Advancing Materials Innovation  NASDAQ: GSM    Third Quarter 2017 

 Forward-Looking Statements and non-IFRS Financial Metrics  This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe our future plans, strategies and expectations. Forward-looking statements can generally be identified by the use of forward-looking terminology, including, but not limited to, "may," “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," "forecast," or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements contained in this presentation are based on information presently available to us and assumptions that we believe to be reasonable, but are inherently uncertain. As a result, our 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 our control. You are cautioned that all such statements involve risks and uncertainties, including without limitation, risks that the businesses of Globe Specialty Metals Inc. and Grupo FerroAtlántica (together, “we,” “us,” “Ferroglobe,” the “Company”) will not be integrated successfully or that we will not realize estimated cost savings, value of certain tax assets, synergies and growth, or that such benefits may take longer to realize than expected. Important factors that may cause actual results to differ include, but are limited to: (i) risks relating to unanticipated costs of integration, including operating costs, customer loss and business disruption being greater than expected; (ii) our organizational and governance structure; (iii) the ability to hire and retain key personnel; (iv) regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; (v) increases in the cost of raw materials or energy; (vi) competition in the metals and foundry industries; (vii) environmental and regulatory risks; (viii) ability to identify liabilities associated with acquired properties prior to their acquisition; (ix) ability to manage price and operational risks including industrial accidents and natural disasters; (x) ability to manage foreign operations; (xi) changes in technology; (xii) ability to acquire or renew permits and approvals; (xiii) changes in legislation or governmental regulations affecting Ferroglobe; (xiv) conditions in the credit markets; (xv) risks associated with assumptions made in connection with critical accounting estimates and legal proceedings; (xvi) Ferroglobe's international operations, which are subject to the risks of currency fluctuations and foreign exchange controls; and (xvii) the potential of international unrest, economic downturn or effects of currencies, tax assessments, tax adjustments, anticipated tax rates, raw material costs or availability or other regulatory compliance costs. The foregoing list is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business, including those described in the “Risk Factors” section of our Registration Statement on Form F-1, Annual Reports on Form 20-F, Current Reports on Form 6-K and other documents we file from time to time with the United States Securities and Exchange Commission. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof, in each case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decree, cost reductions, business strategies, earnings or revenue trends or future financial results. Forward- looking financial information and other metrics presented herein represent our key goals and are not intended as guidance or projections for the periods presented herein or any future periods. We do not undertake or assume any obligation to update publicly any of the forward- looking statements in this presentation to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation.EBITDA, adjusted EBITDA, adjusted diluted profit (loss) per ordinary share and adjusted profit (loss) attributable to the parent are, we believe, pertinent non-IFRS financial metrics that Ferroglobe utilizes to measure its 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 Company’s 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. For additional information, including a reconciliation of the differences between the non-IFRS financial measures and the comparable IFRS financial measures, refer to the press release dated August 30, 2017 accompanying this presentation, which is incorporated by reference herein. 

 Table of Contents  Q3 2017 OverviewSelected Financial Highlights 

 I. Q3 2017 Overview     Pedro Larrea, Chief Executive Officer 

 Q3 2017 results confirm recovery trend    Continued volumes recovery in most core products  (Volume change vs Q2 2017)Si Metal +0.7%Si alloys -5.7%Mn alloys +14.3%    Disciplined execution of commercial strategy  (ASP increase vs Q2 2017)Si Metal +5.4%Si alloys +3.7%Mn alloys +3.1%  Normalized business platform  Continuous margins improvementSuccessful commercial strategyTimely deployment (or closure when needed) of production facilitiesKTM program to optimize technical performance      Revenue +6.1% vs Q2 2017  Adjusted EBITDA $56.1million+27.9 % vs Q2 2017  Adjusted EBITDA margin improvement of 212 bps to 12.4%  Q3 net loss$-5.0 million – adjusted net profit $9.2 million*     *Adjusted net profit attributable to the parent  

 Q3 2017 results confirm recovery trend    Best two consecutive quarters since the creation of FerroglobeFlexible commercial and industrial strategy has allowed to adapt to market circumstancesEvolving towards full capacity utilizationHaving been able to generate cash flow even in the worst quarters  Adjusted EBITDA evolution($ million) 

 Source: Company information  Trade Actions  Update on corporate matters  On November 2, 2017 the Canadian International Trade Tribunal (CITT) determined that there is no injury from dumping and subsidized imports. Ferroglobe reviewing the CITT statement of reasons to evaluate next steps On October 5, 2017 the U.S. Department of Commerce DOC announced its affirmative preliminary determinations in the antidumping duty investigations of imports of silicon metal from Australia, Brazil, and Norway  On October 26, 2017 shareholders approved changes to the Articles of Association of the Company Pierre Vareille was appointed as a Non-Executive Director  Governance  Investor Relations  On October 17, 2017 Ferroglobe hosted its inaugural investor dayPart of an on-going effort focused on increasing our communication with investors Deep dive on the company, business environment, corporate strategy, and outlook for 2018  Solar Project  On November 21, 2017 Ferroglobe signed definitive agreement for the acquisition of manganese plants in France and Norway from GlencoreMore than doubles capacity in manganese based alloysAgent arrangements with Glencore  Acquisition of Manganese Alloys Facilities  Launched the first phase (1,400 tpa) of the solar project in Puertollano (Spain)The project is the first step to achieve a cost efficient entry in a high technology product line 

