Financial Data and Key Metrics Changes - In Q2 2024, total sales increased by 15% from the prior quarter to $451 million, and adjusted EBITDA reached $58 million, up from $26 million, driven by strong pricing and sales volumes [9][16][21] - Adjusted EBITDA margin increased from 7% in Q1 to 13% in Q2, primarily due to increased pricing and volumes [17] - Operating cash flow was $2 million, while freight cash flow was negative $20 million due to inventory bills [10] Business Line Data and Key Metrics Changes - Silicon metal revenue in Q2 was $204 million, up 22% from the prior quarter, with shipments increasing by 18.2% to almost 63,000 tons [10] - Silicon-based alloys revenue was $105 million, down 6% from the prior quarter, with shipments down 8% [12] - Manganese-based alloys revenue was $98 million, up 48% from the prior quarter, with shipments increasing by 31% [14] Market Data and Key Metrics Changes - The U.S. Department of Commerce announced preliminary anti-dumping and countervailing duties of 283% and 748% respectively on Russian ferrosilicon imports, which represented approximately 35% of all ferrosilicon imports into the U.S. in 2023 [5] - European index prices for silicon metal were negatively impacted by lower-priced Chinese exports, while North American prices remained strong due to supply constraints [11] Company Strategy and Development Direction - The company signed an MOU with Coreshell to develop silicon-rich anodes for EV batteries, with testing showing significant improvements in battery performance [6][7] - The company is focusing on capital return policies, including a quarterly dividend of $0.13 per share and a share buyback program approved in June [8][19] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the fourth quarter due to weak demand in the aluminum, foundry, and steel sectors, despite a strong Q2 performance [8][9] - The company anticipates a positive impact on business in 2025 from the ongoing investigations into ferrosilicon imports from Russia, Kazakhstan, Malaysia, and Brazil [5][9] Other Important Information - The company ended Q2 with a cash balance of $144 million, down from $160 million in Q1, primarily due to inventory build-up [19][20] - The company remains committed to maintaining a conservative balance sheet with gross debt remaining flat at $81 million [20] Q&A Session Summary Question: Outlook for Q4 and pricing dynamics - Management noted that Q4 is expected to be the weakest period due to weak demand in various segments, with pricing expected to weaken [24][25] Question: Results from Coreshell investment - Management highlighted unprecedented results in battery testing, with samples achieving almost 1,000 cycles of charging and discharging [27] Question: Stockpiling of manganese ore and cash flow - Management expects to see a release of working capital in Q4, with a conservative approach to cash and liquidity in the meantime [29][30] Question: Price weakness in silicon metal - Management attributed price weakness to increased low-priced imports from China and a slowdown in solar demand due to U.S. investigations [33][34] Question: Ferrosilicon trade case and future supply - Management confirmed expectations of muted volumes in U.S. ferrosilicon for the remainder of the year but anticipates an uptick in 2025 due to reduced imports from affected countries [35][36]

NASDAQ: GSM Driving innovation of critical materials essential to a sustainable future Second Quarter 2024 Results August 6, 2024 NASDAQ: GSM Forward-Looking Statements and Non-IFRS Financial Metrics This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts but are based on certain assumpti ...

Ferroglobe PLC (GSM) reported break-even adjusted earnings in the first quarter of 2024, beating the Zacks Consensus Estimate of a loss of 2 cents. The company posted earnings per share of 5 cents in the year-ago quarter. Including one-time items, GSM reported a loss of 1 cent per share in the quarter under review against earnings of 11 cents per share in the year-ago quarter. GSM's revenues fell 2.2% year over year to $392 million in the quarter under review, owing to lower pricing in silicon metal and sil ...

Globe Specialty Metals (GSM) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this producer of silicon metal and silicon-based alloys would post earnings of $0.04 per share when it actually produced earnings of $0.09, delivering a surprise of 125%. ...

LONDON, May 13, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) announced today that it will issue first-quarter financial results after the market closes on Tuesday, May 14, 2024, and will host the quarterly earnings call on Wednesday, May 15, 2024, at 8:30 a.m. Eastern Time. To join via phone: Conference call participants should pre-register using this link: https://register.vevent.com/register/BI3710d5099e3c4756b47a1496c71ce9ab Once registered, you will receive the dial-in numbers and a personal PIN ...

Washington, D.C. 20549 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission fi ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|---------------------------|-------|-------|--------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Advancing Materials Innovation | | | | | | | | | | NASDAQ: GSM | | | | | | | | | | | | | | | | | | | | | | | | | | Results August 15th, 2023 | ...

Okay. For whatever it's worth, I would like you to continue to delever considering the uncertainty of -- from an economic point of view going forward for whatever that's worth. Let me ask you one other shareholder question. There's virtually very little ownership or if you look at your shareholder base, you have some hedge funds, that type of thing. But as far as being part of any kind of environmental, social, governance or solar, there's -- I don't think there's any coverage at all and you've hired a new ...

