----

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| Delaware                                                      | 20-2055624                          |
|---------------------------------------------------------------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |

| Title of Each Class                  | Name of Each Exchange on Which Registered |
|--------------------------------------|-------------------------------------------|
| Common stock, $0.0001 par value | The NASDAQ Global Select Market           |

| Large accelerated filer o | Accelerated filer o                      | Non-accelerated filer þ | Smaller reporting company  o |
|--------------------------------|-----------------------------------------------|-----------------------------------|-----------------------------------|
|                           | (Do not check if a smaller reporting company) |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | PageNo.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Item 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Financial Statements                                                                                                                                                                            |  1 |
| Item 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  17 |
| Item 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                      |  26 |
| Item 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Controls and Procedures                                                                                                                                                                         |  26 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Item 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Legal Proceedings                                                                                                                                                                               |  27 |
| Item 1A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Risk Factors                                                                                                                                                                                    |  27 |
| Item 6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Exhibits                                                                                                                                                                                        |  27 |
| SIGNATURES                                                                                                                                                     |  28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| EX-10.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| EX-10.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| EX-31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| EX-31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| EX-32.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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Item 1.
  Financial 

----

| GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES                            |
|----------------------------------------------------------------------------------|
|                                                                             |
|  Condensed Consolidated Balance Sheets                                      |
| March 31, 2011 and June 30, 2010                                                 |
| (In thousands, except share and per share amounts)                               |
| (Unaudited)                                                                      |
|                                                                             |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   | March 31, 2011 |   | June 30, 2010 |
| ASSETS                                                                           |
| Current assets:                                                                  |   |   |   |   |   |
|                                                                             | Cash and cash equivalents |   | $ |  155,313 |   |  157,029 |
|                                                                             | Accounts receivable, net of allowance for doubtful accounts of $738 |   |   |   |   |
|                                                                             |   | and $997 at March 31, 2011 and June 30, 2010, respectively |   |  61,761 |   |  55,907 |
|                                                                             | Inventories |   |   |  101,077 |   |  87,163 |
|                                                                             | Prepaid expenses and other current assets |   |  25,032 |   |  23,809 |
|                                                                             |   |   | Total current assets |   |   |  343,183 |   |  323,908 |
| Property, plant, and equipment, net of accumulated depreciation and amortization |   |  227,819 |   |  219,267 |
| Goodwill                                                                         |   |   |   |  53,406 |   |  52,025 |
| Other intangible assets                                                          |   |   |  477 |   |  477 |
| Investments in unconsolidated affiliates                                         |   |  8,538 |   |  8,185 |
| Deferred tax assets                                                              |   |   |  71 |   |  71 |
| Other assets                                                                     |   |   |  21,033 |   |  3,212 |
|                                                                             |   |   | Total assets |   | $ |  654,527 |   |  607,145 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                       |
| Current liabilities:                                                             |   |   |   |   |   |
|                                                                             | Accounts payable |   | $ |  44,136 |   |  47,298 |
|                                                                             | Current portion of long-term debt |   |  10 |   |  10,092 |
|                                                                             | Short-term debt |   |   |  532 |   |  8,067 |
|                                                                             | Revolving credit agreements |   |  12,000 |   |  - |
|                                                                             | Accrued expenses and other current liabilities |   |  33,504 |   |  35,832 |
|                                                                             |   |   | Total current liabilities |   |  90,182 |   |  101,289 |
| Long-term liabilities:                                                           |   |   |   |   |   |
|                                                                             | Revolving credit agreements |   |  34,989 |   |  16,000 |
|                                                                             | Long-term debt |   |   |  - |   |  6,920 |
|                                                                             | Deferred tax liabilities |   |   |  14,311 |   |  6,645 |
|                                                                             | Other long-term liabilities |   |   |  18,032 |   |  17,462 |
|                                                                             |   |   | Total liabilities |   |   |  157,514 |   |  148,316 |
| Commitments and contingencies (note 11)                                          |   |   |   |   |
| Stockholders’ equity:                                                      |   |   |   |   |   |
|                                                                             | Common stock, $0.0001 par value. Authorized, 150,000,000 shares; |   |   |   |   |
|                                                                             |   | issued,75,183,207 and 74,421,826 shares at |   |   |   |   |
|                                                                             |   | March 31, 2011 and June 30, 2010, respectively |   |  8 |   |  7 |
|                                                                             | Additional paid-in capital |   |   |  399,217 |   |  390,354 |
|                                                                             | Retained earnings |   |   |  64,755 |   |  38,761 |
|                                                                             | Accumulated other comprehensive loss |   |  (3,846) |   |  (4,438) |
|                                                                             | Treasury stock at cost, 282,437 and 1,000 shares at |   |  (4) |   |  (4) |
|                                                                             |   | March 31, 2011 and June 30, 2010, respectively |   |   |   |   |
|                                                                             |   |   | Total Globe Specialty Metals, Inc. stockholders’ equity |   |  460,130 |   |  424,680 |
|                                                                             | Noncontrolling interest |   |   |  36,883 |   |  34,149 |
|                                                                             |   |   | Total stockholders’ equity |   |  497,013 |   |  458,829 |
|                                                                             |   |   | Total liabilities and stockholders’ equity | $ |  654,527 |   |  607,145 |
|                                                                             |   |   |   |   |   |   |   |   |
| See accompanying notes to condensed consolidated financial statements.           |

