| Over a week ago | ||||
Ferroglobe,announced that… Ferroglobe,announced that it has engaged with the European Works Council, EWC, to discuss details of proposals for an asset optimization program designed to safeguard its long-term future in Europe. Through this process, the Company is seeking to reduce or cease production at some of its sites in Europe. Through a broader strategic turnaround plan, Ferroglobe seeks to enhance its financial position and overall competitiveness and ensuring the optimal asset footprint is a critical pillar driving this strategy. During the meeting, which marked the official start of the workers council consultation process with the EWC, Ferroglobe shared initial proposals about its strategic plan. This plan is focused on several areas for improvement, including: | ||||
Ferroglobe,announced that… Ferroglobe,announced that it has engaged with the European Works Council, EWC, to discuss details of proposals for an asset optimization program designed to safeguard its long-term future in Europe. Through this process, the Company is seeking to reduce or cease production at some of its sites in Europe. Through a broader strategic turnaround plan, Ferroglobe seeks to enhance its financial position and overall competitiveness and ensuring the optimal asset footprint is a critical pillar driving this strategy. During the meeting, which marked the official start of the workers council consultation process with the EWC, Ferroglobe shared initial proposals about its strategic plan. This plan is focused on several areas for improvement, including: | ||||
Ferroglobe,announced that… Ferroglobe,announced that it has engaged with the European Works Council, EWC, to discuss details of proposals for an asset optimization program designed to safeguard its long-term future in Europe. Through this process, the Company is seeking to reduce or cease production at some of its sites in Europe. Through a broader strategic turnaround plan, Ferroglobe seeks to enhance its financial position and overall competitiveness and ensuring the optimal asset footprint is a critical pillar driving this strategy. During the meeting, which marked the official start of the workers council consultation process with the EWC, Ferroglobe shared initial proposals about its strategic plan. This plan is focused on several areas for improvement, including: | ||||
| Over a month ago | ||||
Globe Specialty Metals,… Globe Specialty Metals, Inc., a subsidiary of Ferroglobe PLC, and Mississippi Silicon LLC, representing the majority of American silicon metal production, applauded news that the U.S. Department of Commerce will impose final antidumping and countervailing duties of up to 160% on silicon metal imports from Bosnia and Herzegovina, Iceland, and Kazakhstan. Next, the U.S. International Trade Commission will vote whether to affirm its preliminary decision that these imports have injured the U.S. industry. Assuming the outcome is affirmative, formal orders will be published shortly thereafter. The ITC is scheduled to vote on March 24. "Unfair trade practices have devastating effects, not just on the businesses and workers most directly impacted - families, local communities, and the entire economy also get caught in the undertow," said Eddie Boardwine, Chief Operations Officer of MS. "We appreciate Commerce's efforts to support American manufacturing, and look forward to seeing fair competition again in the U.S. market." | ||||
On November 25, 2020 … On November 25, 2020 Ferroglobe entered into confidentiality agreements with certain holders of the 9.375% Senior Notes due 2022 issued by the Company and Globe Specialty Metals, Inc., to facilitate discussions addressing the maturity of the Notes and the introduction of further capital to the Company. In connection with the discussions, the investor presentation posted on the Company website, www.ferroglobe.com, was provided to the Ad Hoc Group of Noteholders. The discussions with the Ad Hoc Group of Noteholders have been constructive and the Company is aiming to conclude them shortly. The key highlights of the potential financing arrangements being discussed between the AHG and the Company are as follows: A major recapitalization of the business with $100 million of additional liquidity which guarantees sufficient funding to implement the Company's strategic plan; $60 million of new super senior notes provided by existing Noteholders; $40 million of new equity funding; Significant extension of the Company's debt maturity profile as a result of a par exchange of the Notes with new senior secured notes with a 5 year tenor; Equity allocation of 3.75% to all supporting holders of the Notes facilitating greater alignment of all stakeholders with management on strategy and long-term value creation. The Company is negotiating with key stakeholders, including its largest shareholder Grupo Villar Mir, S.A.U., the injection of equity that is required to implement the proposed plan and is aiming to enter into a binding agreement with the Ad Hoc Group of Noteholders and equity providers reflecting the outcome of the discussions as soon as possible. | ||||
