Globe Specialty Metals, Inc. (Nasdaq:GSM) announced that its Board of Directors approved an annual dividend of $0.20 per common share. The dividend is payable October 28, 2011, to stockholders of record as of October 14, 2011. This dividend represents an aggregate cash payment of approximately $15.1 million to our stockholders. The Company is increasing the dividend from last year's $0.15 per share annual dividend. We expect that our future free cash flow, earnings, modest debt levels and net cash balance are sufficient to fund a dividend of this amount and provide adequate financial flexibility to support our growth initiatives. In the future, we intend to continue to declare dividends, based on our review of our earnings, cash flow and then current circumstances.

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