----

| GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES                  |
|------------------------------------------------------------------------|
|                                                                   |
| Condensed Consolidated Income Statements                               |
| Three and nine months ended March 31, 2011 and 2010                    |
| (In thousands, except per share amounts)                               |
| (Unaudited)                                                            |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   | Three Months Ended |   |   | Nine Months Ended |
|                                                                   |   |   |   |   |   |   | March 31, |   |   | March 31, |
|                                                                   |   |   |   |   |   |   | 2011 |   | 2010 |   |   | 2011 |   | 2010 |
| Net sales                                                              |   |   |   | $ |  172,802 |   |  112,486 |   | $ |  465,929 |   |  326,222 |
| Cost of goods sold                                                     |   |  121,621 |   |  99,135 |   |   |  361,722 |   |  267,087 |
| Selling, general, and administrative expenses                          |   |  14,396 |   |  10,008 |   |   |  38,920 |   |  35,873 |
| Research and development                                               |   |  32 |   |  36 |   |   |  77 |   |  151 |
| Restructuring charges                                                  |   |  - |   |  - |   |   |  - |   |  (81) |
| Gain on sale of business                                               |   |  - |   |  - |   |   |  - |   |  (22,907) |
|                                                                   |   | Operating income |   |  36,753 |   |  3,307 |   |   |  65,210 |   |  46,099 |
| Other income (expense):                                                |   |   |   |   |   |   |   |   |   |
|                                                                   | Interest income |   |  24 |   |  4 |   |   |  83 |   |  205 |
|                                                                   | Interest expense, net of capitalized interest |   |  (521) |   |  (997) |   |   |  (2,210) |   |  (3,416) |
|                                                                   | Foreign exchange gain (loss) |   |  125 |   |  (64) |   |   |  (251) |   |  3,222 |
|                                                                   | Other income |   |  94 |   |  546 |   |   |  644 |   |  738 |
|                                                                   |   | Income before provision for income taxes |   |  36,475 |   |  2,796 |   |   |  63,476 |   |  46,848 |
| Provision for income taxes                                             |   |  12,982 |   |  1,751 |   |   |  23,479 |   |  19,702 |
|                                                                   |   | Net income |   |  23,493 |   |  1,045 |   |   |  39,997 |   |  27,146 |
| (Income) losses attributable to noncontrolling interest, net of tax    |   |  (100) |   |  (529) |   |   |  (2,734) |   |  346 |
|                                                                   |   | Net income attributable to Globe Specialty Metals, Inc. | $ |  23,393 |   |  516 |   | $ |  37,263 |   |  27,492 |
| Weighted average shares outstanding:                                   |   |   |   |   |   |   |   |   |   |
|                                                                   | Basic |   |   |   |   |  75,078 |   |  74,320 |   |   |  74,922 |   |  73,239 |
|                                                                   | Diluted |   |   |   |  76,868 |   |  75,570 |   |   |  76,574 |   |  74,411 |
| Earnings per common share:                                             |   |   |   |   |   |   |   |   |   |
|                                                                   | Basic |   |   |   | $ |  0.31 |   |  0.01 |   | $ |  0.50 |   |  0.38 |
|                                                                   | Diluted |   |   |   |  0.30 |   |  0.01 |   |   |  0.49 |   |  0.37 |
| Cash dividends declared per common share                               |   |  - |   |  - |   |   |  0.15 |   |  - |
|                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to condensed consolidated financial statements. |

----

| GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES                     |
|---------------------------------------------------------------------------|
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Condensed Consolidated Statement of Changes in Stockholders’ Equity |
| Nine months ended March 31, 2011                                          |
| (In thousands)                                                            |
| (Unaudited)                                                               |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   | Globe Specialty Metals, Inc. Stockholders’ Equity |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   | Additional |   |   |   | Other |   | Treasury |   |   |   |   |   | Total |
|                                                                      |   |   |   |   |   |   | Common Stock |   | Paid-In |   | Retained |   | Comprehensive |   | Stock |   | Noncontrolling |   | Comprehensive |   | Stockholders’ |
|                                                                      |   |   |   |   |   |   | Shares |   |   | Amount |   | Capital |   | Earnings |   | (Loss) Income |   | at Cost |   | Interest |   | Income |   | Equity |
| Balance at June 30, 2010                                             | 74,422    |   |  $ | 7    |   | 390,354    |   | 38,761    |   | (4,438)   |   | (4)   |   | 34,149    |   |   |   | 458,829    |
| Share-based compensation                                             | 4    |   |   | —     |   | 3,875    |   | —     |   | —     |   | —     |   | —     |   |   |   | 3,875    |
| Stock option exercises                                               | 757    |   |   | 1    |   | 4,988    |   | —     |   | —     |   | —     |   | —     |   |   |   | 4,989    |
| Cash dividend declared                                               | —     |   |   | —     |   | —     |   | (11,269)   |   | —     |   | —     |   | —     |   |   |   | (11,269)   |
| Comprehensive income:                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      | Foreign currency translation adjustment  | —     |   |   | —     |   | —     |   | —     |   | 578    |   | —     |   | —     |   | 578    |   | 578    |
|                                                                      | Pension liability adjustment (net |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      | of income tax expense of $8)  | —     |   |   | —     |   | —     |   | —     |   | 14    |   | —     |   | —     |   | 14    |   | 14    |
|                                                                      | Net income  |   | —     |   |   | —     |   | —     |   | 37,263    |   | —     |   | —     |   | 2,734    |   | 39,997    |   | 39,997    |
|                                                                      |   | Total comprehensive income  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 40,589    |   | 40,589    |
| Balance at March 31, 2011                                            | 75,183    |   |  $ | 8    |   | 399,217    |   | 64,755    |   | (3,846)   |   | (4)   |   | 36,883    |   | 40,589    |   | 497,013    |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to condensed consolidated financial statements.    |

