据《加蓬评论》报道，9月12日，加政府与日本AML公司签署合作框架协议。自2029年 1月1日起，将在当地就锰加工开展合作，生产共40万吨锰合金。政府副总统巴罗出席 签字仪式。 （原标题：《加蓬评论》报道：加政府与日本AML公司签署合作框架协议） ...

Financial Data and Key Metrics Changes - The company reported a revenue driven by higher traded volumes and average selling prices, but faced a loss after tax due to industry-wide margin compression, particularly in ferrosilicon prices [7][8] - EBITDA for the first half of 2025 was approximately USD 19.1 million, a significant decrease from USD 46.6 million in the same period of 2024 [7][12] - The loss per share for 2025 was recorded at 1.25 US cents [8] Business Line Data and Key Metrics Changes - Manganese ore remains a core product, with the company procuring for internal consumption and external sales, primarily to China [5] - Ferrosilicon prices have been on a downward trend since December 2024, with a year-on-year decrease of approximately 10.4% [9] - Silicon manganese prices have remained stable, supported by stable manganese ore prices [10] Market Data and Key Metrics Changes - The ferrosilicon market is under pressure due to increased competition from Russian materials and weaker downstream demand [8][9] - The company expects manganese alloy prices to remain firm throughout the rest of 2025 and into early 2026 [10] Company Strategy and Development Direction - The company focuses on sustainability initiatives, including repurposing byproducts to support a circular economy [14] - The company aims to maintain its position as a low-cost producer and leverage its access to renewable energy [16][17] - Strategic initiatives include continuous assessment of production returns and securing supply well in advance [17] Management's Comments on Operating Environment and Future Outlook - Management noted that operational stability and cash flow reflect the company's ability to sustain during cyclical lows [12] - The company is awaiting further details on the upcoming carbon tax in Malaysia, which may impact the ferroalloy sector [18] Other Important Information - The Butu Creek manganese mine in Australia remains under care and maintenance, focusing on rehabilitation [10] - The company has successfully refinanced its project finance loans, contributing to a decline in the gearing ratio [12] Q&A Session Summary Question: Will the carbon tax in Malaysia impact the ferroalloy sector? - Management indicated that the carbon tax will be introduced in 2026, and further details are awaited to assess its impact on operations [18] Question: What are the tariffs on exports of ferrosilicon and manganese alloys to the US? - The US does not apply reciprocal tariffs on manganese alloys, while ferrosilicon is subject to a 19% tariff for Malaysia, compared to 50% for Brazil and India [20][21] Question: Has the company implemented any hedging policy on ferroalloy prices? - Currently, the company does not have any hedging policies on ferroalloy prices due to the lack of an international futures market [24] Question: How much does the manganese supply from Chippy and Briar contribute? - Chippy's manganese ore supply is primarily traded and exported to China, with an annual traded volume of approximately 420,000 to 460,000 tons, while Briar is still under exploration with no current production [26][28]

Financial Data and Key Metrics Changes - The company reported a revenue driven by higher traded volumes and average selling prices, although offset by lower alloy volumes and weaker prices, particularly in ferrosilicon [7] - EBITDA for 2025 was approximately USD 19.1 million, a significant decrease from USD 46.6 million in 2024 [7][13] - The company recorded a loss per share of 1.25 US cents for 2025 [8] Business Line Data and Key Metrics Changes - Manganese ore remains a core product, with procurement for internal consumption and sales to third parties, primarily exporting to China [5] - The Sarawak plant produces manganese and silicon alloys, which are critical in steelmaking, with a focus on maintaining higher average selling prices for manganese alloys [12] - The Butu Creek manganese mine in Australia has ceased production since December 2021 and is currently under care and maintenance [4][11] Market Data and Key Metrics Changes - Ferrosilicon prices have decreased by approximately 10.4% year-on-year compared to 2024, with a downward trend observed since December 2024 [10] - Silicon manganese prices have remained stable, indicating strong support from stable manganese ore prices [10] - The company expects manganese alloy prices to remain firm throughout the rest of 2025 and into early 2026 [11] Company Strategy and Development Direction - The company focuses on sustainability initiatives, including repurposing byproducts to support a circular economy and maintaining ISO certifications [15][16] - The company aims to lower its debt profile, with a declining gearing ratio and successful refinancing of project finance loans [13][14] - The competitive edge is supported by access to affordable renewable energy and a strong customer base [17][18] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the ferrosilicon market due to increased competition and weaker downstream demand [9] - The company is actively monitoring the implementation of a carbon tax in Malaysia, which may impact production costs in the ferroalloy sector [20] - The operational stability and cash flow reflect the company's resilience during cyclical lows [14] Other Important Information - The company has repurposed silica manganese slag for road pavements and ground leveling work within the smelter complex [15] - The Sarawak operations remain strong, with two ferrosilicon furnaces completing major maintenance [12] Q&A Session Summary Question: Impact of carbon levy on ferroalloy sector - Management is awaiting further details on the carbon tax framework and its potential impact on operations in Sarawak [20] Question: Tariffs on export of ferrosilicon and manganese alloys - The US does not apply reciprocal tariffs on manganese alloys, while ferrosilicon is subject to tariffs, with Malaysia having a 19% rate compared to 50% for Brazil and India [21][22] Question: Hedging policy on ferroalloy prices - The company does not have any hedging policies on ferroalloy prices due to the lack of an international futures market [25] Question: Contribution of manganese supply from Chippy and Briar - Chippy's manganese ore supply is primarily traded to China, with limited logistical efficiency for Sarawak production, while Briar is still under exploration with no current production [27][28]

