AMG Advanced Metallurgical Group N.V. Reports First Quarter 2021
Results
Coronavirus Update
- As of today, out of over 3,000
employees we have 9 active confirmed coronavirus cases globally.
AMG has not experienced any coronavirus related fatalities, and our
current cases have not resulted in a facility closure or
operational interruption. AMG continues to implement preventive
measures such as practicing social distancing, remote working when
possible, and restrictions on travel to protect the health and
safety of our employees.
Strategic Highlights
- The construction of AMG’s second
ferrovanadium plant in Zanesville, Ohio is proceeding as planned.
As of April 22, 2021, AMG Vanadium had committed $257 million in
construction and engineering contracts. All significant contracts
for the project have now been committed and signed.
- AMG Vanadium signed a new
long-term, multi-year agreement to process and recycle spent
catalysts from a major oil refinery operator in North America.
- AMG purchased a site on the
premises of Chemiepark Bitterfeld-Wolfen, advancing its strategic
expansion project for a battery-grade lithium hydroxide production
plant which will reliably supply the European battery industry with
this key raw material via short delivery routes.
- AMG has progressed its methodology
to achieve Verified Carbon Unit (VCU) credits. AMG’s proposed Verra
Carbon Standard for processing metal bearing wastes has passed
through public comment and is currently being reviewed by an
approved third-party validation/verification body.
Financial Highlights
- EBITDA was $28.3 million in the
first quarter of 2021, 27% higher than the first quarter 2020
EBITDA of $22.3 million.
- Cash from operating activities was
$19.9 million in the first quarter of 2021, an increase of $23.6
million over the same period in 2020.
- Net income attributable to
shareholders was $5.1 million in the first quarter of 2021 compared
to a net loss of $13.6 million in the first quarter of 2020.
- AMG’s liquidity as of
March 31, 2021, was $381 million, with $211 million of
unrestricted cash and $170 million of revolving credit
availability.
- The Company has maintained its final 2020 declared dividend of
€0.10 to be paid to shareholders of record on May 13, 2021.
- AMG was promoted from the Euronext’s AScX® (small cap) index to
their AMX® (mid cap) index, effective March 22, 2021.
Amsterdam, 5 May 2021
(Regulated Information) --- AMG Advanced
Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”)
reported first quarter 2021 revenue of $264.0 million, a 5%
decrease from $278.3 million in the first quarter of 2020. EBITDA
for the first quarter of 2021 was $28.3 million, a 27% increase
over the $22.3 million in the same period in 2020.
Dr. Heinz Schimmelbusch, Chairman of the
Management Board and CEO, said, “Out of over 3,000 AMG employees at
33 sites in 15 countries, AMG has 9 active confirmed coronavirus
cases globally. AMG’s priority continues to be the health and
safety of our employees.
“All three of AMG’s segments performed well in
the first quarter. Global demand for our products started to
strengthen in the second half of 2020 and has further accelerated
in 2021.
“Market prices for materials across the
Company’s portfolio have increased from the depressed levels we
faced at the peak of the pandemic. Prices for both the AMG Clean
Energy Materials segment and the AMG Critical Minerals segment have
improved, which has positively impacted financial results relative
to the prior year.
“EBITDA for the AMG Critical Materials
Technologies segment is lower than the same period in 2020,
however, the segment delivered sequentially increasing EBITDA in
the first three months of 2021 for the third straight quarter,
improving 37% from the fourth quarter of 2020 while recording a
greater than 1.0 book to bill ratio.
“Last year, we communicated that we believed
that the second quarter of 2020 would be the pandemic low and our
financial results have proven that to be true as our EBITDA has
improved sequentially each quarter since then.