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| GLOBE SPECIALTY METALS, INC. AND SUBSIDIARY COMPANIES                  |
|------------------------------------------------------------------------|
|                                                                   |
| Condensed Consolidated Statements of Cash Flows                        |
| Nine months ended March 31, 2011 and 2010                              |
| (In thousands)                                                         |
| (Unaudited)                                                            |
|                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |   | Nine Months Ended |
|                                                                   |   |   |   |   |   |   |   | March 31, |
|                                                                   |   |   |   |   |   |   |   | 2011 |   | 2010 |
| Cash flows from operating activities:                                  |   |   |   |   |
|                                                                   | Net income |   |   | $ |  39,997 |   |  27,146 |
|                                                                   | Adjustments to reconcile net income to net cash provided by (used in) operating activities: |   |   |   |   |
|                                                                   |   |   | Depreciation and amortization |   |  18,350 |   |  14,868 |
|                                                                   |   |   | Share-based compensation |   |  3,875 |   |  4,491 |
|                                                                   |   |   | Gain on sale of business |   |  - |   |  (22,907) |
|                                                                   |   |   | Deferred taxes |   |  8,580 |   |  (74) |
|                                                                   |   |   | Changes in operating assets and liabilities: |   |   |   |   |
|                                                                   |   |   |   | Accounts receivable, net |   |  (5,583) |   |  (25,788) |
|                                                                   |   |   |   | Inventories |   |  (14,752) |   |  (5,542) |
|                                                                   |   |   |   | Prepaid expenses and other current assets |   |  (2,426) |   |  (9) |
|                                                                   |   |   |   | Accounts payable |   |  (3,246) |   |  22,569 |
|                                                                   |   |   |   | Accrued expenses and other current liabilities |   |  (2,323) |   |  (14,009) |
|                                                                   |   |   |   | Other |   |   |  201 |   |  (28,401) |
|                                                                   |   |   |   |   | Net cash provided by (used in) operating activities |   |  42,673 |   |  (27,656) |
| Cash flows from investing activities:                                  |   |   |   |   |
|                                                                   | Capital expenditures  |   |  (26,776) |   |  (16,432) |
|                                                                   | Sale of businesses, net of cash disposed of $0 and $16,555, respectively |   |  2,500 |   |  58,445 |
|                                                                   | Working capital adjustments from acquisition of businesses, net |   |  (2,038) |   |  - |
|                                                                   | Other investing activities |   |  (16,935) |   |  (733) |
|                                                                   |   |   |   |   | Net cash (used in) provided by investing activities |   |  (43,249) |   |  41,280 |
| Cash flows from financing activities:                                  |   |   |   |   |
|                                                                   | Net payments of long-term debt |   |  (17,002) |   |  (19,750) |
|                                                                   | Net (payments) borrowings of short-term debt |   |  (7,535) |   |  7,170 |
|                                                                   | Net borrowings on revolving credit agreements |   |  30,989 |   |  22,000 |
|                                                                   | Dividend payment  |   |  (11,269) |   |  - |
|                                                                   | Proceeds from stock option exercises |   |  4,989 |   |  - |
|                                                                   | Proceeds from warrants exercised |   |  - |   |  1,287 |
|                                                                   | Proceeds from UPOs exercised |   |  - |   |  210 |
|                                                                   | Sale of noncontrolling interest |   |  - |   |  98,329 |
|                                                                   | Sale of common stock |   |  - |   |  36,456 |
|                                                                   | Other financing activities |   |  (869) |   |  (1,387) |
|                                                                   |   |   |   |   | Net cash (used in) provided by financing activities |   |  (697) |   |  144,315 |
| Effect of exchange rate changes on cash and cash equivalents           |   |  (443) |   |  (28) |
|                                                                   |   |   |   |   | Net (decrease) increase in cash and cash equivalents |   |  (1,716) |   |  157,911 |
| Cash and cash equivalents at beginning of period                       |   |  157,029 |   |  61,876 |
| Cash and cash equivalents at end of period                             | $ |  155,313 |   |  219,787 |
|                                                                   |   |   |   |   |   |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                     |   |   |   |   |
|                                                                   | Cash paid for interest, net of capitalized interest | $ | 1,685 |   | 2,198 |
|                                                                   | Cash paid for income taxes, net of refunds totaling $534 and $2,729, respectively |   | 4,442 |   | 50,412 |
|                                                                   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to condensed consolidated financial statements. |

----

----

|               |   |                |                 | March 31,           |                | June 30, |
|--------------------|--------|---------------------|----------------------|---------------------|---------------------|----------|
|               |   |                |                 | 2011                |                | 2010     |
| Finished goods     | $      | 25,433    |                 | 19,655    |
| Work in process    |   | 5,860     |                 | 2,860     |
| Raw materials      |   | 59,230    |                 | 54,988    |
| Parts and supplies |   | 10,554    |                 | 9,660     |
|               | Total  |  $             | 101,077    |                | 87,163    |

|                                           |                                                                             |                |                 |                |                 |               |                 | March 31           |   | June 30, |
|------------------------------------------------|----------------------------------------------------------------------------------|---------------------|----------------------|---------------------|----------------------|--------------------|----------------------|--------------------|--------|----------|
|                                           |                                                                             |                |                 |                |                 |               |                 | 2011               |   | 2010     |
| Land, land improvements, and land use rights   | $                                                                                | 6,671     |                 | 6,080     |
| Building and improvements                      |                                                                             | 42,325    |                 | 41,262    |
| Machinery and equipment                        |                                                                             | 90,298    |                 | 78,370    |
| Furnaces                                       |                                                                             |                |                 |                | 132,261    |               | 124,898    |
| Other                                          |                                                                             |                |                 |                |                 | 3,978    |                 | 3,640    |
| Construction in progress                       |                                                                             | 23,509    |                 | 17,824    |
|                                           | Property, plant, and equipment, gross                                            |                | 299,042    |                | 272,074    |
| Less accumulated depreciation and amortization |                                                                             | (71,223)       |                 | (52,807)       |
|                                           | Property, plant, and equipment, net of accumulated depreciation and amortization |  $             | 227,819    |                | 219,267    |

----

|                                              |                          |                            |                            |                            |                            |                           |                           |                          | Globe                           |   |   |   |
|---------------------------------------------------|-------------------------------|---------------------------------|---------------------------------|---------------------------------|---------------------------------|--------------------------------|--------------------------------|-------------------------------|---------------------------------|--------|--------|--------|
|                                              |                          |                            |                            |                            |                            |                           |                           | GMI                           | Metales                         | Solsil | Other  | Total  |
|                                              |                          |                            |                            |                            |                            |                           |                           |                          |                            |   |   |   |
| Goodwill                                          |                          |                            |                            | $                               | 30,405      | 14,313     | 57,656     | 7,307     | 109,681     |
| Accumulated impairment loss                       |                          | —     | —     | (57,656)         | —     | (57,656)        |
|                                              | Balance at June 30, 2010      |                            | 30,405      | 14,313      | —     | 7,307      | 52,025     |
|                                              |                          |                            |                            |                            |                            |                           |                           |                          |                            |   |   |   |
| Core Metals purchase price allocation adjustments | 1,124     | —     | —     | —     | 1,124       |
| Foreign exchange rate changes                     |                          | —     | —     | —     | 257         | 257        |
|                                              |                          |                            |                            |                            |                            |                           |                           |                          |                            |   |   |   |
| Goodwill                                          |                          |                            |                            |                            | 31,529      | 14,313     | 57,656     | 7,564     | 111,062     |
| Accumulated impairment loss                       |                          | —     | —     | (57,656)         | —     | (57,656)        |
|                                              | Balance at March 31, 2011     |  $                         | 31,529      | 14,313      | —     | 7,564      | 53,406     |

|            |             |                      |                            |   |                            |               |               |        |               | Weighted                        |   |        |
|-----------------|------------------|---------------------------|---------------------------------|--------|---------------------------------|--------------------|--------------------|-------------|--------------------|---------------------------------|--------|-------------|
|            |             |                      |                            |   |                            |               |               | Outstanding |               | Average                         |   | Unused      |
|            |             |                      |                            |   |                            |               |               | Balance     |               | Interest Rate                   |   | Credit Line |
| March 31, 2011: |             |                      |                            |   |                            |               |
| Type debt:      |             |                      |                            |   |                            |               |               |        |
|            | Export financing | $                         | —     |   | —     | $                  | 9,041    |
|            | Other            |                      |                            |   |                            | 532      |               | 5.65%       |               | —     |
|            |             |   Total    |                            | $      | 532                   |               |               | $           | 9,041    |
|            |             |                      |                            |   |                            |               |               |        |               |                            |   |        |
| June 30, 2010:  |             |                      |                            |   |                            |               |               |
| Type debt:      |             |                      |                            |   |                            |               |               |        |
|            | Export financing | $                         | —     |   | —     | $                  | 7,041    |
|            | Other            |                      |                            |   |                            | 8,067    |               | 3.42%       |               | 446                   |
|            |             |   Total    |                            | $      | 8,067                 |               |               | $           | 7,487    |

