Ferroglobe (GSM) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, February 18, 2026 astatine 10:33 AM CST 30 min read

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Wednesday, Feb. 18, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Marco Levi

• Chief Financial Officer — Beatriz García-Cos Muntañola

Marco Levi: Thank you, Alex, and convey you each for joining america today. We admit your continued involvement successful Ferroglobe. While 2025 presented important outer challenges, including muted demand, tariff uncertainty, delayed commercialized measures and elevated levels of predatory imports. It was a twelvemonth successful which Ferroglobe made important strategical advancement and substantially fortify its presumption for aboriginal growth. . Most importantly, we achieved important and impactful commercialized measures successful some the European Union and the United States. In Europe, the European Commission voted to support the Ferroglobe manufacture by implementing safeguards targeting a 25% simplification successful imports comparative to the baseline of mean imports by state and merchandise from 2022 done 2024.

During those years, connected imports of ferrosilicon averaged astir 450,000 tons and manganese [indiscernible] averaged astir 900,000 tons. These [indiscernible] make important accidental for home producers, including Ferroglobe to summation marketplace stock nether a much balanced competitory model portion ensuring information of EU proviso chains for captious and strategical materials. We are encouraged by the European Commission's advocacy to enactment and fortify the semipermanent sustainability of section industry. To further heighten the caller manufacturing basal and thrust economical growth, the main Europe pledge was signed by much than 1,000 concern leaders. This is akin to the Bay American plunge, encouraging accrued usage of products with home content.

In the United States, the International Trade Commission rolled successful favour of imposing antidumping and countervailing duties connected national silicon imports from Brazil, Kazakhstan and Malaysia aft having rolled likewise against Russia successful 2024. These decisions meaningfully amended the semipermanent outlook for the U.S. ferrosilicon market. To capitalize connected improving pheroceuticaleconomics, we person converted 3 furnaces from silicon metallic to ferrosilicon. 1 successful the U.S. and 2 successful Europe. This highlights the benefits of our diversified planetary footprint, which enables america to optimize accumulation successful effect to marketplace dynamics and geopolitical factors. With respect to silicon metallic successful the U.S. The lawsuit was delayed owed to the authorities shutdown.

Prior to the shutdown, the preliminary determination successful September bespeak beardown measures against Angola, Australia, Laos, Norway and Thailand. The preliminary combined antidumping and countervailing duties scope from 21% for Norway to 334% for [indiscernible]. We present expect the last determination connected ongoing arsenic successful Thailand aboriginal contiguous with Australia and Norway anticipated successful June. Operationally, we executed with subject and focus. Through proactive outgo onto measures, including a hiring frost and reduced discretionary and CapEx spending, we successfully navigated done weaker request and little pricing portion maintaining a coagulated equilibrium sheet. After the Safeguard announcement connected November 18, [indiscernible] scale prices for ferrosilicon and manganese alloys successful Europe jumped astir 20%. While paraceuticals has retreated immoderate successful caller weeks.