“AMG’s strategic projects have all advanced
during the quarter. We have finalized all outstanding major
contracts for the construction of our new recycling plant in Ohio
and we are proceeding toward project completion at the end of the
first quarter of next year. AMG Brazil is operating at full
capacity and preliminary engineering for the spodumene expansion,
known as SP1+, is underway post the receipt of a $20 million
prepayment from our customer. AMG Lithium commenced detailed
engineering as well as the purchase of long lead time items, and in
addition purchased a site on the premises of Chemiepark
Bitterfeld-Wolfen for the lithium hydroxide upgrader project.
“We made progress in our comprehensive strategy
to advance our CO2 reduction activities. In particular, AMG has
progressed its methodology to achieve Verified Carbon Unit (VCU)
credits. AMG’s proposed Verra Carbon Standard for processing metal
bearing wastes has passed through public comment and is currently
being reviewed by an approved third-party validation/verification
body.
“Although not reflected in the first quarter
financial results, in April 2021 AMG issued 3.1 million new shares,
generating $119 million of net proceeds and increasing current
liquidity to approximately $500 million. With this equity raise, in
combination with cash on hand and strong projected cash flow from
operations, AMG believes it can fully fund its current strategic
Clean Energy Materials projects while maintaining strong balance
sheet and liquidity positions.”
Key Figures
In 000’s US
dollars |
|
|
Q1 ‘21 |
Q1 ‘20 |
Change |
Revenue |
$263,986 |
$278,290 |
(5 |
%) |
Gross profit |
46,864 |
43,160 |
9 |
% |
Gross margin |
17.8 |
% |
15.5 |
% |
|
|
|
|
|
Operating profit |
13,809 |
8,326 |
66 |
% |
Operating
margin |
5.2 |
% |
3.0 |
% |
|
|
|
|
|
Net income (loss) attributable to
shareholders |
5,099 |
(13,568) |
N/A |
|
|
|
|
EPS - Fully
diluted |
0.18 |
(0.48) |
N/A |
|
|
|
|
EBIT (1) |
17,376 |
11,851 |
47 |
% |
EBITDA (2) |
28,339 |
22,329 |
27 |
% |
EBITDA
margin |
10.7 |
% |
8.0 |
% |
|
|
|
|
|
Cash from (used in) operating activities |
19,939 |
(3,679) |
N/A |
Notes:(1) EBIT is defined as earnings before
interest and income taxes. EBIT excludes restructuring, asset
impairment, inventory cost adjustments, environmental provisions,
exceptional legal expenses, equity-settled share-based payments,
and strategic expenses. Beginning January 1, 2021, AMG has altered
its calculation of adjusted EBIT to no longer include the impact of
foreign exchange. This alteration was made in consideration of a
change in the Company’s hedging policy and to better align the
reported adjusted EBITDA with the calculation for our bank covenant
calculations. Starting January 2021, the Company is no longer
hedging certain intergroup balance sheet exposures which will
result in higher volatility in our financial results from foreign
exchange which we believe is not representative of our operating
performance. Foreign exchange loss in the first quarter of 2021 was
$3.0 million. Because of this hedging policy change, we did not
retroactively apply this change to the prior year figures,
otherwise it would have resulted in a reduction of prior year EBIT
of $0.9 million.(2) EBITDA is defined as EBIT
adjusted for depreciation and amortization.
Operational Review
AMG Clean Energy Materials
|
Q1 ‘21 |
Q1 ‘20 |
Change |
Revenue |
$70,627 |
$69,219 |
2 |
% |
Gross profit |
13,203 |
4,307 |
207 |
% |
Gross profit before
non-recurring items |
13,383 |
3,897 |
243 |
% |
Operating profit
(loss) |
3,605 |
(5,654) |
N/A |
EBITDA |
10,286 |
(1,048) |
N/A |
AMG Clean Energy Materials’ revenue increased by
$1.4 million, or 2%, to $70.6 million, driven mainly by higher
sales volumes of tantalum and lithium concentrate and higher prices
in vanadium, tantalum and lithium concentrate.
Gross profit before non-recurring items more
than tripled in the first quarter due to the improving price
environment experienced in the first quarter of 2021.