----

|                      |   |                |   |   |   |                |   |                |   | Weighted      |   |       |   |       |
|---------------------------|--------|---------------------|--------|--------|--------|---------------------|--------|---------------------|--------|---------------|--------|------------|--------|------------|
|                      |   |                |   |   |   |                |   | Outstanding         |   | Average       |   | Unused     |   | Total      |
|                      |   |                |   |   |   |                |   | Balance             |   | Interest Rate |   | Commitment |   | Commitment |
| Senior credit facility    | $      | 34,989    |   | 4.75%  | $      | 52,761    |   | 90,000    |
| Revolving credit facility |   | 12,000    |   | 2.51%  |   | 3,000     |   | 15,000    |

|                                   |   |                            |                            |               |                |            |   | March 31,           |   | June 30, |
|----------------------------------------|--------|---------------------------------|---------------------------------|--------------------|---------------------|-----------------|--------|---------------------|--------|----------|
|                                   |   |                            |                            |               |                |            |   | 2011                |   | 2010     |
| Senior term loan                       |   | $                               | —     |               | 16,916    |
| Other                                  |   |                            |                            |               |                | 10    |   | 96        |
|                                   | Total  |                            |                            |               |                | 10    |   | 17,012    |
| Less current portion of long-term debt |   | (10)                       |                            | (10,092)      |
| Long-term debt, net of current portion | $      | —     |                            | 6,920    |

----

|                               |   |                            |   |                            |   |                            |   | Gain (Loss) Recognized      |   | Gain (Loss) Recognized          |   |               |
|------------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|-----------------------------|--------|---------------------------------|--------|--------------------|
|                               |   |                            |   |                            |   |                            |   | During the Three Months     |   | During the Nine Months          |   |               |
|                               |   |                            |   |                            |   |                            |   | Ended March 31,             |   | Ended March 31,                 |   | Location           |
|                               |   |                            |   |                            |   |                            |   | 2011                        |   | 2010                            |   | 2011               |   | 2010 |   | of Gain (Loss) |
| Interest rate derivatives          | $      | (21)             |   | (282)            |   | (186)            |   | (1,027)      |   | Interest expense                |
| Foreign exchange forward contracts |   | —     |   | —     |   | (190)            |   | 849     |   | Foreign exchange gain (loss)    |
| Power hedges                       |   |                            |   | (71)             |   | —     |   | 99      |   | —     |   | Cost of goods sold |

----

|                                                       |   |    | Three Months Ended |   | Nine Months Ended   |
|------------------------------------------------------------|--------|---------|--------------------|--------|---------------------|
|                                                       |   |    | March 31,          |   | March 31,           |
|                                                       |   |    | 2011               |   | 2010                |   | 2011 |   | 2010 |
| Interest cost                                              |   | $  | 359           |   | 302            |   | 1,079  |   | 906  |
| Service cost                                               |   |    | 29            |   | —   |   | 86  |   | —  |
| Expected return on plan assets                             |   |    | (371)         |   | (247)          |   | (1,114)  |   | (740)  |
| Amortization of net loss                                   |   |    | 170           |   | 143            |   | 508  |   | 429  |
|      Net periodic pension expense |   | $  | 187           |   | 198            |   | 559  |   | 595  |

----

|                                                    |   |       |   |       |   |       |   | Three Months Ended |   | Nine Months Ended |
|---------------------------------------------------------|--------|------------|--------|------------|--------|------------|--------|--------------------|--------|-------------------|
|                                                    |   |       |   |       |   |       |   | March 31,          |   | March 31,         |
|                                                    |   |       |   |       |   |       |   | 2011               |   | 2010              |   | 2011 |   | 2010 |
| Basic earnings per share computation                    |   |       |   |       |   |       |   |               |
| Numerator:                                              |   |       |   |       |   |       |   |               |   |              |   |
| Net income attributable to Globe Specialty Metals, Inc. | $      | 23,393     |   | 516        |   | 37,263     |   | 27,492             |
| Denominator:                                            |   |       |   |       |   |       |   |               |   |              |
| Weighted average basic shares outstanding               |   | 75,077,739 |   | 74,320,358 |   | 74,922,377 |   | 73,238,833         |
| Basic earnings per common share                         | $      | 0.31       |   | 0.01       |   | 0.50       |   | 0.38               |
| Diluted earnings per share computation                  |   |       |   |       |   |       |   |               |
| Numerator:                                              |   |       |   |       |   |       |   |               |   |              |   |
| Net income attributable to Globe Specialty Metals, Inc. | $      | 23,393     |   | 516        |   | 37,263     |   | 27,492             |
| Denominator:                                            |   |       |   |       |   |       |   |               |   |              |
| Weighted average basic shares outstanding               |   | 75,077,739 |   | 74,320,358 |   | 74,922,377 |   | 73,238,833         |
| Effect of dilutive securities                           |   | 1,789,845  |   | 1,249,635  |   | 1,651,128  |   | 1,172,638          |
| Weighted average diluted shares outstanding             |   | 76,867,584 |   | 75,569,993 |   | 76,573,505 |   | 74,411,471         |
| Diluted earnings per common share                  | $      | 0.30       |   | 0.01       |   | 0.49       |   | 0.37               |

