20-F: Ferroglobe Reports Significant 2025 Net Loss Amid Market Headwinds

Ferroglobe PLC posted a substantial net loss of $177.1 million in 2025, a sharp reversal from the prior year's profit, driven by declining sales and challenging market conditions.

Summary

• Ferroglobe PLC reported a net loss of $177,112 thousand for the year ended December 31, 2025, a significant decline from a net profit of $20,800 thousand in 2024.
• Total sales decreased by 18.8% to $1,335,121 thousand in 2025 from $1,643,939 thousand in 2024.
• Silicon metal sales revenue fell by 40.8%, with average selling prices decreasing by 10.4% to $2,924/MT and total shipments declining by 34.0%.
• Manganese-based alloys sales revenue increased by 7.5% to $357,724 thousand, despite average selling prices decreasing by 3.0% to $1,170/MT, as shipments rose by 10.8%.
• Silicon-based alloys sales revenue decreased by 1.4%, with average selling prices down 5.1% but shipments up 3.9%.
• Raw materials and energy consumption for production decreased by 9.1% to $933,531 thousand, but increased as a percentage of sales to 70% (from 62% in 2024).
• The company recorded an expense of $38,205 thousand related to the change in fair value of its EDF energy contracts executed in Q4 2025.
• Operating loss for 2025 was $133,457 thousand, compared to an operating profit of $38,181 thousand in 2024.
• Impairment losses decreased to $17,488 thousand in 2025 from $43,052 thousand in 2024, including a $1,747 thousand goodwill impairment in the U.S. Silicon Metal CGU and a $9,512 thousand property, plant, and equipment impairment at the Alloy facility.
• The company fully repaid its SEPI loans in June 2025 and completed the full redemption of its Reinstated Senior Notes in February 2024.
• New electricity supply agreements were signed with EDF for French operations, including a 10-year indexed wholesale agreement (CPI Contract) and a 4-year retail agreement (Retail Contract), effective January 2026.
• Ferroglobe repurchased 1,320,442 ordinary shares for $4.7 million in 2025 under its five-year share repurchase program.
• The company invested an additional $7,000 thousand in Coreshell in 2025, bringing its total financial investment to $11,100 thousand.
• A $21,150 thousand loan was secured from Bankinter for the construction of a biocarbon plant at the Sabón facility, part of a projected $32.9 million capital expenditure, supported by a $13.8 million grant from the Spanish government.
• The company remediated a previously identified material weakness in its internal control over financial reporting related to the impairment of long-lived assets.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a challenging period marked by significant financial underperformance, primarily driven by weak market conditions and declining prices. While strategic initiatives and debt reduction are positive, the substantial net loss and operational challenges indicate a negative short-term outlook.

Positives

• Remediation of the previously identified material weakness in internal control over financial reporting related to Impairment of Long-Lived Assets.
• Increased shipments for manganese-based alloys by 10.8% and silicon-based alloys by 3.9% in 2025.
• Secured new long-term energy supply agreements for French operations (CPI Contract and Retail Contract with EDF) providing cost predictability from January 2026.
• Obtained a $13.8 million grant from the Spanish government to support the construction of a biocarbon plant at the Sabón facility, aligning with decarbonization goals.
• Continued investment in new technologies and products, including high-purity silicon for Li-ion batteries and advanced ceramics, with an additional $7,000 thousand invested in Coreshell in 2025.
• Successfully executed a share repurchase program, acquiring 1,320,442 shares for $4.7 million in 2025.
• Achieved full redemption of the Reinstated Senior Notes in February 2024, reducing overall debt obligations.
• Fully repaid SEPI loans in June 2025, further strengthening the balance sheet.
• The company's management believes relations with employees are generally positive, with minor instances of industrial action.

