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.
On May 13, 2021, Ferroglobe appointed Belen Villalonga, Silvia Villar-Mir de Fuentes, Nicolas De Santis, and Rafael Barrilero Yarnoz to its board of directors. Bruce Crockett was appointed as the lead independent director. The new directors bring diverse expertise, enhancing the board's capabilities during a strategic turnaround aimed at improving competitiveness. Villalonga has extensive experience in corporate governance, whereas Villar-Mir holds significant ownership and board experience. De Santis focuses on digital business transformation, and Barrilero advises on talent management. These changes are expected to bolster Ferroglobe's strategic execution.
Ferroglobe PLC (NASDAQ: GSM) announced on May 12, 2021, that its indirect subsidiary, Ferroglobe Finance Company, PLC, entered a Note Purchase Agreement for the issuance of $40 million of new senior secured notes, part of a $60 million offering. Existing holders of the 9.375% Senior Notes due 2022 will have the opportunity to subscribe for a pro rata share of the new notes. The issuance is set to take place next week, with further details to follow for noteholders who haven't signed the Lock-Up Agreement.
Ferroglobe PLC (NASDAQ:GSM) is set to release its first quarter financial results on May 17, 2021, after market hours. The quarterly earnings call will occur on May 18, 2021, at 9:00 AM EDT, with participation available via phone and webcast. As a prominent supplier of silicon metal and specialty alloys, Ferroglobe serves diverse markets such as solar and automotive.
Ferroglobe PLC (NASDAQ: GSM) announced that approximately 96% of holders of its 9.375% Senior Notes due 2022 have signed a Lock-Up Agreement. The Company will proceed with an exchange offer instead of an English law scheme of arrangement, allowing for a quicker, more cost-effective refinancing process. This decision is expected to support execution of Ferroglobe's strategic plan. The CFO highlighted strong noteholder support as a positive signal for the Company’s financing efforts. Further details regarding the exchange offer will be released soon.
Ferroglobe PLC (NASDAQ: GSM) announced that over 92% of holders by value of its 9.375% Senior Notes due 2022 have signed the Lock-Up Agreement, exceeding the threshold necessary to proceed with a scheme of arrangement. The company has extended the Consent Fee Deadline to April 19, 2021, allowing more noteholders to join. Those not yet signed can contact the Information Agent for details. Holders eligible for the 1% Early Cash Consent Fee must sign the Lock-Up Agreement by the deadline.
Ferroglobe PLC (NASDAQ: GSM) confirms its ongoing Lock-Up Agreement from March 27, 2021, concerning holders of its 9.375% Senior Notes due 2022. Noteholders who haven't signed can contact the Information Agent to join the agreement. Signing by April 15, 2021, is essential to qualify for a 1% Early Cash Consent Fee. Ferroglobe specializes in silicon metal and alloys, serving diverse sectors like solar and automotive.
On March 29, 2021, Ferroglobe PLC (Nasdaq:GSM) announced its engagement with the European Works Council to discuss an asset optimization program aimed at ensuring its long-term viability in Europe. The Company plans to scale back production at certain facilities, aligning its asset footprint with market demand and improving operational efficiency. CEO Marco Levi emphasized that these strategic actions are crucial for enhancing financial health and competitiveness, reflecting past performance challenges. The focus includes optimizing production costs and trimming overheads.
Ferroglobe PLC (NASDAQ: GSM) has announced a financing agreement encompassing a $100 million capital raise through new debt and equity issuances and extending its 9.375% Senior Notes due 2022. The $40 million equity raise is backed by Tyrus Capital, with existing note holders representing 60% of 2022 Senior Notes involved in the Lock-Up Agreement as of March 27, 2021. The company anticipates improving margins due to positive market trends, although inflationary pressures on raw materials persist. As of February 28, 2021, Ferroglobe had $130 million in total cash.
Globe Specialty Metals, Inc. (GSM) welcomed the U.S. International Trade Commission's 5-0 vote on March 24, 2021, confirming that unfair silicon metal imports from Bosnia and Herzegovina, Iceland, and Kazakhstan are injuring the U.S. industry. This decision allows the U.S. Department of Commerce to impose antidumping and countervailing duties on these imports for at least five years. GSM's action aims to establish fair competition in the silicon metal market, supporting U.S. manufacturers and the economy.
On March 24, 2021, Globe Specialty Metals and Mississippi Silicon announced the U.S. International Trade Commission's unanimous vote affirming that unfairly traded silicon metal imports from Bosnia and Herzegovina, Iceland, and Kazakhstan are a material threat to U.S. manufacturers. This decision enables the U.S. Department of Commerce to impose antidumping and countervailing duties for at least five years. This move is aimed at ensuring fair competition and protecting U.S. jobs, according to company officials. A separate ruling on Malaysia's silicon metal imports is expected in June 2021.
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