The following is a summary of the Ferroglobe PLC (GSM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ferroglobe reported Q1 sales of $392 million, a 4% increase primarily driven by volume increases in all three business segments.

• Adjusted EBITDA for Q1 was $26 million, down from $60 million in the previous quarter.

• The company went from a net debt of $101 million to a net cash positive position of $79 million, largely due to the redemption of the remaining $150 million of senior secured notes.

• A quarterly dividend of $0.13 per share was paid in March, with a similar dividend declared for June.

• The company generated a strong free cash flow of $180 million, mainly due to a $155 million rebate for French energy and $17 million from working capital.

Business Progress:

• Ferroglobe has restarted operations in France and is running all three silicon metal furnaces in Spain due to advantageous energy prices from robust renewable energy generation.

• A permit application is being processed to expand silicon metal production to meet growth in the solar and EV battery markets.

• An MOU has been signed with advanced battery solution company Coreshell, to help shift the battery anode industry from graphite to silicon metal.

• A trade case against ferrosilicon imports from Russia, Kazakhstan, Malaysia, and Brazil, was won, with the U.S. International Trade Commission voting in favor of the company.

• The company is experiencing a surge in U.S. market demand, despite a decrease in demand and mixed pricing trends in Europe.

• Ferroglobe anticipates higher sales volumes in Q2 following plant restarts in France.

• Strategic discussions with various partners concerning batteries are ongoing, particularly in the U.S. and Europe.

• Investment in Coreshell is in progress, with significant growth expected within three years.

• Plans are in motion to expand and grow in the silicon metal sector, with a positive outlook in the solar and lithium-ion battery markets.

More details: Ferroglobe IR

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