Negatives

• Reported a net loss of $177,112 thousand for 2025, a significant reversal from the $20,800 thousand net profit in 2024.
• Overall sales decreased by 18.8% to $1,335,121 thousand in 2025.
• Silicon metal sales revenue declined substantially by 40.8%, with average selling prices down 10.4% and shipments decreasing by 34.0% due to weakened global demand and oversupply.
• Average selling prices for manganese-based alloys decreased by 3.0% and for silicon-based alloys by 5.1%.
• Raw materials and energy consumption as a percentage of sales increased to 70% in 2025 from 62% in 2024.
• The benefit from French energy programs (ARENH) decreased significantly from $63,032 thousand in 2024 to $29,157 thousand in 2025.
• Recorded an expense of $38,205 thousand related to the change in fair value of EDF energy contracts.
• Operating results shifted from a profit of $38,181 thousand in 2024 to a loss of $133,457 thousand in 2025.
• Depreciation and amortization increased by 12.6% due to accelerated depreciation at the U.S. Alloys plant, driven by the planned long-term idling of two furnaces in Q1 2026.
• Incurred impairment losses of $1,747 thousand for goodwill in the U.S. Silicon Metal CGU and $9,512 thousand for property, plant, and equipment at the Alloy facility.
• South Africa Silicon Metals sales decreased by 88.5% and shipments by 93.2% due to the idling of the Polokwane facility, leading to the retrenchment of 106 employees.
• South Africa Silicon Alloys sales decreased by 12.6% and shipments by 9.2% due to reduced domestic demand and higher costs.
• Sales in 'Other segments' decreased by 29.9% due to declines in Argentina and China.
• Experienced a foreign exchange loss of $23,886 thousand in 2025, a significant negative swing from a gain of $13,565 thousand in 2024.
• Ongoing legal proceedings, including asbestos-related claims and matters pertaining to Executive Chairman Javier Lpez Madrid, present potential liabilities and reputational risks.
• A sensitivity analysis indicated that updated forward pricing curves for silicon metal (published post-reporting date) would have reduced the recoverable amount of the Alloy CGU by approximately $27,974 thousand if used in the 2025 impairment model, suggesting further potential downside.

