Ferroglobe PLC reports developments tied to its role as a producer of silicon metal, silicon-based specialty alloys, manganese-based alloys and ferroalloys. Company updates center on quarterly financial results, sales trends across silicon metal, silicon-based alloys and manganese-based alloys, cash and debt metrics, dividends, share repurchases and earnings-call schedules.
Recurring announcements also address trade measures affecting silicon metal, ferrosilicon and ferroalloy markets in the United States and Europe, energy-cost management, index inclusion and partnerships connected to silicon anode technology. Ferroglobe serves end markets that include solar, electronics, automotive, consumer products, construction and energy.
Globe Specialty Metals (GSM) welcomes the U.S. Department of Commerce's preliminary decision to impose a 120% duty on silicon metal imports from Kazakhstan, aimed at addressing unfair trade practices. This decision follows ongoing investigations of imports from Kazakhstan, Bosnia and Herzegovina, Iceland, and Malaysia, which are determined to harm the U.S. industry. The duties are expected to improve market conditions for U.S. producers. Preliminary determinations for the other countries will be announced soon, with GSM and Mississippi Silicon advocating for fair trade practices.
On November 30, 2020, Globe Specialty Metals and Mississippi Silicon welcomed the U.S. Department of Commerce's announcement of preliminary duties of 120% on all silicon metal imports from Kazakhstan. The decision stems from investigations into unfair trading practices affecting U.S. silicon metal producers. Globe Specialty Metals' CEO, Marco Levi, emphasized the need for market normalization in light of these challenges. Additional investigations regarding imports from Bosnia and Herzegovina, Iceland, and Malaysia will conclude in December 2020 and January 2021.
Ferroglobe reported Q3 2020 sales of $262.7 million, a 5.1% increase from $250.0 million in Q2 2020 but a decline from $381.7 million in Q3 2019. The company faced a net loss of $(46.8) million, worsened by a $34.3 million impairment charge. Adjusted EBITDA was $22.2 million, slightly down from Q2 2020. Total shipments rose 3.5% from the prior quarter. Gross debt decreased to $442 million. The CEO highlighted ongoing initiatives to strengthen the company's financial position amid COVID-19 challenges.
Ferroglobe PLC (NASDAQ:GSM) will release its third-quarter financial results on November 23, 2020, after market close. The earnings call is scheduled for November 24, 2020, at 9:00 AM EST. Interested participants can join the call via a U.S. dial-in number (+1-877-293-5491) or an international number (+1-914-495-8526). An audio webcast will also be available. Ferroglobe is a leading supplier of silicon metal and specialty alloys for various industries, including solar and automotive.
Ferroglobe PLC (NASDAQ:GSM) has appointed Thomas Wiesner as the new Chief Legal Officer, effective immediately. Wiesner brings nearly a decade of experience from prestigious law firms and is expected to also serve as Secretary to the Board. His appointment follows the departure of Theodore Allegaert and Dorcas Murray from their respective roles. CEO Marco Levi emphasized Wiesner's role in streamlining operations and supporting the company’s strategic direction. This leadership change is seen as pivotal during a time of organizational restructuring.
Ferroglobe PLC reported Q2 2020 sales of $250.0 million, down 19.7% from Q1 2020 and 38.8% year-over-year. The company experienced a net loss of $(14.0) million, an improvement from $(49.1) million in Q1. Adjusted EBITDA stood at $22.4 million, up from $(17.6) million in Q1, reflecting a margin of 9.0%. Operating cash flow was positive at $38.1 million, with gross debt rising to $451 million. The ongoing COVID-19 pandemic has impacted product demand, though operational changes have aided cost reductions.
Ferroglobe PLC (NASDAQ:GSM) will release its second quarter 2020 financial results after the market close on August 31, 2020. The company will host a quarterly earnings call on September 1, 2020, at 9:00 AM EDT, where investors and interested parties can participate.
The conference call can be accessed via phone or an audio webcast. Participants are encouraged to dial in at least five minutes early to register. Ferroglobe, a leading supplier of silicon metal and specialty alloys, serves diverse markets including solar, automotive, and energy.
Globe Specialty Metals, a subsidiary of Ferroglobe PLC (NASDAQ:GSM), announced that the U.S. International Trade Commission (ITC) is investigating harmful imports of silicon metal from Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan. The ITC voted 5-0, indicating a reasonable belief that these imports are materially injuring the U.S. industry. Duties could be imposed as early as September 2020 for Kazakhstan and December 2020 for the others. This move aims to restore fair competition in the silicon metal market, crucial for various industries including automotive and solar energy.
On August 13, 2020, Globe Specialty Metals, a Ferroglobe subsidiary, announced the U.S. International Trade Commission's (ITC) ongoing investigation into harmful imports of silicon metal from Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan. The ITC voted 5-0, indicating a 'reasonable indication' of material injury to the U.S. industry. Duties could be proposed as early as September 2020 for Kazakhstan and December 2020 for the others. This decision aims to restore fair competition in the U.S. silicon metal market, with support from executives at GSM and Mississippi Silicon.
Ferroglobe PLC (NASDAQ: GSM) has received NASDAQ approval to transfer its ordinary shares from the NASDAQ Global Select Market to the NASDAQ Capital Market due to non-compliance with the minimum bid price requirement, as its closing bid has been below $1.00 for over thirty days. This transfer, effective August 4, 2020, grants Ferroglobe an additional 180-day grace period to regain compliance, potentially through a reverse stock split. The NASDAQ Capital Market requires ongoing financial and corporate governance compliance.