2024-05-16 16:17:17 ET
Summary
- Ferroglobe PLC reported Q1 2024 results with a decrease in EBITDA due to weak pricing and seasonally slow volume.
- Management raised the bottom end of the full-year EBITDA guidance and aims to reach $100-200 million in net cash.
- The company is applying for a brownfield permit to expand U.S. silicon metal production for the EV battery industry.
Ferroglobe PLC ( GSM ) reported Q1 2024 results this week. EBITDA came in at $25.8 million, down from $60.3 million in Q4 and $44.8 million in Q1 last year. The profitability drop is not that surprising. Q1 is usually the seasonally slowest volume quarter, and pricing was weak across the board. Silicon metal and silicon alloys prices were both down over 20% year-on-year, and manganese alloys were down just under 20%....
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Ferroglobe Q1 Review: Bouncing Off Low Commodity Prices