Risks

• Operations depend on industries including the steel, aluminum, polysilicon, silicone and photovoltaic/solar industries, which, in turn, rely on several end markets. A downturn or change in these industries or end-markets could adversely affect our business, results of operations and financial condition.
• The metals industry is cyclical and has been subject in the past to swings in market price and demand which has led to and could in the future again lead to volatility in our financial results.
• Our business is particularly sensitive to increases in energy costs, which could materially increase our cost of production.
• Losses caused by disruptions in the supply of power would reduce our profitability.
• We could incur significant cash expenses for temporary and potential permanent idling of facilities.
• Any decrease in the availability, or increase in the cost, of raw materials or transportation could materially increase our costs.
• Cost increases in raw material inputs may not be passed on to our customers, which could negatively impact our profitability.
• Metallurgical manufacturing and mining are inherently dangerous activities and any accident resulting in injury or death of personnel or prolonged production shutdowns could adversely affect our business and operations.
• We are heavily dependent on our mining operations, which are subject to certain risks that are beyond our control and which could result in materially increased expenses and decreased production levels.
• Natural disasters and climate change could affect our facilities, suppliers or customers, negatively impacting our operations.
• We make a significant portion of our sales to a limited number of customers, and the loss of a portion of the sales to these customers could have a material adverse effect on our revenues and profits.
• Products we manufacture may be subject to unfair import competition that may affect our profitability.
• We operate in a highly competitive industry.
• Competitive pressure from Chinese steel, aluminum, polysilicon and silicone producers may adversely affect the business of our customers, reducing their demand for our products. Our customers are losing market share to their Chinese competitors who, by producing and sourcing locally, are limiting our sales opportunities.
• We are subject to the risk of union disputes and work stoppages at our facilities, which could have a material adverse effect on our business.
• We are dependent on key personnel.
• Shortages of skilled labor could adversely affect our operations.
• In certain circumstances, the members of our Board may have interests that may conflict with yours as a holder of ordinary shares.
• We may not realize the cost savings and other benefits that we expect to achieve.
• Any failure to integrate acquired businesses successfully or to complete future acquisitions successfully could be disruptive of our business and limit our future growth.
• We engage in related party transactions with affiliates of Grupo VM, our principal shareholder.
• Although we are not currently operating at full capacity, we have previously operated at near the maximum capacity of our operating facilities. Because the cost of increasing capacity may be prohibitively expensive, we may have difficulty increasing our production and profits.
• Planned investments in the expansion and improvement of existing facilities and in the construction of new facilities may not be successful.
• Our insurance costs may increase materially, and insurance coverages may not be adequate to protect us against all risks and potential losses to which we may be subject.
• We depend on a limited number of suppliers for certain key raw materials. The loss of one of these suppliers or the failure of any of them to meet contractual obligations to us could have a material adverse effect on our business.
• Equipment failures may lead to production curtailments or shutdowns and repairing any failure could require us to incur capital expenditures and other costs.
• We depend on proprietary manufacturing processes and software. These processes may not yield the cost savings that we anticipate and our proprietary technology may be challenged or become obsolete before our intellectual property rights expire.
• Ferroglobe PLC is a holding company whose principal source of revenue is the income received from its subsidiaries which may impact our ability to pay dividends.
• Our business may be impacted by various types of claims, lawsuits, and other contingent obligations.
• Cybersecurity breaches and threats could disrupt our business operations and result in the loss of critical and confidential information.
• Our business is exposed to certain risks associated with artificial intelligence (AI) and other new technologies.
• We make significant investments in the development of new technologies and new products. The success of such technologies or products is inherently uncertain and the investments made may fail to render the desired increase in profitability.
• We are subject to environmental, health and safety regulations, including laws that impose substantial costs and the risk of material liabilities.
• Compliance with existing and proposed laws and regulations relating to greenhouse gas emissions and climate change could adversely affect our performance.
• Climate change, sustainability regulations and Company initiatives, including our environmental commitments associated with our decarbonization plan, could place additional burden on us and our operations.
• Our business benefits from safeguards, antidumping and countervailing duty orders and laws that protect our products by imposing special duties on unfairly traded imports from certain countries. If these duties or laws change, certain foreign competitors might be able to compete more effectively.
• We are exposed to significant risks in relation to compliance with anti-bribery and corruption laws, anti-money laundering laws and regulations, and economic sanctions programs.
• Any failure to procure, renew or maintain necessary governmental permits, including environmental permits and concessions to operate our hydropower plants, or any delays relating thereto, could adversely affect our results of operations.
• Changes in laws, rules or regulations relating to data privacy and security, or any actual or perceived failure by us to comply with such laws, rules, regulations and standards, or contractual or other obligations relating to data privacy and security, could result in claims, changes to our business practices, penalties and increased cost of operations and could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.
• We have operations and assets in the United States, Spain, France, Canada, China, South Africa, Norway, Venezuela, Argentina and may expand our operations and assets into other countries in the future. Our international operations and assets may be subject to various economic, social and governmental risks.
• The critical social, political and economic conditions in Venezuela have adversely affected, and may continue to adversely affect, our results of operations.
• We are exposed to foreign currency exchange risk and our business and results of operations may be negatively affected by the fluctuation of different currencies.
• We are impacted by the ongoing military conflict between Russia and Ukraine. Our business may be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.
• The recent escalation of regional conflict in the Middle East may adversely affect our operations.
• We are exposed to changes in economic and political conditions where we operate and globally that are beyond our control.
• New tariffs and duties imposed by certain governments, including the United States, the European Union and others, could have a material adverse effect on our results of operations.
• Recent government actions and regulations, such as export restrictions, tariffs, and other trade protection measures could adversely affect our business.
• Escalation of trade wars with key trading partners may result in increased tariffs, quotas, and non-tariff barriers, disrupting supply chains, raising input costs, and restricting access to critical export markets.
• Our suppliers, customers, agents or business partners may be subject to or affected by export controls or trade sanctions imposed by government authorities from time to time, which may restrict our ability to conduct business with them and potentially disrupt our production or our sales.
• We are subject to restrictive covenants and other limitations under our financing agreements. These restrictions could significantly affect the way in which we conduct our business. Our failure to comply with these covenants and other restrictions could lead to an acceleration of our debt.
• High leverage may make it difficult for us to service our debt and operate our business.
• We have experienced past losses and cannot assure you that we will be profitable in the future.
• To service our indebtedness, we require a significant amount of cash, and our ability to generate cash will depend on many factors beyond our control.
• Grupo VM, our principal shareholder, has significant voting power with respect to corporate matters considered by our shareholders.
• Grupo VM has pledged most of its shares in our company to secure a loan from Tyrus Capital (Tyrus).
• The market price of our ordinary shares may be volatile and may fluctuate due to factors beyond our control.
• Significant sales of our ordinary shares, or the perception that significant sales thereof may occur in the future, could adversely affect the market price of our ordinary shares.
• The Company may be restricted or unable to pay cash dividends in the future.
• If securities or industry analysts do not publish or cease publishing research reports about us, if they adversely change their recommendations regarding our ordinary shares, or if our operating results do not meet their expectations, the price of our ordinary shares could decline.
• As a foreign private issuer, we are subject to different U.S. securities laws and Nasdaq governance standards than U.S. domestic issuers. The rules and standards applicable to foreign private issuers may afford relatively less protection to holders of our ordinary shares, who may not receive all corporate and company information and disclosures they are accustomed to receiving or in a manner to which they are accustomed.
• We may lose our foreign private issuer status, which would then require us to comply with the U.S. Exchange Acts domestic reporting regime and cause us to incur significant legal, accounting and other expenses.
• If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our ordinary shares.
• As an English public limited company, we may be required to obtain shareholder approval for certain capital structure decisions. Such approvals may limit our flexibility to manage our capital structure.
• English law requires that we meet certain financial requirements before we declare dividends or repurchases.
• The enforcement of shareholder judgments against us or certain of our directors may be more difficult.
• Shareholder activism could negatively affect us.
• The application of Section 7874 of the Code, including under IRS guidance, and changes in law could affect our status as a foreign corporation for U.S. federal income tax purposes.
• IRS guidance and changes in law could affect our ability to engage in certain acquisition strategies and certain internal restructurings.
• We are subject to tax laws of numerous jurisdictions, and our interpretation of those laws is subject to challenge by the relevant governmental authorities.
• We intend to operate so as to be treated exclusively as a resident of the United Kingdom for tax purposes, but the relevant tax authorities may treat us as also being a resident of another jurisdiction for tax purposes.
• We may not qualify for benefits under the tax treaties entered into between the United Kingdom and other countries.
• Future changes to domestic or international tax laws or to the interpretation of these laws by the governmental authorities could adversely affect us and our subsidiaries.
• We may become subject to income or other taxes in jurisdictions which would adversely affect our financial results.
• Alignment of our tax model with our business model may be challenged.
• We may incur current tax liabilities in our primary operating jurisdictions in the future.
• Changes in tax laws may result in additional taxes for us.
• U.S. federal income tax reform could adversely affect us.
• Our transfer pricing policies are open to challenge from taxation authorities internationally.