SG&A expenses in the first quarter of 2021
were $9.6 million, 3% lower than the first quarter of 2020 due to
non-recurring legal expenses in the first quarter of 2020.
The first quarter 2021 EBITDA increased by $11.3
million, to $10.3 million from negative $1.0 million in the first
quarter of 2020, due to the improved gross profit and SG&A
noted above.
AMG Critical Minerals
|
Q1 ‘21 |
Q1 ‘20 |
Change |
Revenue |
$72,916 |
$57,760 |
26 |
% |
Gross profit |
13,154 |
10,289 |
28 |
% |
Gross profit
before non-recurring items |
13,071 |
10,308 |
27 |
% |
Operating
profit |
6,560 |
4,285 |
53 |
% |
EBITDA |
9,012 |
6,807 |
32 |
% |
AMG Critical Minerals’ revenue increased by
$15.2 million, or 26%, to $72.9 million, driven by higher sales
volumes and higher sales prices across all three business
units.
Gross profit before non-recurring items
increased by 27% in the first quarter due to increased revenue
noted above.
SG&A expenses in the first quarter of 2021
slightly increased by $0.5 million, to $6.6 million, primarily due
to higher personnel costs and insurance expenses in the current
period.
The first quarter 2021 EBITDA margin was 12%, in
line with the same period in the prior year.
AMG Critical Materials Technologies
|
Q1 ‘21 |
Q1 ‘20 |
Change |
Revenue |
$120,443 |
$151,311 |
(20%) |
|
Gross profit |
20,507 |
28,564 |
(28%) |
|
Gross profit
before non-recurring items |
20,569 |
28,894 |
(29%) |
|
Operating
profit |
3,644 |
9,695 |
(62%) |
|
EBITDA |
9,041 |
16,570 |
(45%) |
|
AMG Critical Materials Technologies' first
quarter 2021 revenue decreased by $30.9 million, or 20%, due to
reduced aerospace activity and volume reductions. These declines
were partially offset by higher revenue from remelting and nuclear
waste recycling furnaces, highlighting AMG Engineering’s
diversified technology base outside of its aerospace activities. As
a result of these factors, first quarter 2021 gross profit before
non-recurring items decreased by $8.3 million, or 29%, to $20.6
million.
SG&A expenses decreased by $2.0 million, or
11%, in the first quarter of 2021 compared to the first quarter of
2020, due to lower personnel costs and lower professional fees as a
result of cost reduction efforts across the business.
AMG Critical Materials Technologies’ first
quarter EBITDA decreased by 45% to $9.0 million from $16.6 million
in the first quarter of 2020 due to lower profitability related to
the pandemic-impacted aerospace market, offset partially by cost
reduction efforts. First quarter EBITDA was 37% higher than fourth
quarter 2020, demonstrating continuing recovery in the segment.
Order backlog was $190.7 million as of
March 31, 2021, a 4% decrease from $198.1 million as of
December 31, 2020. The Company signed $57.5 million in new
orders during the first quarter of 2021, representing a 1.03x book
to bill ratio. The quarter benefited from strong orders of
remelting, induction, and heat treatment furnaces.
Financial Review
Tax
AMG recorded an income tax benefit of $0.9
million in the first quarter of 2021, compared to an expense of
$16.5 million in the same period in 2020. This variance was mainly
driven by movements in the Brazilian real offset partially by
higher pre-tax income compared to the prior period. The effects of
the Brazilian real caused a $14.2 million lower non-cash tax
expense in the first quarter of 2021 versus the first quarter of
2020. Movements in the Brazilian real exchange rate impact the
valuation of the Company’s net deferred tax positions related to
our operations in Brazil.
AMG paid taxes of $2.0 million in the first
quarter of 2021, compared to tax payments of $0.9 million in the
first quarter of 2020.
