Welcome to our dedicated page for Ferroglobe PLC Ordinary Shares news (Ticker: GSM), a resource for investors and traders seeking the latest updates and insights on Ferroglobe PLC Ordinary Shares stock.
Ferroglobe PLC (NASDAQ: GSM) is one of the world's largest producers of a wide variety of metal alloys and other metallic products. The company leverages state-of-the-art technology to deliver top-quality products that are essential components in numerous industrial and consumer applications. Specializing in silicon-based alloys, Ferroglobe also provides manganese and ferrosilicon alloys, along with silica fume.
Beyond its metal-related ventures, Ferroglobe is actively involved in hydro-electric power generation and mining, creating synergies that bolster its core operations. The company is strategically organized into several business areas, including electrometallurgy, mining, energy, and solar photovoltaic technologies, with operational units spread across the globe in countries such as Spain, the United States, France, Canada, South Africa, Argentina, Venezuela, and China.
Ferroglobe caters to a diverse customer base, serving industries like specialty chemicals, aluminum, solar energy, steel, and ductile iron foundries. Its business segments are categorized by geographical regions and product types, including North America - Silicon, Europe - Manganese, Europe - Silicon, South Africa - Silicon, and other segments.
The company’s recent accomplishments highlight its robust financial health. For instance, the third quarter of 2023 saw silicon metal revenue of $199 million, marking a 1.7% increase over the previous quarter. This uptick was driven by a 12.6% volume increase in North America, although average realized prices saw a 9.7% decline due to lower market index pricing in the U.S. and Europe. Adjusted EBITDA stood at $81 million, with an EBITDA margin of 41%, slightly lower than the second quarter. Cost improvements, mainly due to higher energy compensation, helped offset the price declines.
- Partnerships: Ferroglobe has formed strategic alliances, such as the recent collaboration aimed at developing cost-effective, long-range EV batteries utilizing metallurgical silicon.
- Financial Guidance: The company has increased its annual Adjusted EBITDA guidance to $130-170 million, reflecting confidence in its ongoing operations.
- Investor Relations: Alex Rotonen, CFA, serves as the Vice President of Investor Relations, and Cristina Feliu Roig holds the position of Executive Director of Communications & Public Affairs.
For more detailed updates and financial performance metrics, investors can visit Ferroglobe's investor relations page.
Ferroglobe has successfully finalized a financing transaction, marking a significant milestone for the company. The transaction, effective July 30, 2021, involved an aggregate of $40 million from issuing ordinary shares to investors and the exchange of 98.588% of its senior notes for new secured notes due in 2025. Additionally, the UK Issuer raised $60 million through new senior secured notes. This financing is expected to enhance liquidity, extend debt maturity, and support Ferroglobe’s transformation efforts, as noted by executives.
The U.S. International Trade Commission (ITC) has confirmed a 5-0 vote determining that silicon metal imports from Malaysia have materially harmed the U.S. industry, leading to a formal antidumping duty order. This decision affects all Malaysian silicon metal imports for at least five years. The antidumping duties follow previous preliminary duties of 7.41% announced on January 27, 2021. Leaders from both Globe Specialty Metals and Mississippi Silicon expressed satisfaction with the ruling, emphasizing its positive impact on U.S. businesses and workers.
Ferroglobe has announced the results of its Exchange Offer for $1,000 principal amount of 9⅜% Senior Notes due 2022. As of July 21, 2021, holders of approximately $345 million in Old Notes, about 98.6% of the total, participated in the exchange. The deal includes the issuance of new 9⅜% senior secured notes due 2025 and a cash fee directing investments into new ordinary shares. The success of the Exchange Offer is contingent on raising at least $40 million from new shares and $20 million from Super Senior Notes, with $5 million already secured.
On June 23, 2021, Ferroglobe PLC, Ferroglobe Finance Company, PLC, and Globe Specialty Metals, Inc. launched an exchange offer for 9⅜% Senior Notes due 2022, proposing new senior secured notes due 2025. This includes a solicitation for amendments to the Old Notes and an offer for additional senior secured notes. The Super Senior Notes Offer Subscription Deadline has been extended to 5 pm EDT on July 8, 2021. Other key deadlines for the notes remain unchanged, including July 13, 2021, for KYC clearance and July 22, 2021, for escrow funding.
On June 23, 2021, Ferroglobe PLC initiated an exchange offer for its 9⅜% Senior Notes due 2022, offering holders a combination of new 9⅜% senior secured notes due 2025 and equity fees. The Exchange Offer is set to expire on July 21, 2021, with a deadline of July 7, 2021, for submitting Custody Instructions for the related Super Senior Notes Offer. The offering aims to amend existing note indentures and enhance liquidity for noteholders. Ferroglobe is a leading supplier of silicon-based products across various industries, indicating its strategic move to solidify its financial standing.
Ferroglobe PLC, along with Ferroglobe Finance Company and Globe Specialty Metals, has announced an Exchange Offer for qualifying noteholders to exchange their 9⅜% Senior Notes due 2022 for new 9⅜% senior secured notes due 2025 and a cash fee. The total consideration for each $1,000 of Old Notes includes $1,000 principal of New Notes plus an Equity Fee. The offer expires on July 21, 2021, with a minimum participation condition of $335.72 million of Old Notes. Concurrently, there is a Super Senior Notes Offer for existing holders, requiring participation in the Exchange Offer.
On June 17, 2021, Globe Specialty Metals (GSM) announced that the U.S. Department of Commerce will impose final duties of 12.27% on silicon metal imports from Malaysia. This ruling concludes investigations initiated by GSM and Mississippi Silicon LLC to combat unfair trade practices. Previous rulings had already established duties as high as 160% on imports from Bosnia and Herzegovina, Iceland, and Kazakhstan. The CEO of Ferroglobe praised the decision as a step toward fair market conditions, benefiting U.S. producers and workers.
Ferroglobe PLC (NASDAQ: GSM) announced an Equity Purchase Agreement on June 18, 2021, to issue 8,918,618 ordinary shares at $4.485 each, generating $40 million in gross proceeds. This price reflects a 15% discount from the last closing price of $5.29. The funds will be utilized for general corporate purposes, satisfying obligations from a prior Lock-Up Agreement. A shelf registration statement for these shares has been filed and approved by the SEC.
The U.S. Department of Commerce has finalized a 12.27% duty on all silicon metal imports from Malaysia, following investigations initiated by Globe Specialty Metals and Mississippi Silicon to combat unfair trade practices. These efforts aim to protect U.S. producers from subsidized imports. Previous rulings have also set duties up to 160% on silicon metal imports from Bosnia, Herzegovina, Iceland, and Kazakhstan. Executives from GSM and MS view this decision as a significant step towards restoring fair competition in the U.S. silicon market.
Ferroglobe reported Q1 2021 sales of $361.4 million, a 13% increase from Q4 2020 and 16.1% from Q1 2020. Adjusted EBITDA rose to $22.1 million from $5.5 million in the prior quarter. However, the company experienced a net loss of ($68.5 million), a reduction from ($139.8 million) in Q4 2020. Gross debt decreased to $419 million from $455 million in the previous quarter. Positive cash flow was noted, with working capital reduced by $5.9 million. The company is pursuing a capital raise and refinancing plan amidst ongoing challenges from COVID-19.
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