Future Outlook

Ferroglobe expects to meet its short-term and long-term liquidity needs through operating cash flows and existing financing arrangements. The company anticipates that EU safeguard measures for ferroalloys, effective November 2025, will support future market balance. It is actively evaluating opportunities to diversify its energy portfolio from 2026, including renewable energy producers, and has applied for a Negotiated Power Pricing Agreement with Eskom for reduced tariffs. The Sabón biocarbon plant is expected to be operational in 2026, with related PPAs commencing in 2028 and 2029. The company is committed to reducing Scope 1 and Scope 2 carbon-specific emissions by at least 26% by 2030 from a 2020 baseline. Management will continue to monitor and enhance internal controls and cybersecurity measures, including exploring AI-powered HelpDesk functions. Legal proceedings, such as the Lezo investigation trial, are expected in June 2027.

Management Comments

• Management continually tracks developments in the conflict in Ukraine and is committed to actively managing our response to potential disruptions to the business.
• Management makes estimates, assumptions and judgements on uncertain matters.
• Management performed a sensitivity analysis to assess the potential impact of these revised pricing curves on our forecasted EBITDA and the resultant impact on the estimated recoverable amount of the CGU.
• Management concluded that these revisions primarily reflected changes in market conditions that arose after the reporting date and would not have been considered by a market participant at December 31, 2025.
• Management has decided to record the respective deferred tax assets corresponding to the jurisdictions where taxable profit is expected to be generated in the short and medium-term.
• Management has evaluated subsequent events after the balance sheet date, through the issuance of these consolidated financial statements, for appropriate accounting and disclosures.
• We believe our relations with our employees are generally positive with very minor instances of industrial action in recent times.
• We are committed to providing a safe workplace for all of our employees. We continue to engage proactively with federal and state agencies in support of measures which can legitimately improve the safety and well-being of our employees.

