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     Advancing Materials Innovation  NASDAQ: GSM    Q4 and CY 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 February 26, 2018 accompanying this presentation, which is incorporated by reference herein. 

 Table of Contents  Q4 and CY 2017 OverviewSelected Financial HighlightsPositive Outlook for 2018 

   Opening Remarks   Q4 confirms the positive fundamentals of our business  2017 represents the successful turnaround of Ferroglobe  Acceleration of free cash flow in 2018 provides the ability to grow the business 

 I. Q4 and CY 2017 Overview     Pedro Larrea, Chief Executive Officer 

 Q4 2017 Positive Results     Continued volumes recovery in most core products  (Volume change vs Q3 2017)Si Metal +0.4%Si alloys +5.3%Mn alloys -1.7%    Disciplined execution of commercial strategy  (ASP change vs Q3 2017)Si Metal +4.7%Si alloys +5.8%Mn alloys -0.2%  Normalized business platform      Revenue +3.7% vs Q3 2017  Adjusted EBITDA $54.9 million-2.1 % vs Q3 2017  Adjusted EBITDA margin decreaseof 70 bps to 11.7%  Q4 net profit$32.1 million – adjusted net profit $11.0 million*     *Adjusted net profit attributable to the parent   Spot price stabilization: Si Metal $1.43 /lb (US); €2,200/mt (EU) FeSi $0.82 /lb (US); €1,650/mt (EU)A positive benefit achieved following the recent US Tax reforms Timely deployment of production facilitiesReturn to net profit in 2017 

 Diversified Portfolio Uniquely Positions Us To Benefit From Market Fluctuations   Qtr / Qtr Revenue Growth by Product  Other  Strong sales performance in Silicon Metal and Silicon-based alloys more than offset a modest volume adjustment in Manganese-based alloys  Revenue Contribution by Product and Market (Full year 2017)  Silicon-BasedAlloys26%  Manganese-Based Alloys21%  Other10%  Aluminum  Silicones  Solar  Foundry  Specialty Steel  Steel  Other 

 Q4 2017 Revenues Up 3.7% vs Previous Quarter  Silicon metal and silicon-based alloys prices were the key drivers in the quarter 

 Silicon Metal Snapshot   Volume Trends  Sequential Quarter Product EBITDA Contribution ($m)  Commentary  Improving Silicon Metal prices in the 4th quarter strengthened operational performance.Strong volume demand resulting in near full capacity utilization. Increased costs reflect annual overhauls at several plants and seasonal increases in energy costs in Europe. Re-start at Selma plant has a temporary effect on the unit cost. The plant continues to gain momentum driving US operations to full capacity.   Pricing Trends ($/mt) 

 Silicon-Based Alloys Snapshot   Volume Trends  Commentary  Prices for Silicon-based alloys continue to remain strong. European prices were 12% higher this quarter following increase in Chinese pricing.Strong demand worldwide tightened the supply-demand balance in all markets.Increased costs reflect annual overhaul and energy costs in Europe.   Sequential Quarter Product EBITDA Contribution ($m)  Pricing Trends ($/mt) 

 Manganese-Based Alloys Snapshot  Commentary  Manganese-based alloys prices and volumes have stabilized.Product margin affected by increasing Manganese ore prices and higher energy costs. Manganese ore continues to trend upward, which will reflect in future Manganese-based alloys prices.  Volume Trends  Pricing Trends ($/mt)  Sequential Quarter Product EBITDA Contribution ($m) 

   Quarterly Performance Affected By Seasonal Factors  Commercial strategy proves to be right, capturing the continued recovery of the market Continue to optimize business platform: Optimizing 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 Cost increases due to “one-off” costs, seasonal energy price increases in Europe and manganese ore prices  Adjusted EBITDA Contribution Q4 2017 vs Q3 2017 ($m)    Includes $5.4m of one-off costs (mainly due to overhauls) 

 CY 2017 Results Represent A Turnaround     Optimization of Product Mix  (Volume change vs 2016)Si Metal -4.5%Si alloys -4.9%Mn alloys +1.4%    Disciplined execution of commercial strategy  (ASP increase vs 2016)Si Metal +3.1%Si alloys +14.9%Mn alloys +60.7%  Global business platform      Revenue +10.5% vs 2016  Adjusted EBITDA $185.8million163.9 % vs 2016  Adjusted EBITDA margin increaseof 620 bps to 10.7%  2017 net profit$20.0 million – adjusted net profit $21.5 million*     *Adjusted net profit attributable to the parent   Optionality in: Geography Foreign exchange Product mixDoubled the size of Manganese assetsActively managing production capacity 

 Adjusted EBITDA Bridge 2017 vs 2016 ($m)  * ”Other” include Mines, Energy, R&D and Overheads  *    Includes $65.9m of Mn ore price increase 

   Management Remains Focused On Operational Excellence  Improvement in DSO through different parts of the cycle  Sales, $k  DSO  Operational fixed costs (Staff and Other operating expenses) reduced from 2015  -$142m 

