Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 ...

Financial Performance - Sales increased by $532,345 thousand, or 30.6%, from $1,741,693 thousand in 2017 to $2,274,038 thousand in 2018, primarily due to the acquisition of manganese-based alloy plants in France and Norway, contributing $230,297 thousand in 2018 [395]. - Operating profit increased to $116,754 thousand in 2018 from $39,697 thousand in 2017, reflecting improved operational performance [394]. - Other operating income rose by $27,838 thousand, or 153.0%, from $18,199 thousand in 2017 to $46,037 thousand in 2018, mainly due to business interruption insurance proceeds and government grants [400]. - Sales in the Europe segment increased by $364,773 thousand, or 33.7%, from $1,083,200 thousand in 2017 to $1,447,973 thousand in 2018, largely due to the acquisition of two manganese-based alloys plants [426]. - Sales in the South Africa segment increased by $86,039 thousand, or 70.2%, from $122,504 thousand in 2017 to $208,543 thousand in 2018, driven by a 219% increase in silicon metal sales volumes [437]. Expenses and Costs - Cost of sales increased by $403,959 thousand, or 38.7%, from $1,043,395 thousand in 2017 to $1,447,354 thousand in 2018, driven by increased sales volumes, particularly for manganese-based alloys [398]. - Staff costs increased by $39,101 thousand, or 12.9%, from $301,963 thousand in 2017 to $341,064 thousand in 2018, influenced by the restart of the Selma facility and the acquisition of two manganese-based alloys plants [401]. - Other operating expenses increased by $9,133 thousand, or 13.3%, from $68,537 thousand in 2017 to $77,670 thousand in 2018, driven by higher shipping, freight, and storage costs [421]. - Cost of sales in the Europe segment rose by $368,885 thousand, or 53.4%, from $690,589 thousand in 2017 to $1,059,474 thousand in 2018, primarily due to the acquisition and increased sales volumes [428]. - Cost of sales in the South Africa segment increased by $55,433 thousand, or 67.8%, from $81,744 thousand in 2017 to $137,177 thousand in 2018, primarily due to increased sales volumes [438]. Pricing and Market Conditions - Ferroglobe's Ferrosilicon business pricing continued to decline in 2018 due to oversupply in Europe, impacting overall profitability [368]. - Manganese-based alloy pricing remained low in 2018 despite high manganese ore prices, causing margin pressure for Ferroglobe [367]. - The company anticipates a return to more historical pricing spreads for manganese-based alloys in 2019 [367]. - Ferroglobe's pricing policy aims to reduce dependence on spot market prices, utilizing a variety of pricing formulas for term contracts [369]. - Average selling price for silicon metal increased by 16.6% to $2,647/MT in 2018, while silicon-based alloys increased by 14.7% to $1,845/MT; however, manganese-based alloys decreased by 6.3% to $1,244/MT [397]. Impairments and Losses - The company recognized an impairment of $40.5 million related to its solar-grade silicon metal project in 2018, leading to a temporary suspension of investment [389]. - Impairment losses surged by $27,962 thousand, or 90.3%, from $30,957 thousand in 2017 to $58,919 thousand in 2018, primarily due to impairments related to the solar grade silicon metal production facility in Spain [404]. - Impairment losses for 2018 amounted to $58,919 thousand, related to fixed and intangible assets at the solar grade silicon metal production facility in Spain and the Mangshi facility in China [452]. Cash Flow and Financial Position - For the year ended December 31, 2018, operating activities generated $73,777 thousand in cash, a decrease of 51% from $150,375 thousand in 2017 [514]. - Cash flows from investing activities increased to an outflow of $85,875 thousand in 2018, compared to an outflow of $74,818 thousand in 2017, primarily due to capital expenditures of $106,136 thousand [524]. - As of December 31, 2018, Ferroglobe's total gross financial debt was $645,389 thousand, an increase from $571,337 thousand in 2017 [516]. - Cash and cash equivalents at the end of the period increased to $216,647 thousand as of December 31, 2018, compared to $184,472 thousand at the end of 2017 [520]. - The company anticipates that cash flow generated from operations will be sufficient to fund its operations and meet debt obligations over the next 12 months [517]. Capital Expenditures and Investments - The company expects capital expenditures for 2019 to be approximately $50,000 thousand, significantly lower than the previous year [519]. - The company incurred $32,740 thousand in capital expenditures related to its solar grade silicon joint venture in 2018 [519]. - Total long-term debt obligations amount to $464,844 thousand, with $32,813 thousand due within one year [539]. - Capital expenditures for the period are reported at $26,935 thousand, all due within one year [539]. - Power purchase commitments are $363,872 thousand, with $152,436 thousand due within one year [539].