Ferroglobe Returns to Positive Net Income in Q2

Ferroglobe plc of London, England has announced a second quarter net income of US$730,000 on sales of US$418.5 million compared with a net loss of US$14.0 million on sales of US$250.0 million in the second quarter of 2020. The company’s volume sales were 40% higher than in the corresponding period of 2020.

Ferroglobe’s total shipments in the second quarter were 200,867 tonnes compared with 142,653 tonnes in the second quarter of 2020. Shipments of silicon metal were 67,322 tonnes versus 47,884 tonnes tonnes in the prior year quarter, shipments of silicon alloys were 65,222 tonnes versus 39,479 tonnes, and shipments of manganese alloys were 68,323 tonnes versus 55,290 tonnes in the same quarter of 2020.

In the quarter, Ferroglobe realized an average selling price for silicon metal of US$2,347/tonne versus US$2,215/tonne in the prior year period. The overall average selling price for silicon-based alloys was US$1,830/tonne (US$1,537/tonne) and US$1,414/tonne (US$1,088/tonne) for manganese alloys.

Marco Levi, Ferroglobe’s CEO, said, “The second quarter results reflect a strong improvement in our overall performance and marks the return to profitability, an important goal for this year. Both the top line and bottom line continue to strengthen due to successful execution of the strategic plan, as well as the overall robustness across all of our markets. As we look towards the back half of the year, we will keep the momentum going on all fronts to capitalize on the market opportunities and successfully execute some critical initiatives underpinning the strategic plan. Collectively, these efforts support the focus on improving the core of our business and ensuring a stronger and more profitable company.”

Volume 35, Issue 16

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