Welcome to our dedicated page for Ferroglobe news (Ticker: GSM), a resource for investors and traders seeking the latest updates and insights on Ferroglobe stock.
Ferroglobe PLC (NASDAQ: GSM) is a producer of silicon metal, silicon-based specialty alloys, manganese-based specialty alloys and ferroalloys, supplying customers in end markets such as solar, electronics, automotive, consumer products, construction and energy. This news page aggregates company announcements, earnings releases and other public updates related to GSM.
Readers can review quarterly and annual financial results, where Ferroglobe reports sales, adjusted EBITDA, net income or loss, cash and debt metrics, and detailed performance by product category. These releases often discuss market conditions, demand trends in steel and foundry sectors, raw material and energy costs, and the impact of trade measures in the U.S. and European Union on silicon metals, silicon alloys and manganese alloys.
The news flow also covers capital allocation and shareholder matters, including disclosures on quarterly cash dividends, share repurchases and index membership such as inclusion in the Russell 2000 and Russell 3000 indexes. Announcements of earnings call schedules provide information on upcoming webcasts and conference calls for investors and analysts.
In addition, Ferroglobe’s updates highlight strategic and partnership developments, such as its role as a key materials partner to Coreshell, a battery technology company working on silicon anode lithium-ion batteries. These items illustrate how Ferroglobe’s silicon products are being used in emerging applications, including electric vehicles, robotics and defense-related battery systems.
By following this page, users can access a chronological record of GSM-related press releases and official communications, covering financial performance, trade and regulatory developments, capital returns, index changes and technology partnerships.
Ferroglobe has successfully finalized a financing transaction, marking a significant milestone for the company. The transaction, effective July 30, 2021, involved an aggregate of $40 million from issuing ordinary shares to investors and the exchange of 98.588% of its senior notes for new secured notes due in 2025. Additionally, the UK Issuer raised $60 million through new senior secured notes. This financing is expected to enhance liquidity, extend debt maturity, and support Ferroglobe’s transformation efforts, as noted by executives.
The U.S. International Trade Commission (ITC) has confirmed a 5-0 vote determining that silicon metal imports from Malaysia have materially harmed the U.S. industry, leading to a formal antidumping duty order. This decision affects all Malaysian silicon metal imports for at least five years. The antidumping duties follow previous preliminary duties of 7.41% announced on January 27, 2021. Leaders from both Globe Specialty Metals and Mississippi Silicon expressed satisfaction with the ruling, emphasizing its positive impact on U.S. businesses and workers.
Ferroglobe has announced the results of its Exchange Offer for $1,000 principal amount of 9⅜% Senior Notes due 2022. As of July 21, 2021, holders of approximately $345 million in Old Notes, about 98.6% of the total, participated in the exchange. The deal includes the issuance of new 9⅜% senior secured notes due 2025 and a cash fee directing investments into new ordinary shares. The success of the Exchange Offer is contingent on raising at least $40 million from new shares and $20 million from Super Senior Notes, with $5 million already secured.
On June 23, 2021, Ferroglobe PLC, Ferroglobe Finance Company, PLC, and Globe Specialty Metals, Inc. launched an exchange offer for 9⅜% Senior Notes due 2022, proposing new senior secured notes due 2025. This includes a solicitation for amendments to the Old Notes and an offer for additional senior secured notes. The Super Senior Notes Offer Subscription Deadline has been extended to 5 pm EDT on July 8, 2021. Other key deadlines for the notes remain unchanged, including July 13, 2021, for KYC clearance and July 22, 2021, for escrow funding.
On June 23, 2021, Ferroglobe PLC initiated an exchange offer for its 9⅜% Senior Notes due 2022, offering holders a combination of new 9⅜% senior secured notes due 2025 and equity fees. The Exchange Offer is set to expire on July 21, 2021, with a deadline of July 7, 2021, for submitting Custody Instructions for the related Super Senior Notes Offer. The offering aims to amend existing note indentures and enhance liquidity for noteholders. Ferroglobe is a leading supplier of silicon-based products across various industries, indicating its strategic move to solidify its financial standing.
Ferroglobe PLC, along with Ferroglobe Finance Company and Globe Specialty Metals, has announced an Exchange Offer for qualifying noteholders to exchange their 9⅜% Senior Notes due 2022 for new 9⅜% senior secured notes due 2025 and a cash fee. The total consideration for each $1,000 of Old Notes includes $1,000 principal of New Notes plus an Equity Fee. The offer expires on July 21, 2021, with a minimum participation condition of $335.72 million of Old Notes. Concurrently, there is a Super Senior Notes Offer for existing holders, requiring participation in the Exchange Offer.
On June 17, 2021, Globe Specialty Metals (GSM) announced that the U.S. Department of Commerce will impose final duties of 12.27% on silicon metal imports from Malaysia. This ruling concludes investigations initiated by GSM and Mississippi Silicon LLC to combat unfair trade practices. Previous rulings had already established duties as high as 160% on imports from Bosnia and Herzegovina, Iceland, and Kazakhstan. The CEO of Ferroglobe praised the decision as a step toward fair market conditions, benefiting U.S. producers and workers.
Ferroglobe PLC (NASDAQ: GSM) announced an Equity Purchase Agreement on June 18, 2021, to issue 8,918,618 ordinary shares at $4.485 each, generating $40 million in gross proceeds. This price reflects a 15% discount from the last closing price of $5.29. The funds will be utilized for general corporate purposes, satisfying obligations from a prior Lock-Up Agreement. A shelf registration statement for these shares has been filed and approved by the SEC.
The U.S. Department of Commerce has finalized a 12.27% duty on all silicon metal imports from Malaysia, following investigations initiated by Globe Specialty Metals and Mississippi Silicon to combat unfair trade practices. These efforts aim to protect U.S. producers from subsidized imports. Previous rulings have also set duties up to 160% on silicon metal imports from Bosnia, Herzegovina, Iceland, and Kazakhstan. Executives from GSM and MS view this decision as a significant step towards restoring fair competition in the U.S. silicon market.
Ferroglobe reported Q1 2021 sales of $361.4 million, a 13% increase from Q4 2020 and 16.1% from Q1 2020. Adjusted EBITDA rose to $22.1 million from $5.5 million in the prior quarter. However, the company experienced a net loss of ($68.5 million), a reduction from ($139.8 million) in Q4 2020. Gross debt decreased to $419 million from $455 million in the previous quarter. Positive cash flow was noted, with working capital reduced by $5.9 million. The company is pursuing a capital raise and refinancing plan amidst ongoing challenges from COVID-19.
FAQ
What is the current stock price of Ferroglobe (GSM)?
What is the market cap of Ferroglobe (GSM)?
