Ferroglobe Makes Operational Adjustments in Spain to Address Rising Energy Costs
November 26 2021 - 9:00AM
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.
Forward-looking statements contained in this
press release are based on information currently available to
Ferroglobe and assumptions that management believe to be
reasonable, but are inherently uncertain. As a result, Ferroglobe’s
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements, which are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond Ferroglobe’s control.
Forward-looking financial information and other
metrics presented herein represent Ferroglobe’s goals and are not
intended as guidance or projections for the periods referenced
herein or any future periods.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake any
obligation to update publicly any of the forward-looking statements
contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statements,
which are made only as of the date of this press release.
INVESTOR CONTACT:
Gaurav MehtaExecutive Vice President - Investor
Relationsinvestor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu RoigExecutive Director – Communications, Branding
& Public Affairscorporate.comms@ferroglobe.com
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