Ferroglobe (GSM) Company Report

Ferroglobe reported Q3 2025 sales of $312 million, a 19% sequential decline, and adjusted EBITDA of $18 million, down 15% from the prior quarter, but generated positive free cash flow.
The company is facing significant challenges from unfair trade practices in the U.S. and EU, leading to preliminary U.S. countervailing and anti-dumping duties on silicon metal imports and the idling of all European silicon metal plants.
A final decision on EU safeguards for silicon metal, silicon base alloys, and manganese alloys is expected by November 18th, with the company optimistic for improved market conditions in 2026 due to these and U.S. trade measures.
Ferroglobe finalized a joint development agreement with Corshell for silicon anode technology, with commercial deployment for robotics and defense applications expected in early 2026, and secured a new multi-year energy agreement in France effective January 1, 2026.

Nov 6, 2025, 1:30 PM

Transcript

Ferroglobe Reports Q3 2025 Results Amidst Soft Demand and Trade Developments

GSM

Earnings

Demand Weakening

New Projects/Investments

Ferroglobe reported Q3 2025 sales of $311.7 million and Adjusted EBITDA of $18.3 million, resulting in an Adjusted diluted EPS of $(0.02), primarily due to soft demand and low-priced imports.
The company generated $1.6 million in positive free cash flow in Q3 2025, driven by $20.8 million in cash from operations and effective working capital management.
Significant trade developments include strong U.S. preliminary Silicon Metal AD/CVD decisions with duties up to 240%, and anticipated EU trade measures by November 18, which are expected to bolster the business environment in 2026.
Strategic progress was made with Coreshell beginning pilot battery deliveries to OEMs, with commercial deliveries for robotics and defense planned for early 2026.
Ferroglobe maintained a strong balance sheet, reporting $127 million in adjusted gross debt as of Q3 2025, and secured a competitive multi-year energy agreement for its French operations.

Nov 6, 2025, 1:30 PM

Presentation

Ferroglobe Reports Third Quarter 2025 Financial Results

GSM

Earnings

Dividends

New Projects/Investments

Ferroglobe reported Q3 2025 sales of $311.7 million, a 19.4% decrease from the prior quarter and a 28.1% decrease year-over-year. The company posted an adjusted EBITDA of $18.3 million and a net loss attributable to the parent of $12.8 million, resulting in an adjusted diluted EPS of $(0.02) for the quarter ended September 30, 2025.
As of September 30, 2025, Ferroglobe had total cash of $121.5 million and net debt of $5.2 million. The company generated operating cash flow of $20.8 million and free cash flow of $1.6 million during Q3 2025.
Market conditions remained challenging in Q3 2025 due to weak demand and low-priced imports. However, there is encouraging progress on the preliminary U.S. silicon metal trade case and a final EU safeguard decision is expected by November 18, which are anticipated to lead to significantly more favorable market conditions in 2026.
Ferroglobe declared a dividend of $0.014 per share payable on December 29, 2025. Additionally, Coreshell, a partner in silicon anode technology, began shipping pilot batteries to OEMs for testing and plans commercial battery deliveries for robotics and defense applications in early 2026.

Nov 5, 2025, 10:00 PM

Press Release

Ferroglobe PLC Reports Third Quarter 2025 Financial Results

GSM

Earnings

Dividends

New Projects/Investments

Ferroglobe PLC reported Q3 2025 sales of $311.7 million, representing a 19.4% decrease from the prior quarter, and adjusted EBITDA of $18.3 million.
The company's adjusted diluted EPS was $(0.02) for Q3 2025.
As of September 30, 2025, Ferroglobe maintained a strong balance sheet with total cash of $121.5 million and net debt of $5.2 million, while generating $1.6 million in free cash flow.
Ferroglobe declared a dividend of $0.014 per share payable on December 29, 2025, and anticipates U.S. and EU trade measures to significantly strengthen the business environment in 2026.
Furthermore, Coreshell began shipping pilot batteries to OEMs for testing, with commercial battery deliveries planned for robotics and defense applications in early 2026.

Nov 5, 2025, 9:59 PM

6-K

Ferroglobe PLC Highlights Deleveraging, Market Position, and Trade Measure Impact

GSM

Dividends

Share Buyback

New Projects/Investments

Ferroglobe PLC has significantly deleveraged, reducing debt from $550 million in 2021 to $100 million today, achieving a net cash position of $10 million (gross debt of $125 million and cash of $135 million) at the end of the second quarter. The company has also initiated capital returns, paying a quarterly dividend of $0.14 per share and executing $7 million in share buybacks since Q3 last year.
As the largest producer of silicon metal in Europe and the U.S., Ferroglobe has diversified revenues with approximately 50% from silicon metal, 25% from manganese alloys, and 25% from silicon-based alloys.
The company is currently facing headwinds from Chinese silicon metal dumping in Europe, which has caused prices to drop by 30% in the last six months to €1,600-€1,700 per ton. However, ongoing trade measures, including an EU safeguard investigation with a final decision expected by November 20, and a U.S. silicon metal case (CVD preliminary decision in September), are anticipated to help the company regain market share and improve economic metrics.
Ferroglobe is strategically investing in future growth, including a $10 million investment in CorShell, a company developing enhanced silicon use in EV battery anodes, with test battery shipments to OEMs expected in Q3 or Q4. The company also maintains an operational focus on working capital enhancements, aiming for a $100 million reduction from Q3 last year to the end of this year.

