Ferroglobe Stock Price, News & Analysis

On January 27, 2021, the U.S. Department of Commerce announced preliminary duties of up to 7.41% on silicon metal imports from Malaysia, following the U.S. International Trade Commission's findings of material injury to the U.S. industry. Globe Specialty Metals and Mississippi Silicon, leaders in American silicon production, filed petitions against unfairly traded imports. The decision is anticipated to enhance U.S. market conditions for silicon metal, a critical component in various industries, including automotive and solar power. Final determinations for other countries will be released on February 21 and June 2021.

On January 27, 2021, Globe Specialty Metals, a subsidiary of Ferroglobe (NASDAQ:GSM), welcomed the U.S. Department of Commerce's decision to impose preliminary duties of 7.41% on silicon metal imports from Malaysia. This move follows an ITC investigation confirming that imports from Malaysia and other countries have harmed the U.S. silicon metal industry. The decision aims to rectify unfair pricing practices and protect domestic producers. Final determinations regarding duties for Malaysia will be made in early June 2021, while other investigations are expected to conclude on February 21, 2021.

Ferroglobe PLC (Nasdaq: GSM) announced it has regained compliance with Nasdaq's minimum bid price requirement, as confirmed by a notification letter from Nasdaq's Listing Qualifications Department. This compliance indicates that Ferroglobe has adequately addressed the previous deficiency regarding the Minimum Bid Requirement and is not required to take further action to maintain its Nasdaq listing.

On December 8, 2020, the U.S. Department of Commerce announced preliminary duties of up to 47.54% on silicon metal imports from Bosnia and Iceland. This decision follows ongoing investigations into unfairly-traded silicon metal imports from multiple countries, including a previous determination of up to 120% duties on imports from Kazakhstan. Officials from Globe Specialty Metals (GSM) and Mississippi Silicon (MS) expressed that these duties will help stabilize market conditions and restore competitive balance. Further preliminary determinations for Malaysia are expected on January 27, 2021.

On Dec. 8, 2020, U.S. manufacturers Globe Specialty Metals (Ferroglobe PLC, NASDAQ:GSM) and Mississippi Silicon announced that the U.S. Department of Commerce will impose preliminary duties of up to 47.54% on silicon metal imports from Iceland and Bosnia and Herzegovina. This decision follows ongoing investigations concerning unfairly traded imports from various countries, including Kazakhstan. The measures aim to protect U.S. industry and restore fair competition in the silicon metal market, crucial for applications in automotive, aerospace, and solar industries.

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.