 Diversified portfolio provides exposure to improved pricing across key products  Qtr / Qtr Revenue Growth by Product  Other  Source: Company information  Business benefits from a diversified portfolio, now generating balanced earnings from the three main product segments   Revenue Contribution by Product and Market (9 months 2017) 

 Q3 2017 revenues up 6.1% vs previous quarter  Silicon metal prices and Mn alloys volumes improvements were the key drivers in the quarter 

 Silicon metal snapshot   Volume Trends  Sequential Quarter Product EBITDA Contribution ($m)  Commentary  Silicon prices remain robust — North American pricing showing steady increases on the back of trade related determinations; — European prices benefited from higher Chinese pricing in the quarter — Favorable impact of appreciation of EUR against USDThe costs were affected by appreciation of EUR against USD at EU plants and increased cost of power and coal at North American plants.Steady growth in sales volumes  Pricing Trends 

 Silicon-based alloys snapshot   Volume Trends  Commentary  Prices for Silicon-based alloys continue to remain at historically strong levels. Prices and costs were affected by appreciation of EUR against USD.   Sequential Quarter Product EBITDA Contribution ($m)  Pricing Trends 

 Manganese-based alloys snapshot  Commentary  Mn-based alloys provided the biggest contribution improvement with stronger pricing and volumes, offsetting the higher ore costsVolumes improved 14.3% over Q2-17. Steady increases in volumes back to 2015 levelsPrices continue to remain healthy supported by strong demand dynamics  Volume Trends  Pricing Trends  Sequential Quarter Product EBITDA Contribution ($m) 

 Pricing momentum continues to drive performance   Ferroglobe Actions Leading to Results  Commercial strategy proves to be right capturing the continued recovery of the market Continue to optimize business platform: Actions underway to optimize production facilities: minimizing the impact of idled facilities: streamlining production plans to increase utilization rates; including the conversion of furnaces to capture market opportunitiesStreamlining of best practicesDiversified product portfolio   Sequential Quarter EBITDA Contribution ($m) 

 Reported EBITDA of $54.3 million, +47.6 % vs reported EBITDA of $36.8 million in Q2 2017. Adjusted EBITDA of $56.1 million for the quarter.Net loss of -5.0 million, or $-0.02 per share on a fully diluted basis. Adjusted net profit attributable to the parent of $9.2 million, or $0.05 per share on a fully diluted basis.Working capital reduced by $11.7 million during the quarter, primarily due to the securitization program.Operating cash flow of $67.4 million and free cash flow of $52.7 millionBalance sheet strength maintained:Net debt of $394.3 million at end of Q3, down by 9.3% compared to $434.6 at the end of Q2;Net Debt to EBITDA metrics have improved dramatically    Conservative capital structure — company positioned to pursue growth opportunitiesSuccessful refinancing has simplified the debt structure and improved the solvency with regard to covenantsFocus on deleveraging the balance sheetLeverage target of below 2xContinue to focus on managing cost structure through technical performance, portfolio optimization and streamlining of SG&AOperational strategy beginning to take shape leveraging to upside expected next year - Si Metal capacity increased Business decisions, including M&A and CapEx, are made with a focus on financial metrics – targeting immediately accretive transactions.  Delivering value for shareholders and positioning for the long term   Q3 2017 Performance  Remain Focused on Delivering Long-Term Value 

    Selected Financial Highlights  Joe Ragan, Chief Financial Officer 

 Q3 2017 key performance indicators and overview  1 Free cash flow defined as “Net cash provided by operating activities” minus “Payments for property, plant and equipment.”Source: Company information2 Does not include securitization program $120 m  Key performance indicators  Q3 2017  Q2 2017  FY 2016  Revenue ($m)  451.6  425.8  1,555.7  Operating Profit ($m)  27.3  10.4  -375.6  Profit Attributable to the Parent ($m)  -3.3  2.9  -338.4  Adjusted EBITDA ($m)  56.1  43.9  70.4  Adjusted EBITDA Margin  12.4%  10.3%  4.5%  Working Capital ($m)  377.02  388.7  368.4  Free Cash Flow1 ($m)  52.7  5.8  43.4  Notes 

 Balance sheet summary  ($mm)  Q3 20171  Q2 20171  12/31/2016  Total Assets  2,162.9  2,046.4  2,019.3  Net Debt2  394.33  434.6  405.0  Book Equity   915.8  906.5  892.0          Net Debt2 / Total Assets  18.2%  21.2%  20.1%  Net Debt2 / Capital4   30.1%  32.4%  31.2%  Financial results are unauditedNet Debt includes finance lease obligationsDoes not include $120m of securitization programCapital is calculated as book equity plus net debt  Notes 

 Debt evolution ($m)  Quarterly debt evolution1  Debt does not include $120m of securitization program  Notes 

 Working capital evolution ($m)  Working capital does not include $120m of securitization program  Notes  1 

   Concluding remarks   Improved Market Environment  Contracting Season Well Underway  Strong 2018 Expected 

    Q&A  

 Advancing Materials Innovation  NASDAQ: GSM      Third Quarter 2017