Ferroglobe - GSM STOCK NEWS

Ferroglobe PLC (NASDAQ:GSM) will release its second quarter 2020 financial results after the market close on August 31, 2020. The company will host a quarterly earnings call on September 1, 2020, at 9:00 AM EDT, where investors and interested parties can participate.

The conference call can be accessed via phone or an audio webcast. Participants are encouraged to dial in at least five minutes early to register. Ferroglobe, a leading supplier of silicon metal and specialty alloys, serves diverse markets including solar, automotive, and energy.

Globe Specialty Metals, a subsidiary of Ferroglobe PLC (NASDAQ:GSM), announced that the U.S. International Trade Commission (ITC) is investigating harmful imports of silicon metal from Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan. The ITC voted 5-0, indicating a reasonable belief that these imports are materially injuring the U.S. industry. Duties could be imposed as early as September 2020 for Kazakhstan and December 2020 for the others. This move aims to restore fair competition in the silicon metal market, crucial for various industries including automotive and solar energy.

On August 13, 2020, Globe Specialty Metals, a Ferroglobe subsidiary, announced the U.S. International Trade Commission's (ITC) ongoing investigation into harmful imports of silicon metal from Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan. The ITC voted 5-0, indicating a 'reasonable indication' of material injury to the U.S. industry. Duties could be proposed as early as September 2020 for Kazakhstan and December 2020 for the others. This decision aims to restore fair competition in the U.S. silicon metal market, with support from executives at GSM and Mississippi Silicon.

Ferroglobe PLC (NASDAQ: GSM) has received NASDAQ approval to transfer its ordinary shares from the NASDAQ Global Select Market to the NASDAQ Capital Market due to non-compliance with the minimum bid price requirement, as its closing bid has been below $1.00 for over thirty days. This transfer, effective August 4, 2020, grants Ferroglobe an additional 180-day grace period to regain compliance, potentially through a reverse stock split. The NASDAQ Capital Market requires ongoing financial and corporate governance compliance.

Globe Specialty Metals, Inc., a subsidiary of Ferroglobe PLC (NASDAQ:GSM), along with Mississippi Silicon LLC, has petitioned the U.S. Department of Commerce and the U.S. International Trade Commission to impose antidumping and countervailing duties on silicon metal imports from Bosnia and Herzegovina, Iceland, Malaysia, and Kazakhstan. The petition claims dumping margins of 54% to 85% and seeks relief through special duties to offset unfair pricing. The inquiry is expected to be initiated by July 20, 2020, with a preliminary determination by August 14, 2020.

Globe Specialty Metals, a subsidiary of Ferroglobe PLC (NASDAQ:GSM), alongside Mississippi Silicon, has petitioned the U.S. Department of Commerce and the ITC to impose antidumping and countervailing duties on silicon metal imports from Bosnia, Iceland, Malaysia, and Kazakhstan. The petition cites dumping margins between 54% to 85%, claiming these imports are unfairly priced and subsidized, harming U.S. producers. The ITC previously found similar practices affecting imports from Russia. The investigations are set to begin by July 20, 2020, with preliminary results expected by August 14, 2020.

Ferroglobe reported Q1 2020 sales of $311.2 million, down 17.4% from Q4 2019. The company registered a net loss of $(49.1) million, improving from the previous quarter's $(73.3) million. Adjusted EBITDA was $(17.6) million, better than $(30.4) million in Q4 2019, indicating operational improvements amidst the COVID-19 pandemic. The company reduced gross debt to $443 million from $481 million. Q1 shipments fell 15.6% compared to Q4 2019, while average selling prices rose 0.8%. The management is focused on cost reductions and operational efficiency to adapt to ongoing market challenges.

Ferroglobe PLC (NASDAQ: GSM) has appointed Marta Amusategui as a Non-Executive Director, effective June 12, 2020. Amusategui brings extensive experience in business strategy, banking, and finance, having previously served as Country Executive Officer at Bank of America in Spain. She co-founded Abrego Capital S.L. and has experience in private equity and digital transformation for secondary sector businesses. Her academic credentials include an Industrial Engineering degree and an MBA from INSEAD.

This leadership change may strengthen Ferroglobe's strategic direction and enhance its operations.

Ferroglobe PLC (NASDAQ: GSM) announced changes to its Board of Directors, with non-executive directors Greger Hamilton and Donald Barger resigning. Hamilton's resignation took effect on May 31, 2020, while Barger will step down after the 2020 Annual General Meeting. Both directors have served since the Board's inception in December 2015, and the company is currently seeking new candidates for nomination. Executive Chairman Javier López Madrid expressed gratitude for their contributions and professionalism throughout their tenure.