Globe Specialty Metals, a… Globe Specialty Metals, a subsidiary of Ferroglobe, and Mississippi Silicon, together representing the majority of American silicon metal production, welcomed news on January 27th that the U.S. Department of Commerce will impose preliminary duties of up 7.41% on all silicon metal imports from Malaysia. Last August, the U.S. International Trade Commission preliminarily determined that imports from Malaysia, along with Bosnia and Herzegovina, Iceland, and Kazakhstan, are a cause of material injury to the U.S. industry. | |
Ferroglobe subsidiary… Ferroglobe subsidiary Globe Specialty Metals and Mississippi Silicon welcomed news that the U.S. Department of Commerce will impose preliminary duties of 7.41% on all silicon metal imports from Malaysia. On November 30, 2020, Commerce announced duties of 120% on all silicon metal imports from Kazakhstan, and on December 8, 2020, announced duties up to 47.54% on imports from Bosnia and Herzegovina and Iceland. The Commerce and ITC investigations are now in their final phases. On June 30, 2020, GSM and MS filed petitions to stop silicon metal producers in the four countries from selling dumped and unfairly subsidized silicon metal imports into the United States. Final determinations will be announced in the Kazakhstan, Iceland, and Bosnia and Herzegovina investigations on February 21. Commerce's final determination in the Malaysia investigation will be announced in early June. |
| Over a quarter ago | ||||
Ferroglobe announced that… Ferroglobe announced that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Exchange, notifying the Company that it has regained compliance with the minimum bid price requirement of Nasdaq listing rule 5550(a)(2). This notification confirms that Ferroglobe has remedied its prior deficiency relating to the Minimum Bid Requirement and that no further action is required by the Company to maintain its listing on the Nasdaq Capital Market. | ||||
Globe Specialty Metals, a… Globe Specialty Metals, a subsidiary of Ferroglobe and Mississippi Silicon, welcomed news on November 30th that the U.S. Department of Commerce will impose preliminary duties of 120% on all silicon metal imports from Kazakhstan. The announcement is part of ongoing investigations of unfairly-traded silicon metal imports from Bosnia and Herzegovina, Iceland, Malaysia and Kazakhstan. The U.S. International Trade Commission has preliminarily determined that imports from these four countries are a cause of material injury to the U.S. industry. "Unfair trade practices by foreign suppliers have been an ongoing challenge for our industry," said Marco Levi, Chief Executive Officer of GSM's parent, Ferroglobe. "These duties will facilitate normalization of the U.S. market as the government responds to unfairly-traded imports. We appreciate the diligent efforts by the Commerce Department in this investigation. On June 30, 2020, GSM and MS filed petitions to stop silicon metal producers in Bosnia and Herzegovina, Iceland, Malaysia and Kazakhstan from selling dumped and unfairly subsidized silicon metal imports into the United States. In their petitions, the companies asked the Commerce and ITC to impose duties on to offset unfair pricing and unfair subsidies. Following this announcement, preliminary determinations will be announced in the Bosnia and Herzegovina and Iceland investigations on December 8, 2020, and in the Malaysia investigation on January 27, 2021. | ||||
Ferroglobe announced that… Ferroglobe announced that it has appointed Thomas Wiesner as chief legal officer, effective immediately. In addition to his responsibilities as CLO, Mr. Wiesner is expected to be appointed as Secretary to the Board of Directors of the Company at the upcoming Board meeting. Wiesner is a seasoned securities and transactional lawyer, having spent nearly a decade at Davis Polk & Wardwell LLP and Cravath, Swaine & Moore LLP. Wiesner's appointment follows the Company's strategic decision to combine the roles of CLO and Secretary to the Board of Directors of the Company and locate the position in its Madrid, Spain office. He replaces the Company's CLO Theodore Allegaert, who has left the Company to pursue other interests while being closer to his family, and Group Company Secretary Dorcas Murray, who has left Ferroglobe to pursue another opportunity in London. | ||||