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Ferroglobe Plc (GSM) CEO Marco Levi on Q4 2019 Results - Earnings Call Transcript

Mar. 03, 2020 3:20 PM ETFerroglobe PLC (GSM) Stock4 Comments
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Ferroglobe Plc (NASDAQ:GSM) Q4 2019 Earnings Conference Call March 3, 2020 9:00 AM ET

Company Participants

Beatriz Garcia-Cos - CFO

Marco Levi - CEO

Conference Call Participants

Vincent Anderson - Stifel

Nick Jarmoszuk - Stifel


Good morning, ladies and gentlemen, and welcome to Ferroglobe's Fourth Quarter and Full Year 2019 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference call may be recorded.

I would now like to turn the call over to Beatriz Garcia-Cos Ferroglobe's Chief Financial Officer, you may begin.

Beatriz Garcia-Cos

Good morning everyone, and thank you for joining Ferroglobe's fourth quarter and full year 2019 conference call. Joining me today are Marco Levi, our Chief Executive Officer; Gaurav Mehta, EVP of Strategy and Investor Relations; and Jorge Lavin, Group Controller. Before we get started with some prepared remarks, I'm going to read a brief statement. Please turn to Slide 1 at this time. The statement made by management during this conference call that are forward-looking are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Ferroglobe's most recent SEC filings and the exhibit to those filings, which are available on our webpage, www.ferroglobe.com.

In addition, this discussion includes reference to EBITDA, adjusted EBITDA, gross debt, net debt and adjusted diluted earnings per share, which are non-IFRS measures. Reconciliation of these non-IFRS measures may be found in our most recent SEC filings.

Next slide, please. During today's call, we will first review the highlights for Q4 and full year 2019, as well as our business and operating environment. I then will provide some additional details on our financial performance and key drivers behind our results.

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Comments (4)

For the ones still dreaming about GSM "recovery", be aware that the Chinese government is lately seriously considering reducing its export tax on ferroalloys, in order to keep its domestic industry alive. The size of the reduction is still unknown but the duties will not be completely eliminated. The Chinese Government recently sent out a questionnaire to solicit comments.

Useless to say that a sudden tsunami of Chinese ferroalloys hitting EU and US markets will just kill any western ferroalloys producer, apart Nikopol (maybe).

For an idea of potential impact, some numbers defining palyground pre COVID 19 can be found here :

Little, Einstein profile picture
@rumor populi
And what are the names you are suggesting, to be impacted?
Everything in the conference call points to a 2-3 quarter recovery to just get to even. Hopefully when they report Q3 2020 numbers we are at break even? Without a buy out it will 2021 before we positive earnings and as long as we don’t slip into a global recession I see 2021 and beyond being profitable for GSM. For now though, it’s still a waiting game.
every cloud has a silver lining
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