GlobeNewswire Inc | Nov 23, 2020 07:00PM EST

November 24, 2020

Sales of $262.7 million; Net loss of $(46.8) million; Adjusted EBITDA of $22.2 million

-- Q3 sales of $262.7 million compared to $250.0 million in Q2 2020, and $381.7 million in Q3 2019 -- Adjusted EBITDA of $22.2 million compared to $22.4 million in Q2 2020 and $(7.2) million in Q3 2019 -- Q3 net loss of $(46.8) million compared to $(14.0) million in Q2 2020, and $(140.1) million in Q3 2019. Q3 net loss includes a property, plant and equipment impairment charge of $34.3 million -- Gross debt of $442 million at the end of Q3 2020, compared to $451 million at the end of Q2 2020 -- Positive operating cash flow of $23.0 million, partially offset by the senior unsecured notes coupon payment of $(16.4) million and partial ABL paydown of $(7.8) million -- Successful refinancing of the prior accounts receivable securitization program on October 2, 2020 with the signing of a new factoring program, providing an improvement in financial terms and cash release at closing

LONDON, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (Ferroglobe, the Company, or the Parent), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced results for the third quarter of 2020.

Q3 2020Earnings Highlights

In Q3 2020, Ferroglobe posted a net loss of $(46.8) million, or $(0.28) per share on a fully diluted basis. On an adjusted basis, the Q3 2020 net loss was $(9.3) million, or $(0.14) per share on a fully diluted basis.

Q3 2020 reported EBITDA was $(12.2) million, down from $22.1 million in the prior quarter. On an adjusted basis, Q3 2020 EBITDA was $22.2 million, down slightly from Q2 2020 adjusted EBITDA of $22.4 million. The Company reported an adjusted EBITDA margin of 8.5% for Q3 2020, compared to an adjusted EBITDA margin of 9.0% for Q2 2020.

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended$,000 September 30, June 30, 2020 September 30, September 30, September 30,(unaudited) 2020 2019 2020 2019 Sales $ 262,673 $ 250,004 $ 381,745 $ 823,899 $ 1,238,615 Net (loss) $ (46,834 ) $ (14,035 ) $ (140,139 ) $ (109,927 ) $ (212,351 )profitDiluted EPS $ (0.28 ) $ (0.07 ) $ (0.83 ) $ (0.63 ) $ (1.23 )Adjusted net(loss)income $ (9,332 ) $ (11,064 ) $ (16,084 ) $ (58,108 ) $ (60,200 )attributableto theparentAdjusted $ (0.14 ) $ (0.07 ) $ (0.10 ) $ (0.35 ) $ (0.36 )diluted EPSAdjusted $ 22,231 $ 22,413 $ (7,210 ) $ 27,027 $ 1,152 EBITDAAdjustedEBITDA 8.5 % 9.0 % -1.9 % 3.3 % 0.1 %margin

Marco Levi, Ferroglobes Chief Executive Officer, commented, The third quarter results are a confirmation of the swift actions we have been taking throughout the year to address the unpredictable circumstances created by COVID-19. By aligning our cost structure with changes in market conditions this quarters financial performance remained stable. Dr. Levi added, We continue to seek ways to bolster our agility in the face of the pandemic to ensure the company is well capitalized and positioned for a market recovery. Our new strategic plan focuses on elements within our control and aims to improve our overall competitiveness. During the quarter we made significant progress setting the foundation throughout the organization and have started on the execution of specific initiatives across various functional areas.

Cash Flow and Balance Sheet

Cash generated from operations during Q3 2020 was$23.0 million, including $33 million in respect the sale of CO2 emission rights.

Working capital increased by $33 million, from $321 million as of June 30, 2020 to $354 million at September 30, 2020. The increase is mainly driven by a reduction in accounts payable and strengthening of the Euro relative to the US Dollar.

Gross debt was $442 million as of September 30, 2020, down from $451 million as of June 30, 2020, primarily as a result of the senior unsecured notes coupon payment and partial ABL paydown, partially offset by COVID-19 funding supported by local governments in France and Canada.

Beatriz Garca-Cos, Ferroglobes Chief Financial Officer, commented, Given the challenging market backdrop and lingering uncertainty we remain focused on cash generation and preservation. We are making adjustments throughout the business to ensure a sustainable level of cash to support our operations and have managed this through a number of initiatives, including a successful refinancing of the prior accounts receivables securitization program. At the same time we continued to reduce our debt balance during the quarter. Ms. Garca-Cos added, The new strategic plan supports our focus on further cost reduction and improvement in cash conversion, while accelerating the Companys return to profitability.