Exceptional Items
AMG’s first quarter 2021 gross profit of $46.9
million includes exceptional items, which are not included in the
calculation of EBITDA.
A summary of exceptional items included in gross
profit in the first quarters of 2021 and 2020 are below:
Exceptional items included in gross profit
|
Q1 ‘21 |
Q1 ‘20 |
Change |
Gross profit |
$46,864 |
$43,160 |
9% |
Inventory cost
adjustment (reversal) |
(333) |
|
(1,901) |
|
82% |
Restructuring
expense |
67 |
|
428 |
|
(84%) |
Asset
impairment (reversal) expense |
(136) |
|
17 |
|
N/A |
Strategic project expense |
561 |
|
1,395 |
|
(60%) |
Gross profit excluding exceptional items |
47,023 |
|
43,099 |
|
9% |
AMG had a $0.3 million exceptional non-cash net
reversal during the first quarter of 2021 as a result of inventory
cost adjustments primarily from our Brazilian operations, which has
been adjusted in EBITDA. During the quarter, the Company incurred
expenses for expansion projects which are not yet operational. AMG
is adjusting EBITDA for these exceptional charges.
Liquidity
|
March 31, 2021 |
December 31, 2020 |
Change |
Senior secured debt |
$363,917 |
$364,640 |
— |
|
Cash & equivalents |
211,079 |
207,366 |
2% |
|
Senior secured net debt |
152,838 |
157,274 |
(3%) |
|
Other debt |
19,775 |
19,876 |
(1%) |
|
Net debt excluding municipal bond |
172,613 |
177,150 |
(3%) |
|
Municipal bond debt |
319,645 |
319,699 |
— |
|
Restricted cash |
175,041 |
208,919 |
(16%) |
|
Net debt |
317,217 |
287,930 |
10% |
|
AMG had a net debt position of $317.2 million as
of March 31, 2021. This increase was mainly due to the
significant investment in growth initiatives during the quarter,
especially in our vanadium expansion in Ohio.
AMG continued to maintain a strong balance sheet
and adequate sources of liquidity during the first quarter. As of
March 31, 2021, the Company had $211 million in unrestricted
cash and cash equivalents and $170 million available on its
revolving credit facility. As such, AMG had $381 million of total
liquidity as of March 31, 2021.
Subsequent to the close of the quarter, AMG
issued additional shares and generated $119 million of net proceeds
which are not reflected in the above figures.
Net Finance Costs
AMG’s first quarter 2021 net finance costs were
$8.7 million compared to $5.4 million in the first quarter of 2020.
This increase is mainly driven by higher foreign exchange losses
during the quarter, which were partially offset by lower borrowing
rates versus the prior period.
AMG capitalized $3.8 million of interest costs
in the first quarter of 2021 compared to $2.8 million in the prior
year, driven by interest associated with the Company’s tax-exempt
municipal bond supporting the vanadium expansion in Ohio.
SG&A
AMG’s first quarter 2021 SG&A expenses were
$33.1 million compared to $34.9 million in the first quarter of
2020, primarily due to lower professional fees and continued cost
reduction efforts across the business.
Outlook
Due to improving market conditions, AMG's
financial results for the first quarter were above previous
expectations. We believe that these improvements will continue as
we advance in 2021 and, as such, we are updating our outlook for
the full year to exceed $120 million EBITDA.