Ferroglobe (GSM) FY Conference Summary Company Overview - Ferroglobe plc is a major producer of metallurgical products including silicon metal, ferrosilicon, and manganese alloys, with a market cap of approximately $800 million and 3,300 employees globally [2][4] - The company was formed in 2015 through a merger between Ferro Atlantica in Spain and Globe Specialty Materials in the U.S. [4] Financial Performance - Ferroglobe reported $1.6 billion in sales [4] - The company has significantly reduced its debt from $550 million in 2021 to about $100 million currently, indicating a strong balance sheet [5][24] - The company has a net cash position and began paying dividends in Q1 2024, increasing the dividend by 8% in 2025 [9][28] Revenue Breakdown - Revenue sources: - Silicon metal: ~50% - Ferrosilicon and silicon-based alloys: ~25% each [6][7] - Geographic revenue distribution: - North America: 35% - Europe: 40% - Rest of the world: 25% [7] Market Dynamics - The company faces challenges in the solar market due to a lack of subsidies and trade turmoil, but sees long-term opportunities in electric vehicles (EVs) [8][9] - Ferroglobe is involved in a partnership with CorShell to enhance silicon use in EV battery anodes, which offers significant advantages over graphite [8][15] - The company is the largest producer of silicon metal in Europe and the U.S., and is vertically integrated in quartz mining [10][40] Trade and Regulatory Environment - The company is affected by Chinese dumping of silicon metal into Europe, which has driven prices down by approximately 30% in the last six months [42] - Trade measures are being implemented in the U.S. and EU to protect domestic producers, with preliminary decisions expected in September and November 2025 [19][22] - The EU's internal production market share has decreased from 40% to 15% over the last five years, with a goal to return to 40% [21] Operational Efficiency - Ferroglobe has focused on operational excellence and working capital management, with a significant reduction in working capital planned [12][34] - The company has a hiring freeze in place and is focused on maintaining efficiency without sacrificing sales opportunities [56][59] Future Outlook - The company anticipates growth in the U.S. market for silicon, while Europe is expected to remain stagnant [23] - Ferroglobe is optimistic about the impact of trade measures on market share and economic metrics [38][39] - The company is positioned to benefit from the long-term growth in solar and EV markets despite current challenges [39][40] Additional Insights - Ferroglobe has invested $10 million in CorShell and $60 million in maintenance CapEx annually [29][30] - The company has flexibility in production, allowing it to switch between silicon and ferrosilicon based on market conditions [27] - The company is actively managing energy costs, with contracts covering 75% of energy needs in most countries, except Spain [12][13]

