Core Insights - Ferroglobe PLC reported a challenging third quarter in 2025, with significant declines in sales and net profit due to weak demand and competitive pressures from low-priced imports [2][5][12]. Financial Highlights - Sales for Q3 2025 were $311.7 million, down 19.4% from Q2 2025 and 28.1% year-over-year [3][5]. - Net loss attributable to the parent was $12.8 million, compared to a loss of $10.5 million in the previous quarter, reflecting a 22.6% increase in losses [3][12]. - Adjusted EBITDA decreased to $18.3 million from $21.6 million in Q2 2025, marking a 15.3% decline [3][13]. - Operating cash flow improved to $20.8 million, up 33.0% from the previous quarter [3][16]. - Free cash flow was $1.6 million, a significant increase from $0.0 million in Q2 2025 [3][16]. Product Category Highlights - **Silicon Metal**: Revenue decreased to $99.0 million, down 23.9% from Q2 2025, with shipments down 24.8% due to weaker demand [7]. - **Silicon-Based Alloys**: Revenue fell to $92.3 million, a 17.3% decrease from the prior quarter, with shipments down 19.0% [8]. - **Manganese-Based Alloys**: Revenue was $84.4 million, down 20.5% from Q2 2025, with shipments decreasing by 21.1% [10]. Market Conditions - The company faced weak demand across its end markets, particularly in the chemical sector and steel production, exacerbated by low-priced imports [2][5][6]. - A strong preliminary decision in the U.S. silicon metals antidumping case is expected to positively impact market conditions in 2026 [2][6]. Strategic Developments - Ferroglobe is strengthening its partnership with Coreshell through a joint development agreement focused on silicon anode technology for EV batteries, with pilot deliveries already initiated [4][6]. - The company declared a dividend of $0.014 per share, payable on December 29, 2025, indicating a commitment to returning cash to shareholders despite current market challenges [6][19]. Financial Position - Total cash as of September 30, 2025, was $121.5 million, down from $135.5 million at the end of Q2 2025 [14][15]. - Adjusted gross debt increased to $126.7 million, with net debt reported at $5.2 million [14][15].