----

|                             |   |                |   |    |                  |   |        |         |    |          |           |   | Weighted-     |   |   |      |
|----------------------------------|--------|---------------------|--------|---------|-----------------------|--------|-------------|--------------|---------|---------------|----------------|--------|---------------|--------|--------|-----------|
|                             |   |                |   |    |                  |   |        |         |    |          |           |   | Average       |   |   |      |
|                             |   |                |   |    |                  |   |        |         |    |          | Weighted-      |   | Remaining     |   |   | Aggregate |
|                             |   |                |   |    |                  |   |        | Number of    |    |          | Average        |   | Contractual   |   |   | Intrinsic |
|                             |   |                |   |    |                  |   |        | Options      |    |          | Exercise Price |   | Term in Years |   |   | Value     |
| Outstanding as of June 30, 2010  |   | 4,266,442      |   |  $ | 5.18             |   | 3.89   |         |  $ | 23,509   |
| Granted                          |   |                |   |    | 7,960            |   |        | 16.23   |    |          |           |   |          |
| Exercised                        |   |                |   |    | (757,025)   |   |        | 6.59    |    |          |           |   |          |
| Forfeited and expired            |   | (6,250)   |   |    | 4.00             |   |        |         |    |          |
| Outstanding as of March 31, 2011 |   | 3,511,127      |   |  $ | 4.91             |   | 3.42   |         |  $ | 63,000   |
|                             |   |                |   |    |                  |   |        |         |    |          |           |   |          |   |   |      |
| Exercisable as of March 31, 2011 |   | 2,578,916      |   |  $ | 4.79             |   | 3.48   |         |  $ | 46,422   |

|                              |   |             |   |             |   |           |   | 2011                            |   | 2012                            |   | 2013 |   | 2014 |   | 2015 |
|-----------------------------------|--------|------------------|--------|------------------|--------|----------------|--------|---------------------------------|--------|---------------------------------|--------|------|--------|------|--------|------|
| Share-based compensation (pretax) | $      | 459    |   | 113    |   | 2    |   | —     |   | —     |

----

|                               |   |                |       |       |       |            |   | March 31, 2011 |   | June 30, 2010 |
|------------------------------------|--------|---------------------|------------|------------|------------|-----------------|--------|----------------|--------|---------------|
| Interest rate derivatives          | $      | 344            |       | 476   |
| Foreign exchange forward contracts |   | —   |       | 77    |
| Power hedges                       |   |                | 144   |       | 243   |
|                               | Total  |                |       |       | $          | 488   |   | 796       |

|   | • | Paid Marco Realty $0 and $51 during the three months ended March 31, 2011 and 2010, respectively, and $0 and $149 during the nine months ended March 31, 2011 and 2010, respectively, to rent office space for its corporate headquarters in New York City, New York. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Entered into agreements with Marco International to purchase carbon electrodes. Marco International billed $6,344 and $3,462 during the three months ended March 31, 2011 and 2010, respectively, and $16,209 and $6,485 during the nine months ended March 31, 2011 and 2010, respectively, under these agreements. At March 31, 2011 and June 30, 2010, payables to Marco International under these agreements totaled $5,049 and $8,162, respectively. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Entered into an agreement to sell ferrosilicon to Marco International. Net sales were $187 and $107 during the three months ended March 31, 2011 and 2010, respectively, and $511 and $373 during the nine months ended March 31, 2011 and 2010, respectively, under this agreement. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Entered into agreements to sell calcium silicon powder to Marco International. Net sales were $859 and $0 during the three months ended March 31, 2011 and 2010, respectively, and $3,354 and $0 during the nine months ended March 31, 2011 and 2010, respectively, under this agreement. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | GMI — a manufacturer of silicon metal and silicon-based alloys located in the United States. |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | • | Globe Metais — a distributor of silicon metal manufactured in Brazil. This segment includes the historical Brazilian manufacturing operations, comprised of a manufacturing plant, mining operations, and forest reserves, which were sold on November 5, 2009. Subsequent to this divestiture, Globe Metais’ net sales relate only to the fulfillment of certain retained customer contracts, which were completed as of December 31, 2010. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Globe Metales — a manufacturer of silicon-based alloys located in Argentina. |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | • | Solsil — a manufacturer of upgraded metallurgical grade silicon metal located in the United States. |
|--------|---------|----------------------------------------------------------------------------------------------------------------|

|   | • | Corporate — general corporate expenses, investments, and related investment income. |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | Other — operations that do not fit into the above reportable segments and are immaterial for purposes of separate disclosure. The operating segments include Yonvey’s electrode production operations and certain other distribution operations for the sale of silicon metal and silicon-based alloys. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |   | Three Months Ended |   | Nine Months Ended |
|----------------------|--------|--------------------|--------|-------------------|
|                 |   | March 31,          |   | March 31,         |
|                 |   | 2011               |   | 2010              |   | 2011 |   | 2010 |
| Silicon metal        | $      |  99,084       |   |  73,006      |   |  248,149 |   |  216,592 |
| Silicon-based alloys |   |  61,149       |   |  34,192      |   |  174,120 |   |  94,098 |
| Other                |   |  12,569       |   |  5,288       |   |  43,660 |   |  15,532 |
| Total                | $      |  172,802      |   |  112,486     |   |  465,929 |   |  326,222 |

----

|                                |   | Three Months Ended |                    | Three Months Ended                |
|-------------------------------------|--------|--------------------|-------------------------|-----------------------------------|
|                                |   | March 31,          |                    | March 31,                         |
|                                |   | 2011               |                    | 2010                              |
|                                |   | Net Sales          | Operating Income (Loss) | Income (Loss) Before Income Taxes |   | Net Sales | Operating Income (Loss) | Income (Loss) Before Income Taxes |
| GMI                                 | $      |  155,638      |  40,625            |  40,373                      |   |  86,693 |  4,913 |  4,404 |
| Globe Metais                        |   |  -            |  449               |  449                         |   |  12,623 |  210 |  204 |
| Globe Metales                       |   |  16,712       |  4,279             |  4,160                       |   |  11,979 |  2,009 |  2,141 |
| Solsil                              |   |  20           |  (201)             |  (201)                       |   |  - |  (295) |  (295) |
| Corporate                           |   |  -            |  (6,723)           |  (6,768)                     |   |  - |  (3,012) |  (2,777) |
| Other                               |   |  7,570        |  (1,790)           |  (1,652)                     |   |  3,309 |  (844) |  (1,207) |
| Eliminations                        |   |  (7,138)      |  114               |  114                         |   |  (2,118) |  326 |  326 |
|      Total | $      |  172,802      |  36,753            |  36,475                      |   |  112,486 |  3,307 |  2,796 |

|                                |   | Nine Months Ended |                    | Nine Months Ended                 |
|-------------------------------------|--------|-------------------|-------------------------|-----------------------------------|
|                                |   | March 31,         |                    | March 31,                         |
|                                |   | 2011              |                    | 2010                              |
|                                |   | Net Sales         | Operating Income (Loss) | Income (Loss) Before Income Taxes | Total Assets |   | Net Sales | Operating Income (Loss) | Income (Loss) Before Income Taxes |
| GMI                                 | $      |  392,007     |  66,866            |  65,881                      |  387,988 |   |  234,068 |  26,840 |  25,501 |
| Globe Metais                        |   |  15,421      |  377               |  378                         |  2,129 |   |  53,603 |  4,159 |  7,485 |
| Globe Metales                       |   |  46,455      |  9,823             |  9,099                       |  77,021 |   |  35,502 |  8,243 |  7,645 |
| Solsil                              |   |  9,420       |  8,876             |  8,876                       |  30,142 |   |  20 |  (1,186) |  (1,216) |
| Corporate                           |   |  -           |  (17,763)          |  (18,135)                    |  398,509 |   |  - |  10,858 |  10,696 |
| Other                               |   |  24,222      |  (1,225)           |  (879)                       |  41,350 |   |  8,932 |  (3,495) |  (3,943) |
| Eliminations                        |   |  (21,596)    |  (1,744)           |  (1,744)                     |  (282,612) |   |  (5,903) |  680 |  680 |
|      Total | $      |  465,929     |  65,210            |  63,476                      |  654,527 |   |  326,222 |  46,099 |  46,848 |

