GSM Ferroglobe PLC

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 2020 Earnings 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.

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

Marco Levi, Ferroglobe’s 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 quarter’s 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 García-Cos, Ferroglobe’s 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. García-Cos added, “The new strategic plan supports our focus on further cost reduction and improvement in cash conversion, while accelerating the Company’s return to profitability.”COVID-19Since 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 Company’s 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 Company’s 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 Company’s 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 FerroAtlántica’s 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.

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

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

The dial-in number for participants in the United States is 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

About Ferroglobe

Ferroglobe is one of the world’s 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 in London. 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 Company’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”, “target”, “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 the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s 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 Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’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. Ferroglobe does 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 Ferroglobe’s 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.

INVESTOR CONTACT:

Gaurav MehtaEVP – Investor Relations Email:   investor.relations@ferroglobe.com

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

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2020				June 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
Sales		$	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 income			7,598				10,160				13,215				25,526				41,766
Staff costs			(56,329	)			(48,912	)			(72,536	)			(160,338	)			(221,651	)
Other operating expense			(26,896	)			(35,953	)			(50,060	)			(102,915	)			(166,901	)
Depreciation and amortization charges, operating allowances and write-downs			(26,524	)			(27,459	)			(29,591	)			(82,651	)			(90,165	)
Impairment losses			(34,269	)			—				(174,018	)			(34,269	)			(175,353	)
Other gain (loss)			1,212				85				(3,774	)			625				(3,896	)
Operating (loss) profit			(38,766	)			(5,365	)			(212,711	)			(93,005	)			(277,077	)
Net finance expense			(13,985	)			(16,693	)			(16,491	)			(47,162	)			(45,361	)
Financial derivatives (loss) gain			—				—				2,913				3,168				3,882
Exchange differences			13,157				2,633				(5,083	)			18,226				(1,482	)
(Loss) profit before tax			(39,594	)			(19,425	)			(231,372	)			(118,773	)			(320,038	)
Income tax benefit (expense)			(1,841	)			5,390				14,322				14,245				27,422
(Loss) profit for the period from continuing operations			(41,435	)			(14,035	)			(217,050	)			(104,528	)			(292,616	)
Profit for the period from discontinued operations			(5,399	)			—				76,911				(5,399	)			80,265
(Loss) profit for the period			(46,834	)			(14,035	)			(140,139	)			(109,927	)			(212,351	)
Loss (profit) attributable to non-controlling interest			(450	)			1,928				(385	)			2,638				4,174
(Loss) profit attributable to the parent		$	(47,284	)		$	(12,107	)		$	(140,524	)		$	(107,289	)		$	(208,177	)
EBITDA		$	(12,242	)		$	22,093			$	(183,120	)		$	(10,354	)		$	(186,912	)
Adjusted EBITDA		$	22,231			$	22,413			$	(7,210	)		$	27,027			$	1,152
Weighted average shares outstanding
Basic			169,261				169,254				169,123				169,261				169,123
Diluted			169,261				169,254				169,123				169,261				169,123
(Loss) profit per ordinary share
Basic		$	(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			2019
ASSETS
Non-current assets
Goodwill		$		29,702		$	29,702		$	29,702
Other intangible assets				18,876			45,655			51,267
Property, plant and equipment				640,211			677,081			740,906
Other non-current financial assets				6,227			6,404			2,618
Deferred tax assets				50,939			43,102			59,551
Non-current receivables from related parties				2,343			2,240			2,247
Other non-current assets				4,960			4,228			1,597
Non-current restricted cash and cash equivalents				28,551			28,366			28,323
Total non-current assets				781,809			836,778			916,211
Current assets
Inventories				311,269			305,438			354,121
Trade and other receivables				179,432			172,036			309,064
Current receivables from related parties				3,055			2,955			2,955
Current income tax assets				11,264			12,151			27,930
Other current financial assets				2,360			4,791			5,544
Other current assets				18,199			22,602			23,676
Cash and cash equivalents *				118,874			124,876			94,852
Total current assets				644,453			644,849			818,142
Total assets		$		1,426,262		$	1,481,627		$	1,734,353
EQUITY AND LIABILITIES
Equity		$		483,487		$	519,974		$	602,297
Non-current liabilities
Deferred income				7,454			4,983			1,253
Provisions				84,779			81,659			84,852
Bank borrowings				31,958			92,552			144,388
Lease liabilities				12,655			13,512			16,972
Debt instruments				345,941			345,284			344,014
Other financial liabilities				32,554			33,316			43,157
Other non-current liabilities				16,678			25,785			25,906
Deferred tax liabilities				47,633			40,162			74,057
Total non-current liabilities				579,652			637,252			734,599
Current liabilities
Provisions				38,121			37,367			46,091
Bank borrowings				59,318			245			14,611
Lease liabilities				7,960			8,592			8,900
Debt instruments				2,697			10,994			10,937
Other financial liabilities				28,016			26,318			23,382
Payables to related parties				4,162			2,056			4,830
Trade and other payables				136,371			156,053			189,229
Current income tax liabilities				140			2,146			3,048
Other current liabilities				86,338			80,630			96,429
Liabilities associated with assets classified as held for sale				—			—			—
Total current liabilities				363,123			324,401			397,457
Total equity and liabilities		$		1,426,262		$	1,481,627		$	1,734,353