Industry Context

StockSavvy.ai notes that the global metals industry, particularly silicon metal and ferroalloys, continues to face significant headwinds from global oversupply, especially from Chinese producers, and subdued industrial demand in key end-markets like automotive and construction. The convergence of European and Asian silicon pricing due to Chinese competition highlights intense market pressure. The implementation of EU safeguard measures for ferroalloys is a notable development aimed at protecting regional producers from unfair imports, potentially stabilizing future market balance. The company's strategic focus on cost optimization, vertical integration, and diversification into high-value applications like EV batteries aligns with broader industry trends towards sustainability and advanced materials, offering potential resilience against commodity market volatility.

Comparison to Industry Standards

• Ferroglobe's silicon metal production capacity of approximately 330,000 metric tons (including 51% partnership capacity) gives it 66% of the production capacity market share in North America and approximately 25% of the global market share (excluding China), positioning it as a leading global producer.
• In manganese-based alloys, Ferroglobe retains approximately a 15% market share in Europe and is among the three largest global producers (excluding China).
• Ferroglobe's market share in the ferrosilicon segment, excluding China, represented 8% of total demand, with main markets in North America (45% market share) and Europe (11% market share).
• The company's commitment to reducing Scope 1 and Scope 2 carbon-specific emissions by at least 26% by 2030 from a 2020 baseline aligns with growing industry-wide decarbonization efforts, such as those seen in major industrial players like ArcelorMittal and ThyssenKrupp Steel, which have set similar ambitious targets.
• The investment in Coreshell, a nanocoating solution for silicon-dominant anodes, positions the company at the forefront of battery technology innovation, comparable to strategic investments made by chemical and materials companies like BASF or Umicore in the EV battery supply chain.

Management Changes

Corporate Governance

Legal Proceedings

• Ferroglobe France is involved in 21 cases concerning former employees for alleged asbestos exposure at its plants, with assertions of inexcusable negligence. Provisions of $568 thousand have been recorded as of December 31, 2025.
• Executive Chairman Javier Lpez Madrid is involved in the Pnica investigation (Pieza 8 trial date pending) and the Lezo investigation (trial expected June 2027) in Spain, related to alleged bribery and payments to public officials.
• A harassment complaint filed by Mr. Lpez Madrid against a dermatologist was dismissed in late 2024. A counter-complaint by the dermatologist against Mr. Lpez Madrid was postponed from February 2026, but Mr. Lpez Madrid was acquitted following a trial in January 2026.
• WVA entered into a Consent Order with the West Virginia Department of Environmental Protection in July 2025 to resolve three Notices of Violation related to air quality at its Alloy, West Virginia facility, resulting in a civil penalty of $475 thousand paid by the company.
• A stamp duty litigation procedure, where the taxpayer is Abanca, is ongoing in Spain. The Spanish Supreme Court admitted an appeal for review on June 12, 2024, and a tax reassessment of approximately 1.4 million EUR plus delayed interest is not currently due.

Related Party Transactions

• Grupo VM Shareholder Agreement: Governs rights and obligations with Grupo VM, the principal shareholder (36.1% voting power), including director appointments and share dealings.
• Energy Supply Agreements with VM Energa and Energya VM: Affiliates of Grupo VM supply energy needs for Spanish mining and electrometallurgy facilities as a broker. Payments to VM Energa or Energya VM for energy and service charges amounted to $40,538 thousand (Ferroglobe Spain Metals) and $12,920 thousand (Ferroglobe Monzón) in 2025.
• Collaboration Agreements for PV Installation Projects: Agreements with VM Energa for using grid connection points and high voltage electrical assets for PV installations at Monzón (terminated December 2025) and Sabón (ongoing).
• Swap Contracts with Energya VM: Ferroglobe Spain Metals entered into 35 swap contracts with Energya VM in 2025 to fix energy costs.
• Power Purchase Agreements (PPAs) with Energya VM/VM Energa: Includes an October 2023 PPA (30,000 MWh/year through June 2027), December 2023 PPAs (285,000 MWh/year for Sabón from 2028, one terminated in 2025), and a November 2024 PPA with Mowe Elica (35,400 MWh/year for Sabón from 2029).
• Loan to Inmobiliaria Espacio, S.A. (IESA): A $2.6 million loan to IESA, the ultimate parent of Grupo VM, was written off in 2024.
• Reinsurance with Calatrava RE: A Luxembourg affiliate of Grupo VM acts as a reinsurer for the company's global marine and property insurance programs.
• R&D Project SINCER: Ferroglobe Spain Metals and Ferroglobe Innovation entered into an R&D project with Tcnicas Reunidas, Autlan, Sidenor, Simantec, and Repsol from 2026 to 2029, focusing on circularity of metals from industrial waste.
• R&D Project CHAINERGY: Ferroglobe Spain Metals and Ferroglobe Innovation entered into an R&D project with Tcnicas Reunidas, Autlan, Hi Iberia, RIMSA, and GHESA from 2026 onwards, focusing on sustainable value chains for critical raw materials and energy storage.

