Ferroglobe Stock Price, News & Analysis

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.

Ferroglobe PLC (NASDAQ: GSM) confirms its ongoing Lock-Up Agreement from March 27, 2021, concerning holders of its 9.375% Senior Notes due 2022. Noteholders who haven't signed can contact the Information Agent to join the agreement. Signing by April 15, 2021, is essential to qualify for a 1% Early Cash Consent Fee. Ferroglobe specializes in silicon metal and alloys, serving diverse sectors like solar and automotive.

On March 29, 2021, Ferroglobe PLC (Nasdaq:GSM) announced its engagement with the European Works Council to discuss an asset optimization program aimed at ensuring its long-term viability in Europe. The Company plans to scale back production at certain facilities, aligning its asset footprint with market demand and improving operational efficiency. CEO Marco Levi emphasized that these strategic actions are crucial for enhancing financial health and competitiveness, reflecting past performance challenges. The focus includes optimizing production costs and trimming overheads.

Ferroglobe PLC (NASDAQ: GSM) has announced a financing agreement encompassing a $100 million capital raise through new debt and equity issuances and extending its 9.375% Senior Notes due 2022. The $40 million equity raise is backed by Tyrus Capital, with existing note holders representing 60% of 2022 Senior Notes involved in the Lock-Up Agreement as of March 27, 2021. The company anticipates improving margins due to positive market trends, although inflationary pressures on raw materials persist. As of February 28, 2021, Ferroglobe had $130 million in total cash.

Globe Specialty Metals, Inc. (GSM) welcomed the U.S. International Trade Commission's 5-0 vote on March 24, 2021, confirming that unfair silicon metal imports from Bosnia and Herzegovina, Iceland, and Kazakhstan are injuring the U.S. industry. This decision allows the U.S. Department of Commerce to impose antidumping and countervailing duties on these imports for at least five years. GSM's action aims to establish fair competition in the silicon metal market, supporting U.S. manufacturers and the economy.

On March 24, 2021, Globe Specialty Metals and Mississippi Silicon announced the U.S. International Trade Commission's unanimous vote affirming that unfairly traded silicon metal imports from Bosnia and Herzegovina, Iceland, and Kazakhstan are a material threat to U.S. manufacturers. This decision enables the U.S. Department of Commerce to impose antidumping and countervailing duties for at least five years. This move is aimed at ensuring fair competition and protecting U.S. jobs, according to company officials. A separate ruling on Malaysia's silicon metal imports is expected in June 2021.

Ferroglobe (NASDAQ: GSM) reported Q4 2020 results with sales of $320.5 million, a 22% increase from Q3 2020, but a 29% decline year-over-year. The net loss widened to ($84.1) million, compared to ($46.8) million in Q3 2020. Full Year 2020 sales totaled $1.14 billion, down 29% from 2019, with a net loss of ($194.1) million. Adjusted EBITDA was $5.7 million for Q4 and $32.8 million for the full year, reflecting operational challenges due to the pandemic. A strategic plan is underway to address these issues and improve financial performance in 2021.

Ferroglobe PLC has appointed David Girardeau as Vice President of People and Culture, effective immediately. With over 25 years of international experience, Girardeau is recognized for transforming organizations and developing talent globally. Previously, he served as Vice President of Human Resources at BIC and held various senior roles in renowned companies like Schlumberger. CEO Marco Levi emphasized the significance of this role for unifying Ferroglobe's workforce and navigating the company's transformation efforts. This leadership change is expected to enhance operational excellence and strategic direction.