*Cash and cash equivalents at September 30, 2020 includes the cash balance of the group’s 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)

		Quarter Ended				Quarter Ended				Quarter Ended *					Nine Months Ended					Nine Months Ended *
		September 30, 2020				June 30, 2020				September 30, 2019					September 30, 2020					September 30, 2019
Cash flows from operating activities:
(Loss) profit for the period		$	(46,834	)		$	(14,035	)		$	(140,139	)			$	(109,926	)			$	(212,351	)
Adjustments to reconcile net (loss) profit to net cash used by operating activities:																—
Income tax (benefit) expense			1,841				(5,390	)			(14,489	)				(14,245	)				(26,408	)
Depreciation and amortization charges, operating allowances and write-downs			26,524				27,459				29,591					82,651					92,995
Net finance expense			13,985				16,693				20,893					47,162					51,794
Financial derivatives loss (gain)			—				—				(2,913	)				(3,168	)				(3,882	)
Exchange differences			(13,157	)			(2,633	)			5,083					(18,226	)				1,482
Impairment losses			34,269				—				174,018					34,269					175,353
Net loss (gain) due to changes in the value of asset			—													—
Bargain purchase gain			—				—				—					—					—
Gain on disposal of discontinued operation			5,399				—				(80,729	)				5,399					(80,729	)
Share-based compensation			323				704				1,015					1,749					3,280
Other adjustments			(8,774	)			(85	)			3,774					(8,188	)				3,896
Changes in operating assets and liabilities																—
(Increase) decrease in inventories			3,725				(12,471	)			5,953					42,831					(40,962	)
(Increase) decrease in trade receivables			(4,731	)			45,537				5,568					124,638					1,623
Increase (decrease) in trade payables			(20,359	)			(4,875	)			(10,693	)				(50,738	)				(12,035	)
Other			31,410				(16,287	)			(59,689	)				3,525					(21,430	)
Income taxes paid			(633	)			3,522				(846	)				13,008					(3,066	)
Net cash provided (used) by operating activities			22,988				38,139				(63,603	)				150,741					(70,440	)
Cash flows from investing activities:
Interest and finance income received			278				85				626					617					1,502
Payments due to investments:																-
Acquisition of subsidiary			—				—				9,088					—					9,088
Other intangible assets			—				—				—					—					(184	)
Property, plant and equipment			(8,734	)			(5,056	)			(6,269	)				(18,396	)				(26,845	)
Other			—				—				—					—					(627	)
Disposals:																—
Disposal of subsidiaries			—				—				171,058					—					171,058
Other non-current assets			46				—				—					46					—
Other			—				—				19					—					3,416
Net cash (used) provided by investing activities			(8,410	)			(4,971	)			174,522					(17,733	)				157,408
Cash flows from financing activities:
Dividends paid			—				—				—					—					—
Payment for debt issuance costs			(608	)			(279	)			(2,093	)				(2,463	)				(2,798	)
Repayment of hydro leases			—				—				(55,352	)				—					(55,352	)
Repayment of other financial liabilities			—				—				—					—					—
Increase/(decrease) in bank borrowings:																—
Borrowings			8,022				—				—					8,022					71,499
Payments			(7,800	)			(20,680	)			(21,038	)				(73,360	)				(60,101	)
Proceeds from stock option exercises			—				—				—					—					—
Amounts paid due to leases			(2,463	)			(2,418	)			—					(7,342	)				(22,268	)
Other amounts received/(paid) due to financing activities			—				—				(9,324	)				3,608					—
Payments to acquire or redeem own shares			—				—				—					—					—
Interest paid			(17,130	)			(1,131	)			(18,713	)				(37,085	)				(40,562	)
Net cash (used) provided by financing activities			(19,979	)			(24,508	)			(106,520	)				(108,620	)				(109,582	)
Total net cash flows for the period			(5,401	)			8,660				4,399					24,388					(22,614	)
Beginning balance of cash and cash equivalents			153,242				144,489				188,045					123,175					216,647
Exchange differences on cash and cash equivalents in foreign currencies			(416	)			93				(4,401	)				(138	)				(5,990	)
Ending balance of cash and cash equivalents		$	147,425			$	153,242			$	188,043				$	147,425				$	188,043
Cash from continuing operations			118,874				124,876				177,154					118,874					177,154
Non-current restricted cash and cash equivalents			28,551				28,366				10,889					28,551					10,889
Cash and restricted cash in the statement of financial position		$	147,425			$	153,242			$	188,043				$	147,425				$	188,043

