Ferroglobe Announces Restart of Second Silicon Metal Furnace at the Selma Facility in the United States

Rhea-AI Summary

On May 25, 2022, Ferroglobe PLC (NASDAQ: GSM) announced the successful restart of its second furnace at the Selma, Alabama facility, boosting annual silicon metal capacity by 11,000 tons. This brings the total capacity of the facility to 22,000 tons, enhancing Ferroglobe's ability to meet growing demand in North America. CEO Marco Levi highlighted the importance of this restart for customer service and production optimization. The company is also considering the potential restart of its Polokwane, South Africa plant to meet broader customer needs.

Positive

• Restart of second furnace increases annual silicon metal capacity by 11,000 tons.
• Total capacity at Selma facility is now 22,000 tons, enhancing service to North American customers.
• Potential for optimizing production mix at other U.S. assets.

Negative

• None.

LONDON, May 25, 2022 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or the “Company”), a leading producer of silicon metal, silicon-based alloys and manganese-based specialty alloys, is pleased to announce today that it has successfully restarted its second furnace at the Selma, Alabama (United States) facility. The restart of this furnace adds an incremental 11,000 tons of annual silicon metal capacity dedicated to the domestic market in the United States. Overall, the two-furnace Selma facility has total annual silicon metal capacity of 22,000.

Marco Levi, Ferroglobe’s Chief Executive Officer commented, “The restart of our Selma facility bolsters our ability to serve our customers as demand grows for silicon metal in North America. We are excited to have the full workforce at the Selma facility back and we thank the State of Alabama for their support over the past few months. With this additional silicon metal capacity, we can now evaluate options to optimize the production mix at our other assets in the U.S.”

Dr. Levi continued, “Over the last two years we have strengthened our global asset platform enhancing operational flexibility and competitiveness by right-sizing capacity and improving our cost structure to better serve our customers. We will leverage our unique asset base judiciously, as we continue to evaluate a number of options, including the potential restart of the silicon metal plant in Polokwane, South Africa, which can meet customer’s needs in various geographies including North America, Europe, the Middle East and Asia.”

About Ferroglobe

Ferroglobe PLC is one of the world’s leading suppliers of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction and energy.  The Company is based in London.  For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe Ferroglobe’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to Ferroglobe and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Ferroglobe’s control.

Forward-looking financial information and other metrics presented herein represent Ferroglobe’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

INVESTOR CONTACT:

Gaurav Mehta
Executive Vice President - Investor Relations
investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig
Executive Director – Communications, Branding & Public Affairs
corporate.comms@ferroglobe.com

Source: Ferroglobe PLC

FAQ

What is Ferroglobe's recent capacity increase?

Ferroglobe recently increased its silicon metal capacity at the Selma facility by 11,000 tons, bringing total capacity to 22,000 tons.

When did Ferroglobe restart its second furnace?

Ferroglobe restarted its second furnace on May 25, 2022.

How does the restart of the furnace affect Ferroglobe's market position?

The restart enhances Ferroglobe's ability to serve the growing demand for silicon metal in North America.

Is Ferroglobe planning to restart its Polokwane plant?

Yes, Ferroglobe is evaluating options for the potential restart of its silicon metal plant in Polokwane, South Africa.