|          |   |                |           | Three Months Ended  |           | Nine Months Ended   |
|---------------|--------|---------------------|----------------|---------------------|----------------|---------------------|
|          |   |                |           | March 31,           |           | March 31,           |
|          |   |                |           | 2011                |           | 2010                |   | 2011 |   | 2010 |
| United States | $      | 155,614        |           | 99,318         |           | 416,770        |   | 274,721   |
| Argentina     |   | 13,758         |           | 10,387         |           | 40,540         |   | 30,597   |
| Brazil        |   | —   |           | —   |           | —   |   | 12,820   |
| China         |   | 158            |           | 48             |           | 369            |   | 472   |
| Poland        |   | 3,272          |           | 2,733          |           | 8,250          |   | 7,612   |
|          | Total  | $                   | 172,802   |                | 112,486   |                | 465,929   |   | 326,222   |

|          |   |          |    | March 31,     |    | June 30, |
|---------------|--------|---------------|---------|---------------|---------|----------|
|          |   |          |    | 2011          |    | 2010     |
| United States | $      |  222,099 |    |  211,876 |
| Argentina     |   |  31,317  |    |  31,665  |
| China         |   |  27,438  |    |  27,428  |
| Poland        |   |  848     |    |  800     |
|          | Total  | $             | 281,702 |          | 271,769 |

----

|                                | Three Months Ended |   | Nine Months Ended |
|-------------------------------------|--------------------|--------|-------------------|
|                                | March 31,          |   | March 31,         |
|                                | 2011               |   | 2010              |   | 2011 |   | 2010 |
| Dow Corning                         | 20%                |   | 10%               |   | 18% |   | 14% |
| All other customers                 | 80                 |   | 90                |   | 82 |   | 86 |
|      Total | 100%               |   | 100%              |   | 100% |   | 100% |

----

Item 2.

  Management’s 

|   | • | GMI — a manufacturer of silicon metal and silicon-based alloys located in the United States with plants in Beverly, Ohio, Alloy, West Virginia, Niagara Falls, New York, Selma, Alabama, and Bridgeport, Alabama; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Globe Metais — a distributor of silicon metal manufactured in Brazil. This segment includes the historical Brazilian manufacturing operations, comprised of a manufacturing plant in Breu Branco and mining operations and forest reserves, which were all sold on November 5, 2009. Subsequent to this divestiture, Globe Metais’ net sales relate only to the fulfillment of certain retained customer contracts, which were completed as of December 31, 2010; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Globe Metales — a manufacturer of silicon-based alloys located in Argentina with a silicon-based alloys plant in Mendoza and a cored-wire fabrication facility in San Luis; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Solsil — a developer and manufacturer of upgraded metallurgical grade silicon metal located in the United States with operations in Beverly, Ohio; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Corporate — a corporate office including general expenses, investments, and related investment income; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | • | Other — includes an electrode production operation in China (Yonvey) and a cored-wire production facility located in Poland. These operations do not fit into the above reportable segments, and are immaterial for purposes of separate disclosure. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                       |   | Three Months Ended     |   |          |   |         |
|------------------------------------------------------------|--------|------------------------|--------|---------------|--------|--------------|
|                                                       |   | March 31,              |   | Increase      |   | Percentage   |
|                                                       |   | 2011                   |   | 2010          |   | (Decrease)   |   | Change |
|                                                       |   | (Dollars in thousands) |
| Results of Operations                                      |   |                   |   |          |   |         |   |   |
| Net sales                                                  | $      |  172,802          |   |  112,486 |   |  60,316 |   | 53.6% |
| Cost of goods sold                                         |   |  121,621          |   |  99,135  |   |  22,486 |   | 22.7% |
| Selling, general and administrative expenses               |   |  14,396           |   |  10,008  |   |  4,388  |   | 43.8% |
| Research and development                                   |   |  32               |   |  36      |   |  (4)    |   | (11.1%) |
| Operating income                                           |   |  36,753           |   |  3,307   |   |  33,446 |   | 1,011.4% |
| Interest expense, net                                      |   |  (497)            |   |  (993)   |   |  496    |   | (49.9%) |
| Other income                                               |   |  219              |   |  482     |   |  (263)  |   | (54.6%) |
| Income before provision for income taxes                   |   |  36,475           |   |  2,796   |   |  33,679 |   | 1,204.5% |
| Provision for income taxes                                 |   |  12,982           |   |  1,751   |   |  11,231 |   | 641.4% |
|       Net income             |   |  23,493           |   |  1,045   |   |  22,448 |   | 2,148.1% |
| Income attributable to noncontrolling interest, net of tax |   |  (100)            |   |  (529)   |   |  429    |   | (81.1%) |
| Net income attributable to Globe Specialty Metals, Inc.    | $      |  23,393           |   |  516     |   |  22,877 |   | 4,433.5% |

----

|                                   |   |                              |   |         |                              |    |   |   |   |         |   |         |   |    |   |
|----------------------------------------|--------|-----------------------------------|--------|--------------|-----------------------------------|---------|--------|--------|--------|--------------|--------|--------------|--------|---------|--------|
|                                   |   | Three Months Ended March 31, 2011 |   |         | Three Months Ended March 31, 2010 |
|                                   |   | Net Sales                         |   |         | Net Sales                         |
|                                   |   | $ (in 000s)                       |   | MT           |                              |    | $/MT   |   |   | $ (in 000s)  |   | MT           |   |    | $/MT   |
| Silicon metal                          | $      |  99,084                      |   |  32,266 |                              |  $ | 3,071  |   | $      |  73,006 |   |  30,681 |   |  $ | 2,380  |
| Silicon-based alloys                   |   | 61,149                            |   |  27,010 |                              |    | 2,264  |   |   | 34,192       |   |  17,003 |   |    | 2,011  |
| Silicon metal and silicon-based alloys |   | 160,233                           |   | 59,276       |                              |    | 2,703  |   |   | 107,198      |   | 47,684       |   |    | 2,248  |
| Silica fume and other                  |   | 12,569                            |   |         |                              |    |   |   |   |  5,288  |   |         |   |    |   |
| Total net sales                        | $      | 172,802                           |   |         |                              |    |   |   | $      | 112,486      |   |         |   |    |   |

