Ferroglobe Guides to 2026 Rebound as Trade Actions Lift Ferroalloys

Overview

• Q4 shipments rose 13% to 165,000 tons with revenue of $329 million, while adjusted EBITDA fell to $15 million and full‑year 2025 EBITDA dropped to $28 million; operating cash flow reached $51 million.
• Management forecast 2026 revenue of $1.5–$1.7 billion led by ferroalloys volume growth, raised the dividend to $0.015 per share, and said buybacks will continue.
• The European Commission approved safeguards targeting a 25% cut to ferroalloy imports versus the 2022–2024 baseline, which management estimates could free roughly 100,000–110,000 tons of ferrosilicon and 250,000 tons of manganese alloys for EU producers; silicon metal remains excluded.
• The U.S. ITC backed antidumping and countervailing duties on ferrosilicon from Brazil, Kazakhstan, and Malaysia following a 2024 ruling on Russia, while the separate silicon metal case carries preliminary duty ranges of 21%–334% with final decisions for Angola, Laos, and Thailand expected later today and Australia and Norway in June.
• Ferroglobe converted three furnaces from silicon metal to ferrosilicon (Beverly in the U.S., Sabón and Laudun in Europe), secured a 10‑year French energy agreement enabling year‑round operation from 2026, and increased its Coreshell/Corcel investment to $10 million to advance silicon‑rich battery anodes.