COVID-19

Since January 2020, the COVID-19 pandemic has spread to various jurisdictions where the Company does business. The Company has been monitoring the evolving situation, and consequent emerging risk. Among other steps, the Company has implemented a coronavirus crisis management team, which has been meeting regularly to ensure the Company and its subsidiaries take appropriate action to protect all employees and ensure business continuity.

During the third quarter demand for our products was adversely impacted by COVID-19. It is difficult to forecast all the impacts of the COVID-19 pandemic, and such impacts might have a material adverse effect on our business, results of operations and financial condition. The Company is continuously evaluating how evolving customer demand and sales price evolution stand to affect the Companys business and results in the next twelve months.

In connection with the preparation of our consolidated financial statements, we conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raise substantial doubt as to the Companys ability to continue as a going concern in the one year period after the date of the issuance of these interim financial statements. For this interim financial statement, the evaluation was updated. Given the speed and frequency of continuously evolving developments with respect to this pandemic and the uncertainties this may bring for the Company and the demand for its products, it is difficult to forecast the level of trading activity and hence cash flow in the next twelve months. Developing a reliable estimate of the potential impact on the results of operations and cash flow at this time is difficult as markets and industries react to the pandemic and the measures implemented in response to it, but our downside scenario analysis supports an expectation that the Company will have cash headroom to continue to operate throughout the next twelve months.

Additionally, the indenture governing the senior unsecured notes includes provisions which, in the event of a change of control, would require the Company to offer to redeem the outstanding senior unsecured notes at a cash purchase price equal to 101% of the principal amount of the senior unsecured notes, plus any accrued and unpaid interest. Based on the provisions cited above, a change of control as defined in the indenture is unlikely to occur, but the matter it is not within the Companys control. If a change of control were to occur, the Company may not have sufficient financial resources available to satisfy all of its obligations. Management is pursuing additional sources of financing to increase liquidity to fund operations.

Subsequent events

On October 2, 2020, the Company signed a factoring agreement, replacing the prior accounts receivables securitization program. At closing, there was cash release of $19.7 million from restricted cash relating to a special purpose vehicle under prior securitization program.

On November 1, 2020, the Company announced the appointment of Thomas Wiesner as Chief Legal Officer. Subsequently, Mr. Wiesner was also appointed as the Secretary to the Board of Directors.

On November 16, 2020, the Tribunal Superior de Justicia of Galicia dismissed FerroAtlnticas claim of petition to separate the metallurgical plants of Cee and Dumbria from the related hydroelectric power plants. According to applicable law, this judgment can be appealed before the Spanish Supreme Court.

Discussion of Third Quarter 2020 Results

The Company has concluded that there are indications for potential impairment of goodwill property, plant and equipment and deferred tax assets. During the third quarter, the Company registered an impairment relating to the Niagara Falls facility as there are no plans to restart production. The Company is conducting, the rest of its impairment analysis and as such further material impairment relating to goodwill and/or the remaining property, plant and equipment and deferred tax assets could be identified and recorded subsequently. The financial results presented for the third quarter and year to date as of September 30, 2020 are unaudited and may be subsequently adjusted for items including impairment of goodwill and/or property, plant and equipment.

Sales

Sales for Q3 2020 were $262.7 million, an increase of 5.1% compared to $250.0 million in Q2 2020. For Q3 2020, total shipments were up 3.5% and the average selling price was down 0.1% compared with Q2 2020.

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2020 Change September 30, Change September September Change 2020 2019 30, 2020 30, 2019Shipments in metric tons:Silicon Metal 51,215 47,884 7.0 % 60,225 -15.0 % 152,420 176,578 -13.7 %Silicon-based 42,449 39,479 7.5 % 69,879 -39.3 % 142,860 230,944 -38.1 %AlloysManganese-based 53,980 55,290 -2.4 % 93,996 -42.6 % 182,995 297,221 -38.4 %AlloysTotal 147,644 142,653 3.5 % 224,100 -34.1 % 478,275 704,743 -32.1 %shipments* Average selling price ($/MT):Silicon Metal $ 2,248 $ 2,215 1.5 % $ 2,175 3.3 % $ 2,225 $ 2,284 -2.6 %Silicon-based $ 1,534 $ 1,537 -0.2 % $ 1,490 3.0 % $ 1,510 $ 1,582 -4.6 %AlloysManganese-based $ 1,009 $ 1,088 -7.2 % $ 1,140 -11.5 % $ 1,019 $ 1,167 -12.7 %AlloysTotal* $ 1,590 $ 1,591 -0.1 % $ 1,527 4.1 % $ 1,550 $ 1,583 -2.1 % Average selling price ($/lb.):Silicon Metal $ 1.02 $ 1.00 1.5 % $ 0.99 3.3 % $ 1.01 $ 1.04 -2.6 %Silicon-based $ 0.70 $ 0.70 -0.2 % $ 0.68 3.0 % $ 0.68 $ 0.72 -4.6 %AlloysManganese-based $ 0.46 $ 0.49 -7.2 % $ 0.52 -11.5 % $ 0.46 $ 0.53 -12.7 %AlloysTotal* $ 0.72 $ 0.72 0.0 % $ 0.69 4.1 % $ 0.70 $ 0.72 -2.1 %