Financial Data and Key Metrics Changes - In Q1 2023, the company achieved an adjusted EBITDA of $45 million, down from $130 million in the previous quarter, reflecting a significant decline in profitability [21][38] - Revenue for Q1 was $401 million, down from $449 million in the prior quarter, marking an 11% decline due to weaker prices and volume declines across product lines [25][39] - Free cash flow reached $117 million, up from $104 million in the prior quarter, indicating strong cash generation despite lower revenues [41] Business Line Data and Key Metrics Changes - Silicon metal revenue was $161 million in Q1, down 12% from $184 million in Q4, with adjusted EBITDA for this segment falling 65% to $31 million [36] - Silicon-based alloys revenue increased by 7% to $135 million, but adjusted EBITDA dropped 41% to $22 million due to lower average realized pricing [23] - Manganese-based alloys revenue decreased by 32% to $62 million, with adjusted EBITDA down 90% to $2 million, reflecting challenges in the steel market [24] Market Data and Key Metrics Changes - The company noted a decline in sales volumes for silicon metal by 6.4% sequentially, attributed to a shutdown in France due to energy agreements [36] - The steel market is facing challenges due to weak fundamentals in construction, impacting demand for manganese alloys [24] - The company expects demand for manganese alloys to recover in Q2 as steel operations in Europe restart [24] Company Strategy and Development Direction - The company is focused on vertical integration, recently signing a letter of intent to acquire a new quartz mine and expanding its existing Serrabal quartz mine in Spain [22][26] - The strategic plan aims to become a leading producer in silicon metal and ferroalloys, emphasizing innovation and operational excellence [26] - The company is also exploring long-term power purchase agreements in Spain to secure competitive energy prices, enhancing operational stability [17][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects, particularly in the solar energy and electric vehicle battery markets, driven by the advantages of silicon metal over graphite [22][35] - The company reiterated its 2023 adjusted EBITDA guidance, targeting a range of $270 million to $300 million, despite short-term market uncertainties [22][35] - Management acknowledged the current market environment's challenges but emphasized a focus on controllable factors to drive long-term shareholder value [22][35] Other Important Information - The company ended Q1 with a cash balance of $344 million, up from $323 million in the prior quarter, and net debt decreased to $55 million, the lowest in the company's history [39][40] - The company released $131 million of working capital during the quarter, contributing to its strong cash position [35][41] Q&A Session Summary Question: What is the expectation around cadence of EBITDA for the rest of the year? - Management confirmed guidance of $270 million to $300 million for the year, with a positive outlook on sales volumes as operations in France restart [44] Question: Can you provide details on the new mine acquisition? - The location of the new mine is not disclosed yet, but it is aimed at reinforcing back integration to enhance competitiveness in silicon metal production [67] Question: What is the outlook for working capital in Q2? - Management indicated a balance between higher volumes and the need for raw materials, aiming to manage inventory levels effectively [65]