----

|                                         |   | Three Months Ended     |   |         |   |         |
|----------------------------------------------|--------|------------------------|--------|--------------|--------|--------------|
|                                         |   | March 31,              |   | Increase     |   | Percentage   |
|                                         |   | 2011                   |   | 2010         |   | (Decrease)   |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |         |   |         |   |   |
| Net sales                                    | $      |  155,638          |   |  86,693 |   |  68,945 |   | 79.5% |
| Cost of goods sold                           |   |  108,885          |   |  76,370 |   |  32,515 |   | 42.6% |
| Selling, general and administrative expenses |   |  6,128            |   |  5,410  |   |  718    |   | 13.3% |
| Operating income                             | $      |  40,625           |   |  4,913  |   |  35,712 |   | 726.9% |

|                                         |   | Three Months Ended     |   |         |   |           |
|----------------------------------------------|--------|------------------------|--------|--------------|--------|----------------|
|                                         |   | March 31,              |   | Increase     |   | Percentage     |
|                                         |   | 2011                   |   | 2010         |   | (Decrease)     |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |         |   |           |   |   |
| Net sales                                    | $      |  -                |   |  12,623 |   |  (12,623) |   | (100.0%) |
| Cost of goods sold                           |   |  (448)            |   |  12,319 |   |  (12,767) |   | (103.6%) |
| Selling, general and administrative expenses |   |  (1)              |   |  94     |   |  (95)     |   | (101.1%) |
| Operating income                             | $      |  449              |   |  210    |   |  239      |   | 113.8% |

|                                         |   | Three Months Ended     |   |         |   |        |
|----------------------------------------------|--------|------------------------|--------|--------------|--------|-------------|
|                                         |   | March 31,              |   | Increase     |   | Percentage  |
|                                         |   | 2011                   |   | 2010         |   | (Decrease)  |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |         |   |        |   |   |
| Net sales                                    | $      |  16,712           |   |  11,979 |   |  4,733 |   | 39.5% |
| Cost of goods sold                           |   |  11,473           |   |  9,150  |   |  2,323 |   | 25.4% |
| Selling, general and administrative expenses |   |  960              |   |  820    |   |  140   |   | 17.1% |
| Operating income                             | $      |  4,279            |   |  2,009  |   |  2,270 |   | 113.0% |

----

|                                         |   | Three Months Ended     |   |        |   |       |
|----------------------------------------------|--------|------------------------|--------|-------------|--------|------------|
|                                         |   | March 31,              |   | Increase    |   | Percentage |
|                                         |   | 2011                   |   | 2010        |   | (Decrease) |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |        |   |       |   |   |
| Net sales                                    | $      |  20               |   |  -     |   |  20   |   | NA |
| Cost of goods sold                           |   |  161              |   |  166   |   |  (5)  |   | (3.0%) |
| Selling, general and administrative expenses |   |  28               |   |  93    |   |  (65) |   | (69.9%) |
| Research and development                     |   |  32               |   |  36    |   |  (4)  |   | (11.1%) |
| Operating loss                               | $      |  (201)            |   |  (295) |   |  94   |   | (31.9%) |

|                                         |   | Three Months Ended     |   |          |   |          |
|----------------------------------------------|--------|------------------------|--------|---------------|--------|---------------|
|                                         |   | March 31,              |   | Increase      |   | Percentage    |
|                                         |   | 2011                   |   | 2010          |   | (Decrease)    |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |          |   |          |   |   |
| Selling, general and administrative expenses | $      |  6,723            |   |  3,012   |   |  3,711   |   | 123.2% |
| Operating loss                               | $      |  (6,723)          |   |  (3,012) |   |  (3,711) |   | 123.2% |

|                                                                |   | Nine Months Ended      |   |           |   |          |
|---------------------------------------------------------------------|--------|------------------------|--------|----------------|--------|---------------|
|                                                                |   | March 31,              |   | Increase       |   | Percentage    |
|                                                                |   | 2011                   |   | 2010           |   | (Decrease)    |   | Change |
|                                                                |   | (Dollars in thousands) |
| Results of Operations                                               |   |                   |   |           |   |          |   |   |
| Net sales                                                           | $      |  465,929          |   |  326,222  |   |  139,707 |   | 42.8% |
| Cost of goods sold                                                  |   |  361,722          |   |  267,087  |   |  94,635  |   | 35.4% |
| Selling, general and administrative expenses                        |   |  38,920           |   |  35,873   |   |  3,047   |   | 8.5% |
| Research and development                                            |   |  77               |   |  151      |   |  (74)    |   | (49.0%) |
| Restructuring charges                                               |   |  -                |   |  (81)     |   |  81      |   | NA |
| Gain on sale of business                                            |   |  -                |   |  (22,907) |   |  22,907  |   | NA |
| Operating income                                                    |   |  65,210           |   |  46,099   |   |  19,111  |   | 41.5% |
| Interest expense, net                                               |   |  (2,127)          |   |  (3,211)  |   |  1,084   |   | (33.8%) |
| Other income                                                        |   |  393              |   |  3,960    |   |  (3,567) |   | (90.1%) |
| Income before provision for income taxes                            |   |  63,476           |   |  46,848   |   |  16,628  |   | 35.5% |
| Provision for income taxes                                          |   |  23,479           |   |  19,702   |   |  3,777   |   | 19.2% |
|       Net income                      |   |  39,997           |   |  27,146   |   |  12,851  |   | 47.3% |
| (Income) losses attributable to noncontrolling interest, net of tax |   |  (2,734)          |   |  346      |   |  (3,080) |   | (890.2%) |
| Net income attributable to Globe Specialty Metals, Inc.             | $      |  37,263           |   |  27,492   |   |  9,771   |   | 35.5% |

