olivLaw · US equity research
Ferroglobe PLC GSM
Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)
Ferroglobe is one of the world's largest producers of silicon metal, silicon-based alloys and manganese-based alloys, with operations on five continents. Sales fell sharply in fiscal 2025 as global oversupply and cheap imports pressured prices, which ties the company's performance closely to the metals cycle. The company reported a loss in 2025 after a small profit in 2024.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ferroglobe PLC (GSM) stock was 2.93 USD (−24.09% on the day), with market capitalisation 547.5 m USD, dividend yield 1.91%, beta 0.98, 52-week range 2.93–5.45 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 3.43 – 4.52
- below the lower band · %B -0.46 · band width 27.3%
- SMA 50 / 200
- 4.13 / 4.21
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.1% | −1.1% | −32.0 pp | — |
| 3 months | −29.4% | −0.5% | −28.9 pp | — |
| 6 months | −38.1% | +4.4% | −42.4 pp | — |
| Year to date | −36.9% | +12.3% | −49.2 pp | — |
| 1 year | −34.9% | +13.5% | −48.4 pp | −9.4% |
| 3 years | −37.7% | +76.4% | −114.1 pp | +102.6% |
| 5 years | −57.5% | +63.7% | −121.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 1.6 bn | 1.1 bn | 1.8 bn | 2.6 bn | 1.7 bn | 1.6 bn | 1.3 bn |
| Revenue YoY | +28.7% | −28.0% | −29.1% | +55.4% | +46.0% | −36.5% | −0.4% | −18.8% |
| Net income | 43.7 m | -280.6 m | -246.3 m | -110.6 m | 440.3 m | 82.7 m | 23.5 m | -170.7 m |
| Net income YoY | unavailable | −742.7% | unavailable | unavailable | unavailable | −81.2% | −71.5% | −825.2% |
| Diluted EPS | 0.25 | -1.66 | -1.46 | -0.63 | 2.32 | 0.43 | 0.12 | -0.91 |
| Diluted EPS YoY | unavailable | −764.0% | unavailable | unavailable | unavailable | −81.5% | −72.1% | −858.3% |
| net % | 1.9% | -17.4% | -21.5% | -6.2% | 16.9% | 5.0% | 1.4% | -12.8% |
| Free cash flow | 10.7 m | -63.6 m | 124.0 m | -28.9 m | 352.9 m | 94.7 m | 167.1 m | -10.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 122.8 m USD
- Financial debt
- 140.0 m USD
- Net debt
- 17.2 m USD
- Equity
- 692.3 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- 0.20x
- Current ratio
- 1.66x
- ROE
- -22.4%
- ROA
- -11.8%
- FCF margin
- -0.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.8 bn | 2.6 bn | 1.7 bn | 1.6 bn | 1.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 835.5 m | — | — | — | — | — | SEC (XBRL)· 30 Apr 2021verified |
| Gross profit | 308.9 m ≈ | — | — | — | — | — | SEC (XBRL)· 30 Apr 2021derived |
| Operating income | -184.4 m | 31.4 m | 660.5 m | 196.9 m | 38.2 m | -133.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | — | 97.3 m | 81.6 m | 73.5 m | 75.5 m | 85.0 m | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | — | 128.7 m ≈ | 742.1 m ≈ | 270.5 m ≈ | 113.6 m ≈ | -48.5 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 67.0 m | 149.2 m | 61.0 m | 38.8 m | 21.9 m | 20.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | -222.4 m | -119.9 m | 591.8 m | 156.0 m | 37.1 m | -174.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 21.9 m | -4.6 m | 148.0 m | 57.5 m | 16.3 m | 2.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | -246.3 m | -110.6 m | 440.3 m | 82.7 m | 23.5 m | -170.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | -1.46 | -0.63 | 2.32 | 0.43 | 0.12 | -0.91 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 169.3 m | 176.5 m | 189.6 m | 190.3 m | 188.8 m | 188.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Dividend per share | — | — | — | — | 0.05 | 0.06 | SEC (XBRL)· 26 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 102.7 m | 114.4 m | 317.9 m | 136.5 m | 133.0 m | 122.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 242.3 m | 381.1 m | 425.5 m | 310.2 m | — | — | SEC (XBRL)· 13 May 2024verified |
| Inventories | — | — | 500.1 m | 383.8 m | 347.1 m | 306.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 657.2 m | 804.3 m | 1.3 bn | 1.0 bn | 817.6 m | 733.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 620.0 m | 554.9 m | 486.2 m | — | — | — | SEC (XBRL)· 01 May 2023verified |
