Ferroglobe Provides Corporate Update
Disposal of Non-Core Assets
Appointment of Chief Operating Officer and Deputy CEO
Cost Reduction and Working Capital Release Initiatives
Given the current market environment,
France, two furnaces producing ferrosilicon in Chateau-Feuillet were idled on September 30, 2019, and a third, in Laudun, will be idled on November 15.
- Also in
France, three silicon furnaces will be idled on October 7- two in Montricher and one in Laudun.
- As a reminder, the silicon plant in Polokwane,
South Africahas been idled since August 1st and silicon production has been reduced at the plant in Sabon, Spain.
- The Bécancour, Québec joint venture facility producing silicon metal has idled its furnace #4 since
August 30, 2019and its furnace #3 since September 30.
Bridgeport, Alabamafacility (producing ferrosilicon) was idled on September 1. Customer orders from this plant have been shifted to the Beverly, Ohiofacility in order to optimize utilization and economics.
The foregoing shutdowns are planned to last for a period of four to six months.
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 Ferroglobe’s 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”, “will” and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are based on information currently available to
Forward-looking financial information and other metrics presented herein represent Ferroglobe’s 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.
EVP – Investor Relations
Source: Ferroglobe PLC