Globe Specialty Metals to Cut Jobs

New York City’s Globe Specialty Metals has seen a 91.5% fall in Q3 profit, and will cut jobs in its fiscal Q4. A precise number of job cuts has not been released.

For Q3 ending March 31, the firm’s net income was $900,000, compared with $10.6 million a year ago.

Founded in 2004 as International Metal Enterprises, Globe Specialty Metals is among the world’s largest producers of silicon metal, foundry alloys and steel-making alloys.