Investment Rating - The report provides a recommendation for the industry [5] Core Insights - In Q2 2025, the nickel ore production decreased by 9% year-on-year to 7.08 million wet tons, while the NPI production increased by 20% year-on-year to 7,900 tons [1][2] - The lithium production at the Centenario plant was 270 tons, with a significant increase in sales to 480 tons compared to the previous quarter [3] - Manganese ore production was 1.76 million tons, showing an 11% year-on-year increase, while manganese alloy production decreased by 6% year-on-year [4][7] - The adjusted turnover for H1 2025 was €1.528 billion, reflecting a 7% decrease compared to H1 2024 [9][20] - The adjusted EBITDA for H1 2025 was €191 million, a 45% decline year-on-year, primarily due to lower nickel grades and operational challenges [10][11] Summary by Sections Nickel - Nickel ore production in Q2 2025 was 7.08 million wet tons, a 9% decrease year-on-year, while sales were 5.64 million wet tons, a 6% decrease year-on-year [1] - NPI production was 7,900 tons, a 20% increase year-on-year, with sales of 3,500 tons, a 21% increase year-on-year [2] Lithium - Lithium production (in LCE) was 270 tons in Q2 2025, down from 440 tons in Q1 2025, while sales increased significantly to 480 tons [3] - The Centenario plant is expected to reach its design capacity of 24,000 tons/year, with production delays impacting EBITDA [3][15] Manganese - Manganese ore and sinter production was 1.76 million tons, an 11% increase year-on-year, while sales were 1.43 million tons, a 2% decrease year-on-year [4] - Manganese alloy production was 160,000 tons, a 6% decrease year-on-year [7] Financial Performance - The adjusted turnover for H1 2025 was €1.528 billion, a 7% decrease from H1 2024, while adjusted EBITDA was €191 million, down 45% year-on-year [9][10] - The net income attributable to the group was -€152 million, reflecting a significant decline compared to the previous year [11][20] 2025 Outlook - Nickel production targets for 2025 have been revised to 36 to 39 million wet tons, with expectations of continued price premiums due to supply constraints [14] - Lithium production is projected to be between 4,000 and 7,000 tons for 2025, with increased capital expenditures anticipated [15] - Manganese transportation targets have been adjusted to 6.5 to 7 million tons for 2025, with cash cost targets revised to $2.1 to $2.3 per ton [16]

Financial Data and Key Metrics Changes - The company reported a 26% increase in sales for Q2, reaching $387 million, while raw material costs only increased by 6%, leading to improved margins with raw material costs as a percentage of sales declining from 78% to 66% [25] - Adjusted EBITDA for Q2 improved significantly to $22 million from a loss of $27 million in Q1, marking an improvement of $48 million [25][26] - The company maintained a net cash positive position at the end of the quarter with a balance of $10 million, down from $19 million at the end of Q1 [32] Business Line Data and Key Metrics Changes - Silicon metal revenue increased by 24% to $130 million, driven by a 23% increase in shipments [26][27] - Silicon-based alloys revenue rose 23% to $112 million, supported by a 24% increase in shipments, while pricing slightly decreased by 1% [29] - Manganese-based alloys saw the strongest improvement with revenue up 43% to $106 million, driven by a 31% increase in volumes and a 9% increase in average selling prices [30][24] Market Data and Key Metrics Changes - European silicon metal prices declined by approximately 20% in the past month due to a substantial increase in imports from China, which pressured the market and reduced EU producers' market share from 40% to about 15% [9] - The U.S. market experienced a significant increase in ferrosilicon sales, with the highest volume recorded in the past eight quarters, supported by trade actions against imports from Russia, Kazakhstan, Brazil, and Malaysia [12][35] Company Strategy and Development Direction - The company is focusing on operational efficiency and cost control while navigating a challenging market environment, with plans to optimize production by switching furnaces from silicon metal to ferrosilicon [10][15] - The company aims to leverage its vertical supply chain integration to benefit from trade restrictions in the U.S. and Europe, enhancing its competitive position [16] - The company is optimistic about 2026, expecting improvements from trade decisions and supply curtailments, which should enhance the operating environment [35] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the elevated uncertainty in global trade policies and tariffs, leading to the withdrawal of the 2025 guidance [5][34] - The company is optimistic about the potential benefits from EU safeguard measures and U.S. trade actions, which are expected to improve market dynamics [11][35] - Management highlighted the importance of NATO's increased defense spending, which is anticipated to bolster the steel and aluminum industries, benefiting the company [14] Other Important Information - The company repurchased 600,000 shares for $2 million during the quarter and paid $2.6 million in dividends [10][32] - The company joined the Russell 2000 and 3000 indexes, increasing visibility among institutional investors [16] Q&A Session Summary Question: Why was the annual EBITDA guidance withdrawn? - Management indicated that the extreme uncertainty in global trade tariffs and the significant import of silicon metal from China at low prices made it difficult to project future volumes and prices, leading to the decision to withdraw guidance [39][41] Question: Is there a risk that EBITDA could revert negative before the end of the year? - Management stated that while they cannot predict the exact amount of EBITDA, they have been able to deliver positive EBITDA despite the current uncertainties [42] Question: Can you discuss the exposure to U.S. tariffs and implications for the supply chain? - Management confirmed that there are currently no impacts on the Becancour facility from U.S. tariffs, and they have secured supply for critical raw materials [44] Question: What is the expected impact of EU safeguards on volumes? - Management noted that they are engaged with the European community regarding safeguards and expect a preliminary decision in August and a final decision in November, but they refrained from speculating on the specific impacts at this stage [51][52] Question: What is the volume impact of switching furnaces from silicon metal to ferrosilicon? - Management confirmed that the switch was made due to increased demand for ferrosilicon in the U.S., positively impacting EBITDA [56] Question: Any updates on the Coorshell investment? - Management highlighted that the new pilot plant for Coorshell has started operating smoothly, with promising results in cycle efficiency, and they are in the process of assembling cells for major OEMs [60]