AMG’s long-term guidance will be detailed at the
Annual General Meeting tomorrow at 15:00 CEST.Net income (loss) to
EBITDA reconciliation
|
Q1 ‘21 |
Q1 ‘20 |
Net income (loss) |
$5,678 |
($13,597) |
Income tax
(benefit) expense |
(910) |
16,515 |
Net finance cost
* |
8,654 |
6,335 |
Equity-settled
share-based payment transactions ** |
1,114 |
1,490 |
Restructuring
expense |
67 |
428 |
Inventory cost
adjustment (reversal) |
(333) |
(1,901) |
Strategic project
expense *** |
2,552 |
1,395 |
Non-recurring
legal expense |
— |
1,049 |
Share of loss of
associates |
387 |
— |
Others |
167 |
137 |
EBIT |
17,376 |
11,851 |
Depreciation and amortization |
10,963 |
10,478 |
EBITDA |
28,339 |
22,329 |
*Beginning January 1, 2021, AMG has altered its
calculation of adjusted EBITDA to no longer include the impact of
foreign exchange. This alteration was made in consideration of a
change in the Company’s hedging policy and to better align the
reported adjusted EBITDA with the calculation for our bank covenant
calculations. Starting January 2021, the Company is no longer
hedging certain intergroup balance sheet exposures which will
result in higher volatility in our financial results from foreign
exchange which we believe is not representative of our ongoing
operating performance. Foreign exchange loss in the first quarter
of 2021 was $3.0 million. Because of this hedging policy change, we
did not retroactively apply this change to the prior year figures,
otherwise it would have resulted in a reduction of the prior year
adjusted EBIT of $0.9 million.
**Amount includes variable compensation expense
which was share-settled in 2021.
***The Company is in the ramp-up phase for three
significant strategic expansion projects, including AMG Vanadium’s
expansion project, the joint venture with Shell, and the lithium
expansion in Germany, which incurred project expenses during the
quarter but are not yet operational. AMG is adjusting EBITDA for
these exceptional charges.
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed
Interim Consolidated Income Statement |
|
|
|
|
|
For
the quarter ended March 31 |
|
|
In thousands
of US dollars |
2021 |
2020 |
|
Unaudited |
Unaudited |
Continuing operations |
|
|
Revenue |
263,986 |
278,290 |
Cost of
sales |
217,122 |
235,130 |
Gross profit |
46,864 |
43,160 |
|
|
|
Selling, general and administrative expenses |
33,093 |
34,887 |
|
|
|
Other income,
net |
38 |
53 |
Net
other operating income |
38 |
53 |
|
|
|
Operating profit |
13,809 |
8,326 |
|
|
|
Finance
income |
(210) |
(1,399) |
Finance
cost |
8,864 |
6,807 |
Net
finance cost |
8,654 |
5,408 |
|
|
|
Share
of loss of associates and joint
ventures |
(387) |
- |
|
|
|
Profit
before income tax |
4,768 |
2,918 |
|
|
|
Income
tax (benefit) expense |
(910) |
16,515 |
|
|
|
Profit
(loss) for the period |
5,678 |
(13,597) |
|
|
|
Profit (loss)
attributable to: |
|
|
Shareholders of the Company |
5,099 |
(13,568) |
Non-controlling interests |
579 |
(29) |
Profit
(loss) for the period |
5,678 |
(13,597) |
|
|
|
Earnings (loss) per share |
|
|
Basic earnings
(loss) per share |
0.18 |
(0.48) |
Diluted
earnings (loss) per share |
0.18 |
(0.48) |
|
|
|
AMG
Advanced Metallurgical Group N.V. |
|
|
Condensed Interim Consolidated Statement of Financial
Position |
|
|
|
|
|
|
|
|
In thousands of
US dollars |
March 31, 2021 Unaudited |
December 31, 2020 |
Assets |
|
|
Property, plant and equipment |
581,569 |
|
551,926 |
|
Goodwill and other intangible assets |
42,109 |
|
43,207 |
|
Derivative financial instruments |
477 |
|
1,894 |
|
Other investments |
28,505 |
|
27,527 |
|
Deferred tax assets |
58,509 |
|
58,081 |
|
Restricted cash |
175,041 |
|
208,919 |
|