* 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):

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2020				June 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
(Loss) profit attributable to the parent		$	(47,284	)		$	(12,107	)		$	(140,524	)		$	(107,289	)		$	(208,177	)
(Loss) profit for the period from discontinued operations			5,399				—				(76,911	)			5,399				(80,265	)
Loss (profit) attributable to non-controlling interest			450				(1,928	)			385				(2,638	)			(4,174	)
Income tax (benefit) expense			1,841				(5,390	)			(14,322	)			(14,245	)			(27,422	)
Net finance expense			13,985				16,693				16,491				47,162				45,361
Financial derivatives loss (gain)			—				—				(2,913	)			(3,168	)			(3,882	)
Exchange differences			(13,157	)			(2,633	)			5,083				(18,226	)			1,482
Depreciation and amortization charges, operating allowances and write-downs			26,524				27,459				29,591				82,651				90,165
EBITDA			(12,242	)			22,093				(183,120	)			(10,354	)			(186,912	)
Impairment			34,269				—				174,008				34,269				174,008
Revaluation of biological assets			—				—				1,080				—				1,080
Contract termination costs			—				—				—				—				9,260
Restructuring and termination costs			—				—				—				—				2,894
Energy:  France			—				(55	)			—				70				—
Energy: South Africa			—				—				—				—				—
Staff Costs:  South Africa			—				—				—				155				—
Other Idling Costs			204				375				—				2,887				—
(Loss)profit on disposal of non-core businesses			—				—				822				—				822
Adjusted EBITDA		$	22,231			$	22,413			$	(7,210	)		$	27,027			$	1,152

Adjusted profit attributable to Ferroglobe ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2020				June 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
(Loss) profit attributable to the parent		$	(47,284	)		$	(12,107	)		$	(140,524	)		$	(107,289	)		$	(208,177	)
Tax rate adjustment			14,511				826				59,717				23,761				74,990
Impairment			23,303				—				118,325				23,303				118,325
Revaluation of biological assets			—				—				734				—				734
Contract termination costs			—				—				—				—				6,297
Restructuring and termination costs			—				—				—				—				1,968
Energy:  France			—				(37	)			—				48				—
Energy: South Africa			—				—				—				—				—
Staff Costs:  South Africa			—				—				—				105				—
Other Idling Costs			139				255				—				1,963				—
(Loss) profit on disposal of non-core businesses			—				—				(54,337	)			—				(54,337	)
Adjusted (loss) profit attributable to the parent		$	(9,332	)		$	(11,064	)		$	(16,084	)		$	(58,108	)		$	(60,200	)

Adjusted diluted profit per share:

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2020				June 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
Diluted (loss) profit per ordinary share		$	(0.28	)		$	(0.07	)		$	(0.83	)		$	(0.63	)		$	(1.23	)
Tax rate adjustment			—				0.00				0.35				0.14				0.44
Impairment			0.14				—				0.70				0.14				0.70
Revaluation of biological assets			—				—				0.00				—				0.00
Contract termination costs			—				—				—				—				0.04
Restructuring and termination costs			—				—				—				—				0.01
Energy:  France			—				(0.00	)			—				0.00				—
Energy: South Africa			—				—				—				—				—
Staff Costs:  South Africa			—				—				—				0.00				—
Other Idling Costs			0.00				0.00				—				0.01				—
(Loss) profit on disposal of non-core businesses			—				—				(0.32	)			—				(0.32	)
Adjusted diluted (loss) profit per ordinary share		$	(0.14	)		$	(0.07	)		$	(0.10	)		$	(0.35	)		$	(0.36	)

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)