# Ferroglobe PLC (GSM) Informational only - not investment advice. CIK: 0001639877 SIC: 1000 Metal Mining SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1000 Metal Mining](/industry/1000/) Latest 10-K filed: 2026-03-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1639877 Filing source: https://www.sec.gov/Archives/edgar/data/1639877/000110465926034859/gsm-20251231x20f.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | ## Financials No standardized annual SEC companyfacts metrics were extracted for this company. ## Quarterly No clean discrete quarterly SEC companyfacts metrics were extracted for this company. ## Filed narrative (10-K & 10-Q) ## Latest quarter (10-Q) No recent 10-Q filing was found in the SEC submissions feed for this filer. ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1639877/000110465926034859/gsm-20251231x20f.htm Complete FY 2025 MD&A: /company/GSM/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-03-26 Report date: 2025-12-31 Introduction You should read the following management’s discussion and analysis of our financial condition and results of operations together with our consolidated financial statements, including the notes thereto, included in this Annual Report. The following discussion is based on our financial information prepared in accordance with IFRS as issued by the IASB, which might differ in material respects from generally accepted accounting principles in other jurisdictions. The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described under “Item 3. Key information—D. Risk factors” and elsewhere in this Annual Report. Principal Factors Affecting Our Results of Operations Sale prices Ferroglobe’s operating performance is highly correlated to the demand for our products, market prices and costs to serve in a globally competitive environment. Ferroglobe follows a pricing policy aimed at balancing its exposure to termed contracts, based on formula pricing, and to the spot market, depending on market opportunities. This approach allows Ferroglobe to remain flexible in adjusting its production and sales footprint depending on changing market conditions, which traditionally have been volatile. ​ During 2025, market prices across our key segments were impacted by the ongoing decline in market price, which began in 2024. Pricing pressures were caused by lower priced imports resulting from global oversupply as well as end market demand uncertainty associated with tariffs. Additionally, lower market demand continued throughout 2025, especially from the automotive and construction sectors which impacted the demand for a variety of our products. ​ Silicon metal pricing declined during the year in line with lower demand and increasing inventories across global value chains such as the chemical, aluminum, and other commodity sectors. Pricing across Europe and Asia has converged as a result of Chinese competition while the US still carries a premium. The drop in demand has forced western producers to adjust their production in an effort to attenuate the downward trend in silicon prices suffered in 2024, which has accelerated through 2025 due to persistent oversupply. Ferroalloy prices in the EU followed a similar trend as a result of uncertainty around safeguard measures before recovering in Q4 2025, when such measures were finalized. Indian producers continued to be aggressive in pricing, driving manganese alloy prices lower in a low-demand environment. ​ Cost of raw materials The main raw materials sourced by Ferroglobe are quartz, manganese ore, coal, metallurgical coke, wood, and charcoal. 75 Table of Contents Manganese ore is the largest component of the cost base for manganese-based alloys. In 2025, 42% of Ferroglobe’s total 574kt purchases fell under an annual commitment (39% of 345kt in 2024 and 35% of 552kt in 2023), while the remaining was purchased on a spot basis. Total manganese ore expenses in 2025 were $115 million ($110.2 million in 2024 and $112.6 million in 2023). In 2025, annual volume purchased increased compared to 2024. From a qualitative point of view, Ferroglobe purchased more external sinter compared with producing internally. High Grade ore market prices averaged $4.46/dmtu in 2025 vs $ 5.55/dmtu in 2024. Market Medium Grade ore price averaged $ 4.06/dmtu in 2025 vs $4.33/dmtu in 2024. In 2025, coal represented a $148.6 million expense for Ferroglobe ($178.6 million in 2024 and $191.3 million in 2023). In 2025, volume declined significantly as a result of the lower operating rate of silicon metal plants. Washed coal prices declined throughout 2025, reflecting the evolution of international prices. The average price of API 2, the index for European coal, was $99.14/MT in 2025 compared to $112.51/MT in 2024. Metallurgical coke, used for manganese alloys production, represented a total purchase amount of $38.6 million in 2025 ($43.3 million in 2024 and $41.5 million in 2023). Although volume increased as a reflection of higher manganese alloys production, unit prices declined significantly throughout 2025 reflecting sufficient supply and weaker steel demand. Wood is an important element for the production of both silicon alloys and charcoal, which is used as a carbon reductant at Ferroglobe’s South African operations. Ferroglobe’s wood expense amounted to $32.3 million, $36.6 million and $40.7 million in 2025, 2024 and 2023, respectively. Ferroglobe sourced the majority of its quartz needs globally from own mines in Spain, South Africa, the United States and Canada. Total quartz consumption in 2025, 2024 and 2023 represented an expense of $82.7 million, $74.8 million and $76.7 million, respectively. Volume dropped as a consequence of lower demand due to production cuts. Unit prices increased in 2025 reflecting inflation and some scheduled pricing adjustments. ​ Energy Energy generally constitutes one of the largest expenses for most of Ferroglobe’s products. Ferroglobe focuses on minimizing energy prices and unit consumption throughout its operations through active management of our energy procurement and by concentrating its silicon and manganese-based alloy production during periods when energy prices are lower. In 2025, Ferroglobe’s total power consumption was 5,801 gigawatt-hours (5,915 in 2024), reflecting a lower level of production, with power contracts that vary across its operations and geographies. With improved energy production in European countries, especially nuclear power production in