Other assets |
8,054 |
|
8,496 |
|
Total
non-current assets |
894,264 |
|
900,050 |
|
Inventories |
173,829 |
|
152,306 |
|
Derivative financial instruments |
4,702 |
|
5,961 |
|
Trade and other receivables |
148,329 |
|
122,369 |
|
Other assets |
51,009 |
|
44,821 |
|
Current tax assets |
5,018 |
|
5,108 |
|
Cash and cash equivalents |
211,079 |
|
207,366 |
|
Assets held for sale |
971 |
|
1,005 |
|
Total
current assets |
594,937 |
|
538,936 |
|
Total
assets |
1,489,201 |
|
1,438,986 |
|
AMG Advanced
Metallurgical Group N.V. |
|
|
|
Condensed Interim
Consolidated Statement of Financial Position |
|
|
|
|
(continued) |
|
|
In thousands of
US dollars |
March 31, 2021 Unaudited |
December 31, 2020 |
Equity |
|
|
Issued capital |
831 |
|
831 |
|
Share premium |
489,546 |
|
489,546 |
|
Treasury shares |
(74,706) |
|
(80,165) |
|
Other reserves |
(113,430) |
|
(110,593) |
|
Retained earnings (deficit) |
(183,688) |
|
(184,139) |
|
Equity
attributable to shareholders of the Company |
118,553 |
|
115,480 |
|
|
|
|
Non-controlling
interests |
25,679 |
|
25,790 |
|
Total
equity |
144,232 |
|
141,270 |
|
|
|
|
|
|
Liabilities |
|
|
Loans and borrowings |
672,553 |
|
673,262 |
|
Lease liabilities |
44,285 |
|
47,092 |
|
Employee benefits |
189,376 |
|
197,158 |
|
Provisions |
14,716 |
|
15,322 |
|
Other liabilities |
31,905 |
|
12,598 |
|
Derivative financial instruments |
4,283 |
|
4,389 |
|
Deferred tax liabilities |
4,543 |
|
5,398 |
|
Total
non-current liabilities |
961,661 |
|
955,219 |
|
Loans and
borrowings |
23,284 |
|
23,392 |
|
Lease liabilities |
4,433 |
|
4,789 |
|
Short-term bank debt |
7,500 |
|
7,561 |
|
Other liabilities |
76,430 |
|
67,805 |
|
Trade and other payables |
203,796 |
|
164,999 |
|
Derivative financial instruments |
5,901 |
|
10,264 |
|
Advance payments from customers |
31,490 |
|
29,885 |
|
Current tax liability |
8,686 |
|
7,480 |
|
Provisions |
21,788 |
|
26,322 |
|
Total
current liabilities |
383,308 |
|
342,497 |
|
Total
liabilities |
1,344,969 |
|
1,297,716 |
|
Total
equity and liabilities |
1,489,201 |
|
1,438,986 |
|
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed Interim
Consolidated Statement of Cash Flows |
|
|
For the
quarter ended March 31 |
|
|
In thousands of
US dollars |
2021 |
2020 |
|
Unaudited |
Unaudited |
Cash from
(used in) operating activities |
|
|
Profit (loss) for
the period |
5,678 |
|
(13,597) |
|
Adjustments to
reconcile net profit (loss) to net cash flows: |
|
|
Non-cash: |
|
|
Income tax (benefit) expense |
(910) |
|
16,515 |
|
Depreciation and amortization |
10,963 |
|
10,478 |
|
Asset impairment (reversal) expense |
(136) |
|
17 |
|
Net finance cost |
8,654 |
|
5,408 |
|
Share of loss of associates and joint ventures |
387 |
|
— |
|
Loss on sale or disposal of property, plant and equipment |
9 |
|
112 |
|
Equity-settled share-based payment transactions |
1,088 |
|
1,490 |
|
Movement in provisions, pensions, and government grants |
(3,796) |
|
(2,761) |
|
Working capital and deferred revenue adjustments |
4,748 |
|
(15,468) |
|
Cash
generated from operating activities |
26,685 |
|
2,194 |
|
Finance costs
paid, net |
(4,749) |
|
(4,951) |
|
Income tax
paid |
(1,997) |
|
(922) |
|
Net cash
from (used in) operating activities |
19,939 |
|
(3,679) |
|
|
|
|
Cash used
in investing activities |
|
|
Proceeds from
sale of property, plant and equipment |
171 |
|
— |
|
Acquisition of
property, plant and equipment and intangibles |
(35,583) |
|
(15,500) |
|
Investments in
associates and joint ventures |
(1,000) |
|
— |
|
Change in
restricted cash |
33,878 |
|
14,086 |
|
Interest received
on restricted cash |
15 |
|
941 |
|
Capitalized
borrowing cost |
(7,722) |
|