* Excludes by-products and other

Sales Prices & Volumes By Product

During Q3 2020, total product average selling prices decreased by 0.1% versus Q2 2020. Q3 average selling prices of silicon metal increased 1.5%, silicon-based alloys prices decreased 0.2%, and manganese-based alloys prices decreased 7.2%.

Sales volumes in Q3 declined by 3.5% versus the prior quarter. Q3 sales volumes of silicon metal increased 7.0%, silicon-based alloys increased 7.5%, and manganese-based alloys decreased 2.4% versus Q2 2020.

Cost of Sales

Cost of sales was $166.2 million in Q3 2020, an increase from $153.3 million in the prior quarter. Cost of sales as a percentage of sales increased to 63.3% in Q3 2020 versus 61.3% for Q2 2020, the increase is mainly due to higher sales volume, lower sales prices, higher energy prices in Europe, lower fixed cost absorption due to decreased production levels and the negative impact of a planned plant shutdown in Spain.

Other Operating Expenses

Other operating expenses amounted to $26.9 million in Q3 2020, a decrease from $36.0 million in the prior quarter. This decrease is primarily attributable to a reduction in consultant fees and removal of the financial liabilities registered in Photosil by $5 million.

Net Loss Attributable to the Parent

In Q3 2020, net loss attributable to the Parent was $47.3 million, or $(0.28) per diluted share, compared to a net loss attributable to the Parent of $12.1 million, or $(0.07) per diluted share in Q2 2020.

Adjusted EBITDA

In Q3 2020, adjusted EBITDA was $22.2 million, or 8.5% of sales, compared to adjusted EBITDA of $22.4 million, or 9.0% of sales in Q2 2020, primarily due to price stability and higher costs incurred in Q3 2020.

Conference Call

Ferroglobemanagement will review the third quarter during a conference call at 9:00a.m. Eastern Time on November 24, 2020.

The dial-in number for participants inthe United Statesis 8772935491 (conference ID 9939707). International callers should dial +1 9144958526 (conference ID 9939707). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/mmc/p/itnuz76f

AboutFerroglobe

Ferroglobeis one of the worlds leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based inLondon. 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 the Companys 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, target, will andwords of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobes 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 the Companys control.

Forward-looking financial information and other metrics presented herein represent the Companys 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.Ferroglobedoes 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.

Non-IFRS Measures

Adjusted EBITDA, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital and net debt, are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobes success. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Companys current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTORCONTACT:

Gaurav MehtaEVP Investor RelationsEmail:investor.relations@ferroglobe.com

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Income Statement(in thousands of U.S. dollars, except per share amounts)