Aug 27, 2025, 5:35 PM

Ferroglobe Withdraws Guidance Amid Market Uncertainty, Reports Improved Q2 2025 Results

GSM

Earnings

Guidance Update

Share Buyback

Ferroglobe withdrew its guidance for Q2 2025 due to increased uncertainty and limited visibility, citing changing trade dynamics, delays in EU safeguard decisions, and increased low-priced Chinese imports impacting the European market.
The company reported substantially improved Q2 2025 financial results compared to Q1 2025, with sales increasing to $386.9 million from $307.2 million and Adjusted EBITDA turning positive at $21.6 million compared to $(26.8) million in Q1 2025.
Ferroglobe achieved neutral free cash flow of $0.0 million in Q2 2025, supported by $15.6 million in operating cash flow and $14 million in working capital release.
The company is well-positioned for an anticipated market rebound in 2026, expecting positive impacts from EU safeguards and U.S. trade policies.
Ferroglobe maintained a strong balance sheet and returned capital to shareholders, including $2.6 million in dividends and $2.0 million in share buybacks during Q2 2025.

Aug 6, 2025, 12:30 PM

Presentation

Ferroglobe PLC Joins Russell 2000 and Russell 3000 Indexes

GSM

Ferroglobe PLC (GSM) was included in the Russell 2000® and Russell 3000® Indexes, effective June 30, 2025.
This inclusion is based on the Russell US indexes' methodology, which ranks the 3,000 largest U.S. stocks by total market capitalization as of April 30 each year.
Ferroglobe's CEO, Dr. Marco Levi, views this as a meaningful milestone that increases the company's visibility among institutional investors.
As of June 2024, approximately $10.6 trillion in assets are benchmarked against the Russell US indexes.

Jul 2, 2025, 12:00 AM

6-K

Ferroglobe Reports 6-K Update on Risks, Turnaround, and Share Repurchase

GSM

Share Buyback

Earnings

New Projects/Investments

Risk and geopolitical exposures persist, with the company noting potential adverse impacts from economic, regulatory, and geopolitical factors such as energy cost volatility and uncertainties in global markets.
The firm’s multi-year turnaround plan has yielded consecutive positive EBITDA results from 2022 through 2024, reflecting strategic operational improvements.
Ferroglobe’s board approved a five-year share repurchase program, with 598,207 shares repurchased by December 31, 2024, highlighting an emphasis on capital management.

May 22, 2025, 12:00 AM

6-K

Ferroglobe PLC Reports Q1 2025 Results Amid Market Challenges

GSM

Earnings

Guidance Update

Share Buyback

Dividends

Q1 2025 performance: Recorded an adjusted EBITDA loss of $27 million (Tweet 1: , Tweet 2: ), driven by a 27% decline in silicon metal volumes and soft pricing, with overall revenue down 16% to $307 million.
Results vs. previous quarter: Despite the Q1 downturn, results were in line with expectations following a positive performance in the previous quarter .
Robust full-year guidance: Maintained the full-year adjusted EBITDA outlook of $100–$170 million with expectations of a turnaround and significant volume increases in silicon metal and alloys in Q2 .
Strong capital discipline: Delivered positive cash flow performance with a CFO of $19 million and $5 million free cash flow, supported by improved working capital management .
Enhanced shareholder returns: Increased dividend by 8% to $0.04 per share and continued share repurchases, highlighting disciplined capital management in a challenging market .

May 8, 2025, 12:31 PM

Transcript Presentation

Ferroglobe PLC Files 6-K on Unfair Trade Petition for Silicon Metal Imports

GSM

Legal Proceedings

Ferroglobe PLC filed a 6-K report on April 24, 2025, detailing that its U.S. subsidiary and partner, Mississippi Silicon LLC, have submitted petitions to halt unfairly traded silicon metal imports from Angola, Australia, Laos, Norway, and Thailand.
The petitions allege dumping with margins up to 337.84% and significant subsidies, with U.S. authorities set to begin antidumping and countervailing duty investigations by May 14, 2025, and a preliminary ITC determination expected by June 9, 2025.

Apr 24, 2025, 12:00 AM

6-K