Stakeholder Impact

• Shareholders: Experienced a significant net loss in 2025, leading to negative returns. Dividend payments are subject to financial performance and legal restrictions. Grupo VM's substantial voting power and pledged shares remain key factors influencing corporate decisions and potential share price volatility.
• Employees: Faced retrenchments in South Africa (106 employees at Polokwane, 7 at Emalahleni) and the U.S. (30 employees at Alloy) due to facility idling and reorganizations. Ongoing labor contract negotiations in Spain, France, and Norway introduce uncertainty, though relations are generally positive.
• Customers: Affected by weakened demand in key end-markets (steel, aluminum, chemicals, automotive) and increased import competition. Supply chain disruptions, such as raw material delays from Gabon and Red Sea re-routing, impacted product availability and costs. New EU safeguard measures for ferroalloys aim to protect EU-based producers, potentially stabilizing supply for European customers.
• Suppliers: The company's dependence on a limited number of suppliers for critical raw materials (e.g., coal from Colombia, manganese ore from South Africa and Gabon) poses supply chain risks. Diversification efforts, such as sourcing Australian coal, aim to mitigate these risks.
• Creditors: The company's financial position deteriorated with a net loss, but debt reduction efforts, including the full redemption of Reinstated Senior Notes and SEPI loans, improve its overall debt profile. Compliance with restrictive covenants in financing agreements remains crucial.

Next Steps

• Negotiate renewals of labor contracts in Spain in 2026.
• Conduct mandatory annual salary negotiations in France in H1 2026.
• Commence negotiations for a new collective bargaining agreement in Norway later in 2026.
• Continue to deploy additional equipment, introduce process changes, utilize alternative suppliers and materials, and take other similar actions to meet decarbonization commitments.
• Actively evaluate opportunities to diversify energy portfolio beginning in 2026, including engagement with renewable energy producers.
• Monitor the evolving political environment in Venezuela and evaluate potential implications for idled operations.
• Continue to monitor the effectiveness of internal control over financial reporting and implement additional enhancements.
• Require further training to encourage employees to report suspicious cybersecurity activity.
• IT Department exploring the development of an AI-powered bot to support automated HelpDesk functions.
• Ferroglobe Spain Metals and Ferroglobe Innovation to carry out R&D project SINCER from 2026 to 2029.
• Ferroglobe Spain Metals and Ferroglobe Innovation to carry out R&D project CHAINERGY from 2026 onwards.
• Sabón biocarbon plant expected to be operational in 2026.
• Commerce's final determinations for Australia and Norway silicon metal imports expected on June 25, 2026.
• Trial for Lezo investigation against Mr. Lpez Madrid expected in June 2027.
• Sabón PPAs expected to commence operation in 2028.
• Mowe Elica PPA expected to commence operation in 2029.

Key Dates

Recommendation

The company reported a substantial net loss and negative operating profit for 2025, a significant deterioration from the prior year's profitability. Sales declined across most key segments, driven by weakened demand and intense import competition, particularly in silicon metal. While the company has taken steps to optimize its cost structure, secure new energy agreements, and reduce debt, the immediate financial performance is concerning. The sensitivity analysis on the Alloy CGU impairment, indicating a potential further reduction in recoverable value based on updated market pricing, suggests continued downside risk. The ongoing legal proceedings and geopolitical uncertainties add further layers of risk. A seasoned investor would likely view the current financial results and market conditions as a strong indicator to sell, awaiting clear signs of sustained operational and financial recovery.

Keywords

Ferroglobe, Silicon Metal, Manganese Alloys, Ferroalloys, Mining, Energy Costs, Decarbonization, ESG, Financial Results, SEC Filing, 20-F, Industrial Metals, Specialty Alloys, Corporate Governance, Risk Management, Trade Tariffs, Geopolitical Risk, Supply Chain, Capital Expenditures, Li-ion Batteries, AI