The following is a summary of the Ferroglobe PLC (GSM) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ferroglobe reported a robust adjusted EBITDA of $315 million in 2023, primarily driven by efficient execution and resilience despite market adversities.

• The company's European plants notably improved operational efficiency by over 3%.

• The company's silicon-metal revenue in Q4 dropped 16% against the preceding quarter to $168 million, with a significant sequential decrease of 73% in adjusted EBITDA to $22 million.

• Despite these setbacks, Ferroglobe implemented cost-saving measures and productivity enhancements across all company facets.

• The company's 2024 EBITDA guidance currently stands between $100 million and $170 million, reflecting the ongoing market volatility.

Business Progress:

• Ferroglobe signed its inaugural Power Purchase Agreement in Spain, thereby bolstering its production capacity while enhancing the company's global footprint's resilience and flexibility.

• The strategic acquisition of a high-grade quartz mine in South Carolina was completed, ensuring steady and expanding silicon metal production.

• The company forged partnerships with prominent battery material firms in Europe and the U.S. for the development of cutting-edge EV battery materials with silicon anode use and the pursuit of advanced silicon-rich battery technologies.

• A bipartisan bill proposing a 35% tariff on ferrosilicon imports from Russia and Belarus was introduced to Congress in 2023, and if accepted, it could impact prices positively.

• With the projected growth in the silicon-based EV battery and solar industries, Ferroglobe is poised for significant long-term growth.

• The company began a capital allocation policy that includes a quarterly dividend of $1.3 cents/share and a proposed share repurchase plan.

More details: Ferroglobe IR

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