INDUSTRY FOCUS: METALLURGY

//The mineral products world is changing alongside the global energy transition. What we mine, how we do it, how we process, and where it goes has been a tried and tested route for decades. But the journey is changing as the international community looks to the future. Global mineral demand is likely to undergo significant changes as countries and businesses work to achieve climate targets. In general, the shift towards a low-carbon economy is likely to result in a more diverse and complex mineral demand landscape. Minerals that are expected to see increased demand include those that are used in renewable energy technologies such as the production of electric vehicles, wind turbines, and solar panels. Here, Ferroglobe is an industry leader, with an international presence and a supreme product range.

Nasdaq-listed, with a workforce of around 3,500 employees spread over more than 25 sites, and production centres and mines located in Spain, France, Norway, Canada, the United States, Argentina, South Africa, and China, Ferroglobe’s product range includes silicon metal and ferroalloys based on silicon and manganese. Vital in consumer and industrial applications and supporting the sustainable advancement of society, these metallurgical products are carefully created utilising the company’s more than 100 years’ experience. But it hasn’t been easy, and there have been challenges, hurdles, changes, and adjustments to bring the company to its position today as an industry leader.

Transformation Story

In 2019, the company posted -$29 million Adjusted EBITDA. This was a problem for all stakeholders and a transformation plan was put in place that embraced future aspirations, setting the company on a solid footing.

“In 2020, we embarked on an ambitious strategic transformation plan known as the Value Creation Program, aimed at achieving three main objectives: regaining global competitiveness and efficiency; ensuring long-term sustainable profitability; and strengthening trust with all its stakeholders,” explains Marco Levi, CEO Ferroglobe.

The turnaround plan covered all the functional areas of the company, targeting operations, commercial, procurement, supply chain, and working capital. The creation of a single strategic objective - to become the reference in silicon metal and ferroalloys by innovating and creating value to all our stakeholders - has helped this large corporate pull in a single direction.

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After three years, significant progress has been made and the company is well positioned to drive the multiple critical industries it serves.

In 2022, financial results were presented by a jubilant CEO, Dr Marco Levi, who said: “The prospects for Ferroglobe have never been stronger. We have optimised the cost structure of the company to enable us to outperform throughout the cycle. In addition, we are well positioned to capitalize on several trends taking place in the market that will drive growth in the coming years.”

Posting revenue of $2.6 billion – the best in the company’s centurylong history - and +$860 million Adjusted EBITDA have helped the business to retake control of the market and poise for future growth.

Success in financial results, high-quality products, first-class standards around health and safety across operations, strong focus on environmental impact, and positive contributions in the communities in which it is active shows that the strategy is working.

“These efforts make Ferroglobe a value-creating company that strives to generate sustainable profit and add value to all our stakeholders, positioning us closer to becoming the global reference in silicon metal and ferroalloys,” says Marco Levi. “Together, with everyone’s support, we have made great progress in building the new Ferroglobe and the 2022 financial results show that we are moving in the right direction.”

The aim of the transformation plan was for Ferroglobe to address competitiveness and efficiency issues. “After three years of transformation, we have shown that our strategic plan works,” says Levi. She highlights the creation