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2020 September 30, September September 30, 2020 2019 30, 2020 2019Sales $ 262,673 $ 250,004 $ 381,745 $ 823,899 $ 1,238,615 Cost of sales (166,231 ) (153,291 ) (277,692 ) (562,882 ) (899,492 )Other operating 7,598 10,160 13,215 25,526 41,766 incomeStaff costs (56,329 ) (48,912 ) (72,536 ) (160,338 ) (221,651 )Other operating (26,896 ) (35,953 ) (50,060 ) (102,915 ) (166,901 )expenseDepreciationandamortizationcharges, (26,524 ) (27,459 ) (29,591 ) (82,651 ) (90,165 )operatingallowances andwrite-downsImpairment (34,269 ) ? (174,018 ) (34,269 ) (175,353 )lossesOther gain 1,212 85 (3,774 ) 625 (3,896 )(loss)Operating (38,766 ) (5,365 ) (212,711 ) (93,005 ) (277,077 )(loss) profitNet finance (13,985 ) (16,693 ) (16,491 ) (47,162 ) (45,361 )expenseFinancialderivatives ? ? 2,913 3,168 3,882 (loss) gainExchange 13,157 2,633 (5,083 ) 18,226 (1,482 )differences(Loss) profit (39,594 ) (19,425 ) (231,372 ) (118,773 ) (320,038 )before taxIncome taxbenefit (1,841 ) 5,390 14,322 14,245 27,422 (expense)(Loss) profitfor the period (41,435 ) (14,035 ) (217,050 ) (104,528 ) (292,616 )from continuingoperationsProfit for theperiod from (5,399 ) ? 76,911 (5,399 ) 80,265 discontinuedoperations(Loss) profit (46,834 ) (14,035 ) (140,139 ) (109,927 ) (212,351 )for the periodLoss (profit)attributable to (450 ) 1,928 (385 ) 2,638 4,174 non-controllinginterest(Loss) profitattributable to $ (47,284 ) $ (12,107 ) $ (140,524 ) $ (107,289 ) $ (208,177 )the parent EBITDA $ (12,242 ) $ 22,093 $ (183,120 ) $ (10,354 ) $ (186,912 )Adjusted EBITDA $ 22,231 $ 22,413 $ (7,210 ) $ 27,027 $ 1,152 Weightedaverage shares outstandingBasic 169,261 169,254 169,123 169,261 169,123 Diluted 169,261 169,254 169,123 169,261 169,123 (Loss) profitper ordinary shareBasic $ (0.28 ) $ (0.07 ) $ (0.83 ) $ (0.63 ) $ (1.23 )Diluted $ (0.28 ) $ (0.07 ) $ (0.83 ) $ (0.63 ) $ (1.23 )

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Financial Position(in thousands of U.S. dollars)

September 30, June 30, December 31, 2020 2020 2019ASSETSNon-current assets Goodwill $ 29,702 $ 29,702 $ 29,702Other intangible assets 18,876 45,655 51,267Property, plant and 640,211 677,081 740,906equipmentOther non-current 6,227 6,404 2,618financial assetsDeferred tax assets 50,939 43,102 59,551Non-current receivables 2,343 2,240 2,247from related partiesOther non-current assets 4,960 4,228 1,597Non-current restricted 28,551 28,366 28,323cash and cash equivalentsTotal non-current assets 781,809 836,778 916,211Current assets Inventories 311,269 305,438 354,121Trade and other 179,432 172,036 309,064receivablesCurrent receivables from 3,055 2,955 2,955related partiesCurrent income tax assets 11,264 12,151 27,930Other current financial 2,360 4,791 5,544assetsOther current assets 18,199 22,602 23,676Cash and cash equivalents 118,874 124,876 94,852*Total current assets 644,453 644,849 818,142Total assets $ 1,426,262 $ 1,481,627 $ 1,734,353 EQUITY AND LIABILITIESEquity $ 483,487 $ 519,974 $ 602,297Non-current liabilities Deferred income 7,454 4,983 1,253Provisions 84,779 81,659 84,852Bank borrowings 31,958 92,552 144,388Lease liabilities 12,655 13,512 16,972Debt instruments 345,941 345,284 344,014Other financial 32,554 33,316 43,157liabilitiesOther non-current 16,678 25,785 25,906liabilitiesDeferred tax liabilities 47,633 40,162 74,057Total non-current 579,652 637,252 734,599liabilitiesCurrent liabilities Provisions 38,121 37,367 46,091Bank borrowings 59,318 245 14,611Lease liabilities 7,960 8,592 8,900Debt instruments 2,697 10,994 10,937Other financial 28,016 26,318 23,382liabilitiesPayables to related 4,162 2,056 4,830partiesTrade and other payables 136,371 156,053 189,229Current income tax 140 2,146 3,048liabilitiesOther current liabilities 86,338 80,630 96,429Liabilities associatedwith assets classified as ? ? ?held for saleTotal current liabilities 363,123 324,401 397,457Total equity and $ 1,426,262 $ 1,481,627 $ 1,734,353liabilities

*Cash and cash equivalents at September 30, 2020 includes the cash balance of the groups European A/R securitization program of $41,016 ($38,961 and $38,778 at June 30, 2020 and December 31, 2019, respectively)

Ferroglobe PLC and SubsidiariesUnaudited Condensed Consolidated Statement of Cash Flows(in thousands of U.S. dollars)