    Selected Financial Highlights  Joe Ragan, Chief Financial Officer 

 Q4 and CY 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.”2 Excludes Accounts Receivable Securitization program for comparison purposes Source: Company information  Key Performance Indicators  Q4 2017  Q3 2017  CY 2017  CY 2016  Revenue ($m)  468.2  451.6  1,741.7  1,576.0  Operating Profit ($m)  25.0  27.3  66.4  -373.1  Profit Attributable to the Parent ($m)  32.2  -3.3  25.2  -338.4  Adjusted EBITDA ($m)  54.9  56.1  185.8  70.4  Adjusted EBITDA Margin  11.7%  12.4%  10.7%  4.5%  Working Capital ($m)  288.0  377.02  288.0  368.4  Free Cash Flow1 ($m)  24.0  52.7  82.0  45.1  Notes 

 Balance Sheet Summary  ($m)  12/31/20171  Q3 20171  12/31/2016  Total Assets  2,027.0  2,162.9  2,019.3  Net Debt2  386.9  394.33  405.0  Book Equity   970.8  915.8  892.0          Net Debt2 / Adjusted EBITDA  2.08x  3.01x  5.76x  Net Debt2 / Total Assets  19.1%  18.2%  20.1%  Net Debt2 / Capital4   28.5%  30.1%  31.2%  Notes 

 Debt Evolution ($m)  Quarterly Debt Evolution 

 Working Capital Evolution ($m)  Quarterly WC Evolution  Reduced WC significantly while sales have increased by 10.5% over 2017 

 Conservative capital structure — company positioned to pursue growth opportunitiesFocus on deleveraging the balance sheetLeverage target of below 2xSuccessful refinancing has simplified the debt structure and improved the solvency with regard to covenantsBond => STABILITY across the cycleSecuritization => FASTER CASH CONVERSION Operational strategy beginning to take shape leveraging to upside expected next year - Silicon Metal capacity increased Business decisions, including M&A and CapEx, are made with a focus on financial metrics – targeting immediately accretive transactions.    Reported EBITDA of $48.9 million, -9.9 % vs reported EBITDA of $54.3 million in Q3 2017. Adjusted EBITDA of $54.9 million for the quarter.Net profit of $32.1 million, or $0.19 per share on a fully diluted basis. Adjusted net profit attributable to the parent of $11.0 million, or $0.06 per share on a fully diluted basis.Working capital reduced by $89.0 million during the quarter, primarily due to the securitization program.Operating cash flow of $61.3 million and free cash flow of $24.0 millionBalance sheet strength maintained:Net debt of $386.9 million at end of Q4, down by 1.9% compared to $394.3 at the end of Q3;Net Debt to EBITDA metrics have improved dramatically    Delivering Value for Shareholders and Positioning for the Long Term   Q4 2017 Performance  CY 2017 Performance 

    Positive Outlook for 2018  Pedro Larrea, Chief Executive Officer 

 End Market Dynamics: Stronger for Longer  7    Recent Trends:Favorable impact from Chinese shutdown in capacity; more to comeWorld steel capacity utilization remains at healthy and stable levelsInventory levels remain at 5 year lowsGrowth in North America stands to benefit from an new infrastructure spending program    Polysilicon / Electronics  Recent Trends:More than 100 GW of new global PV installations expected in 2018North American volumes of PV materials remain under pressure following Chinese dumping actions against polysilicon; new demand regions emerging. Electronics demand continues to be strongPV market in Europe expected to grow by 35% in 2018 , which will support polysilicon industry  Recent Trends:Aluminum inventory levels have fallen to nine-year lows on the back of strong demand recentlyCapacity utilization rates stable around 75% globallyContinued benefit from megatrends (EV vehicles, light weighting)   Aluminum / Auto  Recent Trends:Global growth estimates ahead of 2017 North American market is running strong with both participants running at capacity. Incremental impact of residential construction following hurricanesChemical sector will follow GDP growth projected at 2.0+% in Eurozone for 2018   Chemicals / Silicones  XX%  XX%  XX%  Steel and Specialty Metal       

       Trends Fueling Growth for Ferroglobe Products   7  Ongoing Trends  Emerging Trends  Population Growth  Global Climate Action  Globalization  Fourth Industrial Revolution  Urbanization  Industrialization  Motorization            Growing need for new advanced materials…  Renewable Power  Energy Efficiency  Environmental Impact  Technology Innovation  Battery storage  Connectivity /IoT  Miniaturization  Consumer electronics  “Smart” Enterprise  Converting of capacity vs. incremental capacity: SiMe to FeSi and FeSi to SiMeNew Greenfield Projects faced significant challenges (shutdown/bankruptcy)Increasing raw material costs discouraging capacity restarts; sets near-term floor on pricing  …supported by favorable supply dynamics 

   New Plants Expand the Breadth and Depthof Manganese-Alloys Operations  Ferroglobe and Glencore Europe production in 2017 (kt).  *  *  *  *  *  *  *  *  *  *  *  *  *                                                                                                                        D  C  E  B                                                                            A    Acquired facilities  Existing facilities  Over 1 million tonnes of manganese ore will be consumed annually by the combined operation   199  *  *  A  B  C  D  E      Total of 230   Total of 270  

   Concluding Remarks   Operational and financial discipline have turned around Ferroglobe  Solid fundamentals and momentum across our industry and end markets  Acceleration of free cash flow in 2018 provides for exciting opportunities  

    Q&A  

 Advancing Materials Innovation  NASDAQ: GSM      Q4 and CY 2017