Investment Rating - The report recommends a positive outlook for the industry [5]. Core Insights - In Q1 2025, nickel ore production increased by 3% year-on-year to 9.169 million wet tons, while carbonated lithium production at the Centenario plant reached 440 tons [1][4]. - The nickel sales volume for Q1 2025 was limited to 5.399 million wet tons, reflecting a significant decrease compared to the previous quarter and year [2]. - The NPI production remained stable at 9,100 tons, with a year-on-year increase of 23% [3]. - The Centenario plant's lithium production is expected to reach its rated capacity by the end of 2025, despite some delays in equipment commissioning [4][14]. - Manganese ore production in Q1 2025 was 1.785 million tons, showing a 44% increase quarter-on-quarter, although it decreased by 7% year-on-year [7]. - The report highlights a strong demand for titanium iron ore, with production increasing by 13% year-on-year to 130,000 tons [9]. Summary by Sections Nickel - Nickel ore production for Q1 2025 was 9.169 million wet tons, a 3% increase year-on-year, but a 34% decrease quarter-on-quarter [1]. - The external sales volume of nickel ore was limited to 5.399 million wet tons, reflecting a 68% decrease from the previous quarter and an 11% decrease year-on-year [2]. - The average grade of nickel ore sold decreased significantly, impacting reference prices negatively, although a premium of nearly 50% was maintained due to limited domestic supply [2]. Lithium - The Centenario plant achieved its first lithium carbonate production in December 2024, with Q1 2025 production reaching 440 tons and a purity exceeding 99.5% [4][6]. - The plant is expected to reach its full design capacity once all equipment is operational, with a focus on improving the concentration process [14]. Manganese - Manganese ore and sinter production in Q1 2025 was 1.785 million tons, a 44% increase quarter-on-quarter but a 7% decrease year-on-year [7]. - The average cash cost for manganese ore was $2.4 per ton, reflecting a 7% increase year-on-year due to decreased sales volume [7]. Mineral Sands - Mineral sands production in Q1 2025 was 226,000 tons, a 4% increase quarter-on-quarter and a 23% increase year-on-year [9]. - Titanium iron ore production increased by 13% year-on-year to 130,000 tons, driven by strong demand from the US and China [9]. Financial Performance - The adjusted revenue for Q1 2025 was €742 million, remaining flat year-on-year, with negative effects from sales volume and product mix offset by positive price and currency effects [10]. 2025 Outlook - Nickel production and sales are expected to be limited to 32 million tons, with external sales targeted at 29 million tons [12]. - The lithium production target for 2025 is expected to be at the lower end of the guidance range due to delays in equipment commissioning [14]. - Manganese ore transport is projected between 6.7 million and 7.2 million tons for 2025, with cash costs expected to be at the upper end of the guidance range [15].

Core Viewpoint - The company, Wukuang Development, reported a positive performance in Q1 2025 despite challenges in the steel industry, focusing on stability and operational efficiency [1][2]. Financial Performance - In Q1 2025, Wukuang Development achieved revenue of 12.357 billion yuan and a net profit of 67 million yuan, an increase of 175 million yuan year-on-year [1]. - The operating cash flow also improved, indicating strong operational resilience and risk management capabilities [1]. Business Segments - The raw materials segment saw significant growth, with iron ore sales reaching approximately 3.74 million tons (up 32% year-on-year), coke sales at about 230,000 tons (up 53%), manganese ore sales at around 400,000 tons (up 29%), manganese alloy sales at 140,000 tons (up 120%), and scrap steel sales at 360,000 tons (up 7%) [1]. - The steel segment reported a supply of approximately 1 million tons of steel for engineering projects (up 6%) and a total steel sales volume of about 1.94 million tons [1]. Supply Chain and Logistics - The company accelerated its digital transformation in the supply chain, enhancing the integration of warehousing, transportation, and distribution systems [2]. - The logistics park processed about 290,000 tons (up 4%) and achieved a throughput of approximately 3.48 million tons (up 20%) [2]. - Other business areas, including logistics, bidding, and insurance brokerage, maintained steady growth [2]. Outlook - The company anticipates improved steel demand in Q2 2025 due to the traditional construction peak season and the effects of growth-stimulating policies [2]. - Despite ongoing risks in the black metal circulation sector, Wukuang Development plans to control business risks while accelerating turnover, expanding upstream and downstream channels, and seizing market opportunities to ensure stable operations [2].