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months * Ended Ended * September 30, June 30, 2020 September 30, September September 2020 2019 30, 2020 30, 2019Cash flowsfrom operatingactivities:(Loss)profit for $ (46,834 ) $ (14,035 ) $ (140,139 ) $ (109,926 ) $ (212,351 )the periodAdjustmentsto reconcilenet (loss)profit ? to net cashused byoperatingactivities:Income tax(benefit) 1,841 (5,390 ) (14,489 ) (14,245 ) (26,408 )expenseDepreciationandamortizationcharges, 26,524 27,459 29,591 82,651 92,995 operatingallowancesandwrite-downsNet finance 13,985 16,693 20,893 47,162 51,794 expenseFinancialderivatives ? ? (2,913 ) (3,168 ) (3,882 )loss (gain)Exchange (13,157 ) (2,633 ) 5,083 (18,226 ) 1,482 differencesImpairment 34,269 ? 174,018 34,269 175,353 lossesNet loss(gain) dueto changes ? ? in the valueof assetBargainpurchase ? ? ? ? ? gainGain ondisposal of 5,399 ? (80,729 ) 5,399 (80,729 )discontinuedoperationShare-based 323 704 1,015 1,749 3,280 compensationOther (8,774 ) (85 ) 3,774 (8,188 ) 3,896 adjustmentsChanges inoperating ? assets andliabilities(Increase)decrease in 3,725 (12,471 ) 5,953 42,831 (40,962 )inventories(Increase)decrease in (4,731 ) 45,537 5,568 124,638 1,623 tradereceivablesIncrease(decrease) (20,359 ) (4,875 ) (10,693 ) (50,738 ) (12,035 )in tradepayablesOther 31,410 (16,287 ) (59,689 ) 3,525 (21,430 )Income taxes (633 ) 3,522 (846 ) 13,008 (3,066 )paidNet cashprovided(used) by 22,988 38,139 (63,603 ) 150,741 (70,440 )operatingactivitiesCash flowsfrom investingactivities:Interest andfinance 278 85 626 617 1,502 incomereceivedPayments dueto - investments:Acquisitionof ? ? 9,088 ? 9,088 subsidiaryOtherintangible ? ? ? ? (184 )assetsProperty,plant and (8,734 ) (5,056 ) (6,269 ) (18,396 ) (26,845 )equipmentOther ? ? ? ? (627 )Disposals: ? Disposal of ? ? 171,058 ? 171,058 subsidiariesOthernon-current 46 ? ? 46 ? assetsOther ? ? 19 ? 3,416 Net cash(used)provided by (8,410 ) (4,971 ) 174,522 (17,733 ) 157,408 investingactivitiesCash flowsfrom financingactivities:Dividends ? ? ? ? ? paidPayment fordebt (608 ) (279 ) (2,093 ) (2,463 ) (2,798 )issuancecostsRepayment of ? ? (55,352 ) ? (55,352 )hydro leasesRepayment ofother ? ? ? ? ? financialliabilitiesIncrease/(decrease) ? in bankborrowings:Borrowings 8,022 ? ? 8,022 71,499 Payments (7,800 ) (20,680 ) (21,038 ) (73,360 ) (60,101 )Proceedsfrom stock ? ? ? ? ? optionexercisesAmounts paiddue to (2,463 ) (2,418 ) ? (7,342 ) (22,268 )leasesOtheramountsreceived/ ? ? (9,324 ) 3,608 ? (paid) dueto financingactivitiesPayments toacquire or ? ? ? ? ? redeem ownsharesInterest (17,130 ) (1,131 ) (18,713 ) (37,085 ) (40,562 )paidNet cash(used)provided by (19,979 ) (24,508 ) (106,520 ) (108,620 ) (109,582 )financingactivitiesTotal netcash flows (5,401 ) 8,660 4,399 24,388 (22,614 )for theperiodBeginningbalance ofcash and 153,242 144,489 188,045 123,175 216,647 cashequivalentsExchangedifferenceson cash andcash (416 ) 93 (4,401 ) (138 ) (5,990 )equivalentsin foreigncurrenciesEndingbalance ofcash and $ 147,425 $ 153,242 $ 188,043 $ 147,425 $ 188,043 cashequivalentsCash fromcontinuing 118,874 124,876 177,154 118,874 177,154 operationsNon-currentrestrictedcash and 28,551 28,366 10,889 28,551 10,889 cashequivalentsCash andrestrictedcash in the $ 147,425 $ 153,242 $ 188,043 $ 147,425 $ 188,043 statement offinancialposition

* While in previous periods Ferroglobe presented interest paid as cash flows from operating activities, management deems interest paid as among activities that alter the borrowing structure of the Company and therefore most appropriately presented as among financing activities. This change allows for a more fair presentation of cash flow to users of the financial statements. Previous periods have been restated in order to show interest paid as net cash used in financing activities.