Sales Performance - Sales increased by $819,008 thousand, or 46.0%, from $1,778,908 thousand in 2021 to $2,597,916 thousand in 2022, primarily due to higher average realized prices despite a decrease in tonnes sold[369]. - Silicon metal sales revenue rose by 75%, with average selling prices increasing by 112.3% to $5,332/MT in 2022, while total shipments decreased by 17.6% due to weak demand in Europe[370]. - Silicon-based alloys sales revenue increased by 50.9%, with average selling prices rising by 79.5% to $3,694/MT in 2022, and total shipments decreased by 15.9% driven by weak demand from steel manufacturers[371]. - Manganese-based alloys sales revenue increased by 12%, with average selling prices rising by 19.2% to $1,778/MT in 2022, while total shipments decreased by 6% due to production adjustments in Spain[372]. - Sales increased by $301,181 thousand, or 81.4%, from $370,109 thousand in 2021 to $671,290 thousand in 2022, primarily due to higher average realized selling prices and the restart of the Selma facility[389]. - Sales in Europe - Manganese increased by $224,853 thousand, or 47.2%, from $476,287 thousand in 2021 to $701,140 thousand in 2022, driven by a 19.2% increase in average selling prices[406]. - Sales in South Africa increased by $4,733 thousand, or 37.6%, from $12,604 thousand in 2021 to $17,337 thousand in 2022, driven by improved demand and market conditions[430]. - Sales in the South Africa Silicon Alloys segment increased by $17,671 thousand, or 16.9%, from $104,591 thousand in 2021 to $122,262 thousand in 2022[438]. - Sales in other segments increased by $37,992 thousand, or 87.2%, from $43,568 thousand in 2021 to $81,560 thousand in 2022, primarily due to increased selling prices[446]. Operating Income and Expenses - Other operating income increased by $37,271 thousand, or 33.9%, to $147,356 thousand in 2022, mainly due to energy compensation received from the French energy provider EDF[374]. - Other operating income increased by $1,375 thousand, or 27.0%, from $5,089 thousand in 2021 to $6,464 thousand in 2022, mainly due to gains from CO2 emission rights and increased scrap sales[391]. - Other operating expenses rose by $11,486 thousand, or 51.7%, from $22,222 thousand in 2021 to $33,708 thousand in 2022, primarily due to inflationary pressures and the Selma facility restart[393]. - Other operating income in Europe - Silicon Metals increased by $27,427 thousand, or 56.2%, from $48,828 thousand in 2021 to $76,255 thousand in 2022, primarily due to energy compensation received in France[416]. - Other operating income in South Africa decreased by $122 thousand, or 43.9%, from $278 thousand in 2021 to $156 thousand in 2022[432]. - Other operating income in the South Africa Silicon Alloys segment decreased by $419 thousand, or 86.4%, from $485 thousand in 2021 to $66 thousand in 2022[440]. Costs and Expenses - Raw materials and energy consumption for production increased by $100,190 thousand, or 8.5%, to $1,285,086 thousand in 2022, with raw materials and energy consumption as a percentage of sales at 49% compared to 67% in 2021[373]. - Raw materials and energy consumption for production rose by $39,892 thousand, or 15.0%, from $265,653 thousand in 2021 to $305,545 thousand in 2022, driven by higher raw material costs[390]. - Staff costs rose by $33,893 thousand, or 12.1%, to $314,810 thousand in 2022, primarily due to the restart of the facility in Selma, Alabama[375]. - Staff costs increased by $10,215 thousand, or 20.0%, from $51,163 thousand in 2021 to $61,378 thousand in 2022, attributed to the Selma facility start-up and higher medical insurance expenses[392]. - Staff costs in Europe - Silicon Alloys increased by $7,788 thousand, or 18.2%, from $42,679 thousand in 2021 to $50,467 thousand in 2022, driven by higher variable remuneration linked to improved results[425]. - Staff costs in South Africa increased by $194 thousand, or 12.6%, from $1,542 thousand in 2021 to $1,736 thousand in 2022, primarily due to a higher number of employees following the restart of the Polokwane facility[433]. - Other operating expenses rose by $164,750 thousand, or 124.8%, from $132,059 thousand in 2020 to $296,809 thousand in 2021, mainly driven by CO2 emissions provisions[465]. - Staff costs increased by $66,135 thousand, or 30.8%, from $214,782 thousand in 2020 to $280,917 thousand in 2021, primarily due to restructuring provisions and higher variable considerations[464]. Financial Performance - Finance costs decreased by $88,174 thousand, or 59.1%, to $61,015 thousand in 2022, primarily due to an accounting charge related to Senior Notes refinancing in 2021[384]. - Finance costs increased by $82,221 thousand, or 122.8%, from $66,968 thousand in 2020 to $149,189 thousand in 2021, primarily due to an accounting charge related to Senior Notes refinancing[471]. - Income tax expense increased by $152,545 thousand, from an income tax benefit of $4,562 thousand in 2021 to an expense of $147,983 thousand in 2022, primarily due to taxes recorded in the U.S., France, and Canada[386]. - Income tax expense variation amounted to $26,501 thousand, or 120.8%, from an expense of $21,939 thousand in 2020 to a benefit of $4,562 thousand in 2021, mainly due to tax assets recorded in relation to a carryback credit[476]. Impairment and Depreciation - Impairment losses increased by $32,846 thousand, from a loss of $376 thousand in 2021 to a loss of $33,222 thousand in 2022, related to facilities in Spain and Norway[412]. - Impairment loss rose by $25,573 thousand, from a loss of $455 thousand in 2021 to a loss of $26,028 thousand in 2022, with significant impairments recognized at facilities in France and Spain[428]. - Impairment losses in other segments increased by $3,784 thousand, or 218.7%, from $1,730 thousand in 2021 to $5,514 thousand in 2022, mainly due to the solar-grade silicon metal project in Spain[452]. - Depreciation and amortization charges decreased by $6,781 thousand, or 16.7%, from $40,489 thousand in 2021 to $33,708 thousand in 2022, due to assets becoming fully depreciated[396]. - Depreciation and amortization charges in the South Africa Silicon Alloys segment increased by $743 thousand, or 16.4%, from $4,535 thousand in 2021 to $5,278 thousand in 2022, reflecting higher depreciation in leases[443]. - Depreciation and amortization charges decreased by $10,861 thousand, or 10.0%, from $108,189 thousand in 2020 to $97,328 thousand in 2021, due to a significant number of assets becoming fully depreciated[466]. - Impairment losses decreased by $73,481 thousand, or 100.2%, from a loss of $73,344 thousand in 2020 to a gain of $137 thousand in 2021, reflecting a reversal of previous impairments[467]. Liquidity and Financing - The company’s primary sources of long-term liquidity include senior secured notes totaling $345,058 thousand at an interest rate of 9.375%, due on June 30, 2025[550]. - In 2022, the company signed a $100 million ABL Revolver, which is currently undrawn, to enhance liquidity[550]. - The company experienced significant inflationary pressures in 2022, impacting costs, but management believes the impact was not material to operations in 2021 and 2020[547]. Segment Reporting - The company revised its operating segments to reflect current management reporting, now reporting results in five segments: North America - Silicon Metals, North America - Silicon Alloys, Europe - Manganese, Europe - Silicon Metals, and Europe - Silicon Alloys[387].