled Energy Development (RED) to
recycle energy, improving the efficiency of its operations while slashing
greenhouse gas emissions and other pollutants.

RED will invest $45 to $55 million to recycle hot exhaust into a net 40-44
megawatts of electricity generation, offsetting roughly one-third of WVA's
electric consumption. This project marks RED's first deal under the recently
announced partnership with private equity firm Denham Capital Management to
invest $1.5 billion in energy recycling projects.

The project in Alloy, West Virginia, expected to go into operation in 2010, will
annually produce over 300,000 megawatt-hours of clean energy and eliminate
290,000 metric tons of greenhouse gas emissions. The energy recycling project
burns no fossil fuel and emits no pollutants, including carbon dioxide, a
greenhouse gas, yet sells power for less than new coal-fired generation.

"This substantial investment is a step forward for West Virginia's economy and
our environment," said Governor Joe Manchin. "This project shows that our state
is leading the way in showing that economic growth and environmental stewardship
can and must go hand in hand."

West Virginia Alloys uses electric arc furnaces to produce nearly pure silicon.
This project allows WVA to capture energy from the silicon furnaces that
competitors typically vent. RED will install waste heat recovery boilers that
convert exhaust heat into steam. The resultant steam, by driving a generator,
will offset nearly one third of the purchased electricity used in the furnaces,
eliminating costs and associated emissions of purchased power. RED will supply
all capital and energy expertise, receive a modest return on the capital and
then split all remaining financial benefits with West Virginia Alloys, thereby
helping to maintain the competitiveness of the silicon facility.

"Our company is focused on doing right by the environment through initiatives
such as this one," said West Virginia Alloys President Arden Sims. "We are
improving our energy profile and associated emissions. Our goal is to look for
ways to benefit the environment in a way that will also provide benefits to our
customers, community and employees."

"This project validates RED's mission of profitably reducing greenhouse gas
emissions," said RED Chairman Thomas Casten. "The cost savings help preserve
and grow local manufacturing and the pollution savings reduce health and
environmental expenses while mitigating climate change. Everybody wins."

Recent studies done for the U.S. Environmental Protection Agency and Department
of Energy suggest potential for new energy recycling projects to power 200,000
megawatts of new, clean electric capacity - equivalent to 400 large coal plants
- and generate nearly 20 percent of total U.S. electricity. West Virginia, with
its concentration of energy intensive industries, has a disproportionate share
of U.S. energy recycling opportunities and can become a center for excellence in
improving manufacturing productivity. Other West Virginia industries that stand
to benefit from energy recycling include chemicals, charcoal, wood products,
ceramics, glass, pulp and paper and other metals.

About West Virginia Alloys

West Virginia Alloys (WVA) is a subsidiary of Globe Metallurgical, Inc., which
is a wholly owned subsidiary of Globe Specialty Metals ("GLBM.LN"),Globe
Specialty Metals Inc. (London Stock Exchange AIM: GLBM.LN) ( www.glbsm.com).
Globe is among the world's largest producers of silicon metal and silicon-based
specialty alloys, critical ingredients in a host of industrial and consumer
products with growing markets. Its customers include major silicone chemical,
aluminum and steel manufacturers, auto companies and their suppliers, ductile
iron foundries, manufacturers of photovoltaic solar cells and computer chips,
and concrete producers. Globe has major manufacturing facilities in the U.S.
states of Ohio, West Virginia, Alabama and New York, as well as in the Brazilian
state of Para and Mendoza province in Argentina. Its headquarters are in New
York City. Globe's principal operating subsidiaries are Globe Metallurgical
Inc., U.S., Globe Metais Industria e Comercio S.A., Brazil (formerly CCM) and
Globe Metales S.A., Argentina (formerly Stein Ferroaleaciones).

About Recycled Energy Development, LLC

Recycled Energy Development, LLC (www.recycled-energy.com/) develops, owns and
operates industrial power projects that harness waste energy to dramatically
reduce greenhouse gas emissions and cut power costs for host companies.
Chairman Thomas Casten is the founder and former CEO of Trigen Energy
Corporation, Primary Energy Ventures and other energy companies, and has spent
more than 30 years developing energy recycling projects that profitably reduce
emissions and industrial energy costs. CEO Sean Casten is immediate past
chairman of the U.S. Clean Heat and Power Association and was most recently CEO
of Turbosteam, a company that develops recycled energy projects. Together, the
Castens have deployed more than $2 billion in capital on 250 power projects
generating 11,000 megawatts of heat and power.

February 6, 2008

Tel Contact:

Globe Specialty Metals, Inc.

Dan Krofcheck +212 798 8100

This information is provided by RNS
The company news service from the London Stock Exchange
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