----

|                                   |   |                             |   |         |                             |    |   |   |   |          |   |         |   |    |   |
|----------------------------------------|--------|----------------------------------|--------|--------------|----------------------------------|---------|--------|--------|--------|---------------|--------|--------------|--------|---------|--------|
|                                   |   | Nine Months Ended March 31, 2011 |   |         | Nine Months Ended March 31, 2010 |
|                                   |   | Net Sales                        |   |         | Net Sales                        |
|                                   |   | $ (in 000s)                      |   | MT           |                             |    | $/MT   |   |   | $ (in 000s)   |   | MT           |   |    | $/MT   |
| Silicon metal                          | $      |  248,149                    |   |  91,511 |                             |  $ | 2,712  |   | $      |  216,592 |   |  85,402 |   |  $ | 2,536  |
| Silicon-based alloys                   |   | 174,120                          |   |  85,384 |                             |    | 2,039  |   |   | 94,098        |   |  46,862 |   |    | 2,008  |
| Silicon metal and silicon-based alloys |   | 422,269                          |   | 176,895      |                             |    | 2,387  |   |   | 310,690       |   | 132,264      |   |    | 2,349  |
| Silica fume and other                  |   | 43,660                           |   |         |                             |    |   |   |   |  15,532  |   |         |   |    |   |
| Total net sales                        | $      | 465,929                          |   |         |                             |    |   |   | $      | 326,222       |   |         |   |    |   |

----

|                                         |   | Nine Months Ended      |   |          |   |          |
|----------------------------------------------|--------|------------------------|--------|---------------|--------|---------------|
|                                         |   | March 31,              |   | Increase      |   | Percentage    |
|                                         |   | 2011                   |   | 2010          |   | (Decrease)    |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |          |   |          |   |   |
| Net sales                                    | $      |  392,007          |   |  234,068 |   |  157,939 |   | 67.5% |
| Cost of goods sold                           |   |  308,743          |   |  192,291 |   |  116,452 |   | 60.6% |
| Selling, general and administrative expenses |   |  16,398           |   |  15,018  |   |  1,380   |   | 9.2% |
| Restructuring charges                        |   |  -                |   |  (81)    |   |  81      |   | NA |
| Operating income                             | $      |  66,866           |   |  26,840  |   |  40,026  |   | 149.1% |

|                                         |   | Nine Months Ended      |   |         |   |           |
|----------------------------------------------|--------|------------------------|--------|--------------|--------|----------------|
|                                         |   | March 31,              |   | Increase     |   | Percentage     |
|                                         |   | 2011                   |   | 2010         |   | (Decrease)     |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |         |   |           |   |   |
| Net sales                                    | $      |  15,421           |   |  53,603 |   |  (38,182) |   | (71.2%) |
| Cost of goods sold                           |   |  14,973           |   |  44,990 |   |  (30,017) |   | (66.7%) |
| Selling, general and administrative expenses |   |  71               |   |  2,695  |   |  (2,624)  |   | (97.4%) |
| Research and development                     |   |  -                |   |  11     |   |  (11)     |   | NA |
| Loss on sale of business                     |   |  -                |   |  1,748  |   |  (1,748)  |   | NA |
| Operating income                             | $      |  377              |   |  4,159  |   |  (3,782)  |   | (90.9%) |

----

|                                         |   | Nine Months Ended      |   |         |   |         |
|----------------------------------------------|--------|------------------------|--------|--------------|--------|--------------|
|                                         |   | March 31,              |   | Increase     |   | Percentage   |
|                                         |   | 2011                   |   | 2010         |   | (Decrease)   |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |         |   |         |   |   |
| Net sales                                    | $      |  46,455           |   |  35,502 |   |  10,953 |   | 30.9% |
| Cost of goods sold                           |   |  33,928           |   |  24,911 |   |  9,017  |   | 36.2% |
| Selling, general and administrative expenses |   |  2,704            |   |  2,348  |   |  356    |   | 15.2% |
| Operating income                             | $      |  9,823            |   |  8,243  |   |  1,580  |   | 19.2% |

|                                         |   | Nine Months Ended      |   |          |   |         |
|----------------------------------------------|--------|------------------------|--------|---------------|--------|--------------|
|                                         |   | March 31,              |   | Increase      |   | Percentage   |
|                                         |   | 2011                   |   | 2010          |   | (Decrease)   |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |          |   |         |   |   |
| Net sales                                    | $      |  9,420            |   |  20      |   |  9,400  |   | NA |
| Cost of goods sold                           |   |  331              |   |  690     |   |  (359)  |   | (52.0%) |
| Selling, general and administrative expenses |   |  136              |   |  378     |   |  (242)  |   | (64.0%) |
| Research and development                     |   |  77               |   |  138     |   |  (61)   |   | (44.2%) |
| Operating income (loss)                      | $      |  8,876            |   |  (1,186) |   |  10,062 |   | (848.4%) |

|                                         |   | Nine Months Ended      |   |           |   |           |
|----------------------------------------------|--------|------------------------|--------|----------------|--------|----------------|
|                                         |   | March 31,              |   | Increase       |   | Percentage     |
|                                         |   | 2011                   |   | 2010           |   | (Decrease)     |   | Change |
|                                         |   | (Dollars in thousands) |
| Results of Operations                        |   |                   |   |           |   |           |   |   |
| Selling, general and administrative expenses | $      |  17,763           |   |  13,797   |   |  3,966    |   | 28.7% |
| Gain on sale of business                     |   |  -                |   |  (24,655) |   |  24,655   |   | (100.0%) |
| Operating (loss) income                      | $      |  (17,763)         |   |  10,858   |   |  (28,621) |   | (263.6%) |

----

|                                                  |                                       |                 |                | Nine Months Ended March 31, |
|-------------------------------------------------------|--------------------------------------------|----------------------|---------------------|----------------------------------|
|                                                  |                                       |                 |                | 2011                             |   | 2010 |
|                                                  |                                       |                 |                | (Dollars in thousands)           |
| Cash and cash equivalents at beginning of period      | $                                          | 157,029    |                | 61,876                 |
| Cash flows provided by (used in) operating activities |                                       | 42,673     |                | (27,656)                    |
| Cash flows (used in) provided by investing activities |                                       | (43,249)        |                | 41,280                 |
| Cash flows (used in) provided by financing activities |                                       | (697)           |                | 144,315                |
| Effect of exchange rate changes on cash               |                                       | (443)           |                | (28)                        |
|                                                  | Cash and cash equivalents at end of period | $                    | 155,313   |                             | 219,787   |

----

Item 3.
  Quantitative 

Item 4.
  Controls 

----

Item 1.
  Legal 

Item 1A.
  Risk 

Item 6.  Exhibits

| ExhibitNumber |  Description of Document                                                |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1          | Employment Agreement, dated January 27, 2011, between GSM and Alan Kestenbaum†                                                                                                                                                                                                                                    |
| 10.2          | Framework for the 2011 Annual Executive Long Term Incentive Plan†                                                                                                                                                                                                                                                 |
| 31.1          | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002†                                                                                                                                                                                                           |
| 31.2          | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002†                                                                                                                                                                                                           |
| 32.1          | Certification of the Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002†                                                                                                                           |

| † | Filed herewith. |
|---------|-----------------|

----

SIGNATURES

----