Adjusted EBITDA ($,000)

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2020 September 30, September September 2020 2019 30, 2020 30, 2019(Loss) profitattributable to $ (47,284 ) $ (12,107 ) $ (140,524 ) $ (107,289 ) $ (208,177 )the parent(Loss) profitfor the periodfrom 5,399 ? (76,911 ) 5,399 (80,265 )discontinuedoperationsLoss (profit)attributable to 450 (1,928 ) 385 (2,638 ) (4,174 )non-controllinginterestIncome tax(benefit) 1,841 (5,390 ) (14,322 ) (14,245 ) (27,422 )expenseNet finance 13,985 16,693 16,491 47,162 45,361 expenseFinancialderivatives ? ? (2,913 ) (3,168 ) (3,882 )loss (gain)Exchange (13,157 ) (2,633 ) 5,083 (18,226 ) 1,482 differencesDepreciationandamortizationcharges, 26,524 27,459 29,591 82,651 90,165 operatingallowances andwrite-downsEBITDA (12,242 ) 22,093 (183,120 ) (10,354 ) (186,912 )Impairment 34,269 ? 174,008 34,269 174,008 Revaluation ofbiological ? ? 1,080 ? 1,080 assetsContracttermination ? ? ? ? 9,260 costsRestructuringand termination ? ? ? ? 2,894 costsEnergy: France ? (55 ) ? 70 ? Energy: South ? ? ? ? ? AfricaStaff Costs: ? ? ? 155 ? South AfricaOther Idling 204 375 ? 2,887 ? Costs(Loss)profit ondisposal of ? ? 822 ? 822 non-corebusinessesAdjusted EBITDA $ 22,231 $ 22,413 $ (7,210 ) $ 27,027 $ 1,152

Adjusted profit attributable to Ferroglobe ($,000)

QuarterEnded QuarterEnded QuarterEnded Nine Months Nine Months Ended Ended September 30, June 30, 2020 September 30, September September 2020 2019 30, 2020 30, 2019(Loss) profitattributable $ (47,284 ) $ (12,107 ) $ (140,524 ) $ (107,289 ) $ (208,177 )to the parentTax rate 14,511 826 59,717 23,761 74,990 adjustmentImpairment 23,303 ? 118,325 23,303 118,325 Revaluationof biological ? ? 734 ? 734 assetsContracttermination ? ? ? ? 6,297 costsRestructuringand ? ? ? ? 1,968 terminationcostsEnergy: ? (37 ) ? 48 ? FranceEnergy: South ? ? ? ? ? AfricaStaff Costs: ? ? ? 105 ? South AfricaOther Idling 139 255 ? 1,963 ? Costs(Loss) profiton disposal ? ? (54,337 ) ? (54,337 )of non-corebusinessesAdjusted(loss) profit $ (9,332 ) $ (11,064 ) $ (16,084 ) $ (58,108 ) $ (60,200 )attributableto the parent

Adjusted diluted profit per share:

Nine Nine QuarterEnded QuarterEnded QuarterEnded Months Months Ended Ended September 30, June 30, 2020 September 30, September September 2020 2019 30, 2020 30, 2019Diluted(loss) profit $ (0.28 ) $ (0.07 ) $ (0.83 ) $ (0.63 ) $ (1.23 )per ordinaryshareTax rate ? 0.00 0.35 0.14 0.44 adjustmentImpairment 0.14 ? 0.70 0.14 0.70 Revaluationof biological ? ? 0.00 ? 0.00 assetsContracttermination ? ? ? ? 0.04 costsRestructuringand ? ? ? ? 0.01 terminationcostsEnergy: ? (0.00 ) ? 0.00 ? FranceEnergy: South ? ? ? ? ? AfricaStaff Costs: ? ? ? 0.00 ? South AfricaOther Idling 0.00 0.00 ? 0.01 ? Costs(Loss) profiton disposal ? ? (0.32 ) ? (0.32 )of non-corebusinessesAdjusteddiluted(loss) profit $ (0.14 ) $ (0.07 ) $ (0.10 ) $ (0.35 ) $ (0.36 )per ordinaryshare

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:November 23, 2020 FERROGLOBE PLC by /s/ Marco Levi Name:Marco Levi Title: Chief Executive Officer (Principal Executive Officer)