Ferroglobe Aims to Improve Competitiveness

Ferroglobe plc of London, England has posted a third quarter net loss of US$46.1 million on net sales of US$262.7 million compared with a net loss of US$140.1 million on sales of US$381.7 million in the corresponding period of 2019. The latest loss includes a property, plant, and equipment impairment charge of US$34.3 million.

Ferroglobe’s total shipments in the third quarter were 147,644 tonnes compared with 224,100 tonnes in the third quarter of 2019. Shipments of silicon metal were 51,215 tonnes versus 60,225 tonnes tonnes in the prior year quarter, shipments of silicon alloys were 42,449 tonnes versus 69,879 tonnes, and shipments of manganese alloys were 53,980 tonnes versus 93,996 tonnes in the same quarter of 2019.

In the quarter, Ferroglobe realized an average selling price for silicon metal of US$2,248/tonne versus US$2,175//tonne in the prior year period. The overall average selling price for silicon-based alloys was US$1,534/tonne (US$1,490/tonne) and US$1,009/tonne (US$1,140/tonne) for manganese alloys.

Marco Levi, Ferroglobe’s CEO, said, “We continue to seek ways to bolster our agility in the face of the pandemic to ensure the company is well capitalized and positioned for a market recovery. Our new strategic plan focuses on elements within our control and aims to improve our overall competitiveness. During the quarter, we made significant progress setting the foundation throughout the organization and have started on the execution of specific initiatives across various functional areas.”

Volume 34, Issue 23

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