The following is a summary of the Ferroglobe PLC (GSM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Ferroglobe reported an adjusted EBITDA of $60 million in Q3 2024, an increase from $58 million the previous quarter, with improvements attributed to higher pricing and lower energy costs.

• Third quarter revenue slightly decreased compared to Q2 2024, impacted negatively by declines in volumes across all segments despite price improvements.

• Operating cash flow for Q3 was $11 million, with an improvement of $9 million over the prior quarter. Free cash flow was negative $10 million, however, showing an improvement of $10 million from Q2.

Business Progress:

• Ferroglobe is advancing its brownfield expansion plans in the U.S. to increase silicon metal capacity, catering to rising demand from the solar and EV battery sectors, with the anticipated market improvement in the second half of 2025.

• A new large customer in the Middle East has been secured for silicon metal supplies, enhancing solar supply chain presence.

• Implementation of a new sales and operation planning process to improve integration and financial performance.

• Early curtailment of production in France to maximize rebates from a French energy agreement.

Opportunities:

• Positive developments in ferrosilicon trade cases, resulting in substantial duties on imports, expected to benefit U.S. market dynamics.

• Anticipated growth in global steel and aluminum demand, supported by overall economic stimuli and interest rate cuts, likely enhancing market conditions by the second half of 2025.

Risks:

• The soft demand in various market sectors and potential pricing pressure from increased imports in Europe may challenge profitability and market stability.

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