Ferroglobe Makes Operational Adjustments in Spain to Address Rising Energy Costs
LONDON, Nov. 26, 2021 (GLOBE NEWSWIRE) — Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or “the Company”), a leading producer of silicon metal, silicon-based alloys and manganese-based alloys, announced today that the Company has taken incremental actions to counter the impact of rising energy prices in Spain.
The Company has decided to idle one furnace at the Sabon facility, a second furnace at the Boo facility, and aims to reduce target production by 25% at the Monzón facility by modulating production in line with volatility in the energy price.
Collectively, these actions are aimed at minimizing the impact of rising energy costs in Spain, while enabling us to satisfy our existing obligations to customers.
Mr. Marco Levi, Ferroglobe’s Chief Executive Officer stated, “During this unprecedented time where energy prices in Spain have more than quadrupled over the past few months, we are constantly seeking ways to minimize the impact. The ability to leverage our broad asset footprint and technical expertise proves to be valuable in countering this problem.” Mr. Levi continued, “This latest set of actions enables us to fulfil our customer obligations in Spain, in part by utilizing other assets in the region, with the goal of optimizing each order. We continue to monitor this unique situation on a daily basis and will make operational adjustments accordingly.”
About Ferroglobe
Ferroglobe PLC is one of the world’s leading suppliers of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe Ferroglobe’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of similar meaning or the negative thereof.
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INVESTOR CONTACT:
Gaurav Mehta
Executive Vice President – Investor Relations
investor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu Roig
Executive Director – Communications, Branding & Public Affairs
corporate.comms@ferroglobe.com
