Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of silicon metals specialist Globe Specialty Metals (Nasdaq: GSM) are surging as much as 10.8% today on about four times the average daily trading volume.

So what: The company just announced plans to build a "world class, low cost" silicon metal plant in Iceland, due to open for operations in mid-2013. This new facility will increase Globe Specialty's silicon metal manufacturing capacity by approximately 40%, which opens up a larger addressable market for the company.

Now what: This plant is no flash in the pan, as partner firm Tomahawk Development has been working on permits and site preparation for the past four years. Silicon metal is used by aluminum producers, the chemical industry, and by solar panel and semiconductor makers -- including a longstanding, high-volume relationship with Dow Corning, which is a silicon products venture between Dow Chemical (NYSE: DOW) and Corning (NYSE: GLW). Globe Specialty is expanding its manufacturing capacity in order to keep up with an expected rise in demand from the chip and solar industries.

Interested in more info on Globe Specialty Metals? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.