France, and in renewables generally, together with reduced consumption in most countries, market prices declined throughout the year in Europe. In the U.S., the rise of data centers has placed pressure on energy prices. In Argentina, a new agreement was extended through 2025 after a few months of idled operations. In South Africa, energy prices remained high despite the availability of energy improving coupled with an application for a new power agreement with the local supplier. In other geographies, the situation was stable. Foreign currency fluctuation Ferroglobe has a diversified production base consisting of production facilities across the United States, Europe, South America, South Africa and Asia. The relative strength of the functional currencies of Ferroglobe’s subsidiaries influences its competitiveness in the international market, most notably in the case of Ferroglobe’s South African operations, which have historically exported a majority of their production to the U.S. and the European Union. For additional information see “Item 11.—Quantitative and Qualitative Disclosures About Market Risk—Foreign Exchange Rate Risk.” 76 Table of Contents Unfair trade practices A number of the products we manufacture, including silicon metal and ferrosilicon, are globally-traded commodities that are sold primarily on the basis of price. As a result, our sales volumes and prices may be adversely affected by influxes of imports of these products that are dumped or are subsidized by foreign governments. Our silicon metal and ferrosilicon operations have been injured by such unfair import competition in the past. Applicable antidumping and countervailing duty laws and regulations may provide a remedy for unfairly traded imports in the form of special duties imposed to offset the unfairly low pricing or subsidization. However, the process for obtaining such relief is complex and uncertain. In 2024 and 2025, for example, the US Commerce Department and the ITC issued antidumping and countervailing duties for ferrosilicon imports against Russia, Brazil, Kazakhstan and Malaysia. Regulatory changes See “Item 4.B.—Business Overview—Regulatory Matters.” Comparison of the years ended December 31, 2025 and 2024 [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year ended December 31,"],["($ thousands)","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024"],["Sales","","1,335,121","","1,643,939"],["Raw materials and energy consumption for production","","(933,531)","","(1,027,130)"],["Other operating income","","82,835","","84,378"],["Staff costs","","(270,649)","","(279,864)"],["Other operating expense","","(245,899)","","(265,182)"],["Depreciation and amortization","","(84,951)","","(75,463)"],["Impairment loss","","(17,488)","","(43,052)"],["Other gain (loss)","","1,105","","555"],["Operating (loss) profit","","(133,457)","","38,181"],["Finance income","","3,474","","7,248"],["Finance costs","","(20,775)","","(21,942)"],["Exchange differences","","(23,886)","","13,565"],["(Loss) Profit before tax","","(174,644)","","37,052"],["Income tax (expense)","","(2,468)","","(16,252)"],["(Loss) Profit for the year","\u200b","(177,112)","\u200b","20,800"],["(Loss) Profit attributable to non-controlling interests","","(6,412)","","(2,738)"],["(Loss) Profit attributable to the Parent","","(170,700)","","23,538"]] [[/GREPCENT_TABLE]] ​ Sales Sales decreased $308,818 thousand, or 18.8%, to $1,335,121 thousand for the year ended December 31, 2025, from  $1,643,939 thousand for the year ended December 31, 2024. The decrease in sales revenue was mainly driven by a 40.8% decrease in silicon metals revenue, partially offset by a 7.5% increase in manganese-based alloys revenues. Silicon metal sales revenue decreased $296,495 thousand, or 40.8%, and average selling prices of silicon metal decreased by 10.4% to $2,924/MT in 2025 from $3,262/MT in 2024. Total shipments of silicon metal decreased by 34.0% due to weakened global demand in 2025, as manufacturing activity in Europe remained below expansionary levels and downstream sectors such as chemicals and aluminum continued to operate under subdued consumption. Silicon-based alloys sales revenue decreased $5,747 thousand, or 1.4%. Average selling prices fell 5.1% to $2,095/MT in 2025 from $2,208/MT in 2024, reflecting continued pricing pressure across key end markets. Total shipments increased by 3.9% as demand stabilized at low levels, with customers maintaining baseline order patterns despite generally subdued industrial activity. The increase in volumes partially mitigated, but did not offset, the impact of lower prices. 77 Table of Contents Manganese-based alloys sales revenue increased $24,879 thousand, or 7.5%, and average selling prices decreased by 3.0% to $1,170/MT in 2025, compared to $1,206/MT in 2024. Total shipments increased by 10.8% due to operational adjustments by European producers and improved cost conditions in 2025, supported by energy-related measures that helped stabilize output despite weak demand momentum. However, the market continued to face significant import pressure as global overcapacity, particularly from Asia, which was redirected into Europe, reinforcing competitive intensity under subdued consumption levels. ​ Raw materials and energy consumption for production Raw materials and energy consumption for production decreased $93,599 thousand or 9.1%, to $933,531 thousand for the year ended December 31, 2025 from  $1,027,130 thousand for the year ended December 31, 2024. Raw materials and energy consumption for production as a percentage of sales was 70%, compared to 62% in 2024. The decrease in these costs in total is due to the decrease in shipments and the increase as a percentage of sales is primarily due to the decrease in the benefit recorded in relation to our agreement with EDF regarding the electricity pricing mechanism as well as the ARENH benefit. We recorded a benefit of $29,157 thousand in 2025 compared to a benefit of $63,032 thousand in the prior year. Additionally, the Company recorded an expense of $38,205 thousand related to the change in the fair value of its EDF energy contracts executed in Q4 2025 whi [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/GSM/mda/fy2025/ All MD&A years: /company/GSM/mda/ ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1000 Metal Mining) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/GSM.md · JSON record: /company/GSM.json · machine TOC for the whole site: /llms.txt