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, Inc., a subsidiary of Ferroglobe PLC (NASDAQ:GSM), along with Mississippi Silicon LLC, has petitioned the U.S. Department of Commerce and the U.S. International Trade Commission to impose antidumping and countervailing duties on silicon metal imports from Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan. The petition claims dumping margins of 54% to 85% and seeks relief through special duties to offset unfair pricing. The inquiry is expected to be initiated by July 20, 2020, with a preliminary determination by August 14, 2020.
Globe Specialty Metals, a subsidiary of Ferroglobe PLC (NASDAQ:GSM), alongside Mississippi Silicon, has petitioned the U.S. Department of Commerce and the ITC to impose antidumping and countervailing duties on silicon metal imports from Bosnia, Iceland, Malaysia, and Kazakhstan. The petition cites dumping margins between 54% to 85%, claiming these imports are unfairly priced and subsidized, harming U.S. producers. The ITC previously found similar practices affecting imports from Russia. The investigations are set to begin by July 20, 2020, with preliminary results expected by August 14, 2020.
Ferroglobe reported Q1 2020 sales of $311.2 million, down 17.4% from Q4 2019. The company registered a net loss of $(49.1) million, improving from the previous quarter's $(73.3) million. Adjusted EBITDA was $(17.6) million, better than $(30.4) million in Q4 2019, indicating operational improvements amidst the COVID-19 pandemic. The company reduced gross debt to $443 million from $481 million. Q1 shipments fell 15.6% compared to Q4 2019, while average selling prices rose 0.8%. The management is focused on cost reductions and operational efficiency to adapt to ongoing market challenges.
Ferroglobe PLC (NASDAQ: GSM) has appointed Marta Amusategui as a Non-Executive Director, effective June 12, 2020. Amusategui brings extensive experience in business strategy, banking, and finance, having previously served as Country Executive Officer at Bank of America in Spain. She co-founded Abrego Capital S.L. and has experience in private equity and digital transformation for secondary sector businesses. Her academic credentials include an Industrial Engineering degree and an MBA from INSEAD.
This leadership change may strengthen Ferroglobe's strategic direction and enhance its operations.
Ferroglobe PLC (NASDAQ: GSM) announced changes to its Board of Directors, with non-executive directors Greger Hamilton and Donald Barger resigning. Hamilton's resignation took effect on May 31, 2020, while Barger will step down after the 2020 Annual General Meeting. Both directors have served since the Board's inception in December 2015, and the company is currently seeking new candidates for nomination. Executive Chairman Javier López Madrid expressed gratitude for their contributions and professionalism throughout their tenure.
Ferroglobe PLC (NASDAQ: GSM) will release its first quarter 2020 financial results on June 8, 2020, after market close. A conference call is scheduled for June 9, 2020, at 9:00 AM EDT, where management will discuss the results and answer questions. Interested participants can join the call using the provided dial-in numbers and conference ID. Ferroglobe is a leading global supplier of silicon-based products, serving dynamic markets such as solar and automotive. For further information, visit their investor relations website.
On June 1, 2020, Ferroglobe PLC (NASDAQ:GSM) filed its Annual Report on Form 20-F, revealing a significant operating loss of $355.6 million and a net loss of $285.6 million for the year ending December 31, 2019. The report indicates cash and cash equivalents of $123.2 million, with $28.3 million restricted. The independent audit opinion contains a going concern explanatory paragraph due to uncertainties from the COVID-19 pandemic, although no immediate financial disruptions are indicated. Management is exploring new financing options to enhance liquidity.
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