(7,336) |
|
Other |
13 |
|
8 |
|
Net cash
used in investing activities |
(10,228) |
|
(7,801) |
|
AMG Advanced
Metallurgical Group N.V. |
|
|
Condensed
Interim Consolidated Statement of Cash Flows |
|
|
(continued) |
|
|
For the
quarter ended March 31 |
|
|
In thousands of US
dollars |
2021 |
2020 |
|
Unaudited |
Unaudited |
Cash
used in financing activities |
|
|
Proceeds from
issuance of debt |
1,481 |
- |
Payment of
transaction costs related to debt |
(390) |
- |
Repayment of
borrowings |
(1,510) |
(1,257) |
Net proceeds
from (repurchase of) common shares |
176 |
(592) |
Payment of
lease liabilities |
(1,283) |
(1,057) |
Contributions
by non-controlling interests |
244 |
- |
Net
cash used in financing activities |
(1,282) |
(2,906) |
|
|
|
Net
increase (decrease) in cash and cash equivalents |
8,429 |
(14,386) |
|
|
|
Cash and cash
equivalents at January 1 |
207,366 |
226,218 |
Effect of
exchange rate fluctuations on cash held |
(4,716) |
(2,888) |
Cash
and cash equivalents at March
31 |
211,079 |
208,944 |
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated
information as defined in the Dutch Financial Markets Supervision
Act (Wet op het financieel toezicht).
About AMG
AMG is a global critical materials company at
the forefront of CO2 reduction trends. AMG produces highly
engineered specialty metals and mineral products and provides
related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end
markets.
AMG Clean Energy Materials combines our
recycling and mining operations producing materials for
infrastructure and energy storage solutions while reducing the CO2
footprint of both suppliers and customers. Clean Energy Materials
spans the vanadium, lithium, and tantalum value chains. AMG
Critical Materials Technologies combines our leading vacuum furnace
technology line with high-purity materials serving global leaders
in the aerospace sector. AMG Critical Minerals consists of our
mineral processing operations in antimony, graphite, and silicon
metal.
With approximately 3,000 employees, AMG operates
globally with production facilities in Germany, the United Kingdom,
France, the United States, China, Mexico, Brazil, India, Sri Lanka,
and Mozambique, and has sales and customer service offices in
Russia and Japan (www.amg-nv.com).
For further information, please
contact:AMG Advanced Metallurgical Group
N.V. +1
610 975 4979Michele
Fischermfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not
historical facts and are “forward looking.” Forward looking
statements include statements concerning AMG’s plans, expectations,
projections, objectives, targets, goals, strategies, future events,
future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG’s
competitive strengths and weaknesses, plans or goals relating to
forecasted production, reserves, financial position and future
operations and development, AMG’s business strategy and the trends
AMG anticipates in the industries and the political and legal
environment in which it operates and other information that is not
historical information. When used in this press release, the words
“expects,” “believes,” “anticipates,” “plans,” “may,” “will,”
“should,” and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward-looking
statements will not be achieved. These forward-looking statements
speak only as of the date of this press release. AMG expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained
herein to reflect any change in AMG's expectations with regard
thereto or any change in events, conditions, or circumstances on
which any forward-looking statement is based.
- First Quarter 2021 Press Release
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