Energy Recycling Project to Improve Silicon Production

West Virginia Project Cuts Costs, Greenhouse Emissions by
Improving Efficiency
CHARLESTON, W. Va.--(Business Wire)--
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 tonnes 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, who joined
RED Chairman Thomas Casten and West Virginia Alloys President Arden
Sims in announcing the project. "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 and gain an advantage over competitors that typically
vent this energy. RED will install waste heat recovery boilers that
convert exhaust heat into steam, which in turn will drive a power
generator. The resulting energy 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 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 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.

For Recycled Energy Development, LLC
Heather Shadur, 312/226-5100
heather@shadur.com

Copyright Business Wire 2008