Ferroglobe Stock Price, News & Analysis

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.

On May 13, 2021, Ferroglobe appointed Belen Villalonga, Silvia Villar-Mir de Fuentes, Nicolas De Santis, and Rafael Barrilero Yarnoz to its board of directors. Bruce Crockett was appointed as the lead independent director. The new directors bring diverse expertise, enhancing the board's capabilities during a strategic turnaround aimed at improving competitiveness. Villalonga has extensive experience in corporate governance, whereas Villar-Mir holds significant ownership and board experience. De Santis focuses on digital business transformation, and Barrilero advises on talent management. These changes are expected to bolster Ferroglobe's strategic execution.

Ferroglobe PLC (NASDAQ: GSM) announced on May 12, 2021, that its indirect subsidiary, Ferroglobe Finance Company, PLC, entered a Note Purchase Agreement for the issuance of $40 million of new senior secured notes, part of a $60 million offering. Existing holders of the 9.375% Senior Notes due 2022 will have the opportunity to subscribe for a pro rata share of the new notes. The issuance is set to take place next week, with further details to follow for noteholders who haven't signed the Lock-Up Agreement.

Ferroglobe PLC (NASDAQ:GSM) is set to release its first quarter financial results on May 17, 2021, after market hours. The quarterly earnings call will occur on May 18, 2021, at 9:00 AM EDT, with participation available via phone and webcast. As a prominent supplier of silicon metal and specialty alloys, Ferroglobe serves diverse markets such as solar and automotive.

Ferroglobe PLC (NASDAQ: GSM) announced that approximately 96% of holders of its 9.375% Senior Notes due 2022 have signed a Lock-Up Agreement. The Company will proceed with an exchange offer instead of an English law scheme of arrangement, allowing for a quicker, more cost-effective refinancing process. This decision is expected to support execution of Ferroglobe's strategic plan. The CFO highlighted strong noteholder support as a positive signal for the Company’s financing efforts. Further details regarding the exchange offer will be released soon.

Ferroglobe PLC (NASDAQ: GSM) announced that over 92% of holders by value of its 9.375% Senior Notes due 2022 have signed the Lock-Up Agreement, exceeding the threshold necessary to proceed with a scheme of arrangement. The company has extended the Consent Fee Deadline to April 19, 2021, allowing more noteholders to join. Those not yet signed can contact the Information Agent for details. Holders eligible for the 1% Early Cash Consent Fee must sign the Lock-Up Agreement by the deadline.