| Goodwill | 29.7 m | 29.7 m | 29.7 m | 29.7 m | 14.2 m | 12.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Intangibles (excl. goodwill) | 20.8 m | 100.6 m | 111.8 m | 138.3 m | 103.1 m | 132.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 1.3 bn | 1.5 bn | 2.0 bn | 1.8 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 149.2 m | 206.0 m | 219.7 m | 183.4 m | 158.3 m | 144.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | 102.3 m | 95.3 m | 62.1 m | 31.6 m | 43.3 m | 79.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Long-term debt | 5.3 m | 3.7 m | 15.8 m | 14.9 m | 13.9 m | 60.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 432.8 m | 653.6 m | 678.5 m | 494.0 m | 448.6 m | 441.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 365.7 m | 320.0 m | 756.8 m | 869.9 m | 834.2 m | 692.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Shares outstanding at year end | 169.2 m | 187.3 m | 187.4 m | 187.9 m | 186.6 m | 186.9 m | SEC (XBRL)· 26 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 154.3 m | -1.3 m | 405.0 m | 178.4 m | 243.3 m | 51.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 30.3 m | 27.6 m | 52.1 m | 83.7 m | 76.2 m | 61.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | 124.0 m ≈ | -28.9 m ≈ | 352.9 m ≈ | 94.7 m ≈ | 167.1 m ≈ | -10.2 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -31.9 m | -23.8 m | -51.8 m | -81.8 m | -66.9 m | -73.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | -113.3 m | 10.5 m | -140.5 m | -282.1 m | -175.5 m | 3.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Dividends paid | — | — | — | — | 9.8 m | 10.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Share repurchases | — | — | — | — | 2.4 m | 4.7 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 547.5 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.36 – 0.99 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.36 – 0.64 (Mid 0.47)WACC 8.4% · starting FCFF 7.2 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.73 – 0.99 (Mid 0.84)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -15.3% | 18 (vs peers) | 21% |
| Net margin · Quality | -12.8% | 42 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -19.9% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.4x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partial40/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ferroglobe PLC (GSM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth -18.8%; net margin -12.8%; ROE -25.9%.
The estimated value range is 0.55–0.81 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.65 USD, the price of 2.93 USD leaves a potential of -77.7% (value / price − 1) and a margin of safety of -347.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- ROIC: -15.3%
- Revenue CAGR 3Y: -19.9%
- Interest coverage: -6.4x
- FCF yield: -1.9%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BHPBhp Group Limited | 406.8 bn | 45.2 | 19.5% | 17.6% | −7.9% | +46% / +31% |
| SCCOSouthern Copper Corp | 149.3 bn | 23.0 | 53.2% | 37.3% | +17.4% | +35% / +163% |
| RIORio Tinto PLC | 106.2 bn | 13.9 | 17.0% | 17.3% | +7.4% | +18% / +22% |
| FCXFreeport-McMoRan Inc. | 89.9 bn | 29.2 | 21.8% | 16.2% | +1.8% | +46% / +68% |
| HBMHudbay Minerals Inc. | 8.8 bn | 15.4 | 19.7% | 25.7% | +9.4% | +31% / +388% |
| CLFCleveland-Cliffs Inc. | 7.3 bn | — | -8.5% | -2.4% | −3.0% | −2% / −25% |
| BVNBuenaventura Mining Co Inc | 7.3 bn | 18.1 | 12.6% | 34.9% | +40.1% | +16% / +202% |
| MPMP Materials Corp. | 6.4 bn | — | -4.1% | -19.9% | +10.1% | −42% / +126% |
| EROEro Copper Corp | 3.2 bn | 12.2 | 34.6% | 33.6% | +67.1% | +21% / +150% |
| NEXANexa Resources S.A. | 1.6 bn | 11.9 | 14.6% | 4.4% | +8.5% | +70% / +103% |
| IEIvanhoe Electric Inc. | 1.2 bn | — | -8.4% | -1,138.7% | +11.8% | −46% / −32% |
| USARUSA Rare Earth, Inc. | 1.1 bn | — | -23.6% | -2,159.3% | unavailable | −39% / −20% |
| TMCTMC the metals Co Inc. | 1.0 bn | 4.2 | -1,123.2% | — | unavailable | −67% / +103% |
| USASAmericas Gold And Silver Corporation | 986.9 m | — | -61.6% | -74.1% | +17.7% | −31% / +413% |
| ASMAvino Silver & Gold Mines Ltd. | 769.3 m | 79.0 | 7.0% | 12.2% | +50.8% | −15% / +746% |
| LARLithium Argentina AG | 682.1 m | — | -9.5% | — | +12.9% | −24% / −21% |
| SGMLSigma Lithium Corporation | 626.1 m | — | -67.4% | -45.6% | −27.3% | −50% / −81% |
| GSMFerroglobe PLC | 547.5 m | — | -25.9% | -12.8% | −18.8% | −35% / −38% |
| ALOYRealloys Inc. | 459.5 m | — | -155.8% | -5,144.4% | −5.3% | −5% / +68% |
| THMInternational Tower Hill Mines Ltd | 455.2 m | — | -2.8% | — | unavailable | −10% / +222% |
| LZMLifezone Metals Limited | 336.9 m | — | -16.7% | -1,289.2% | +652.2% | +1% / −60% |
| USAUU.s. Gold Corp. | 186.4 m | — | -55.2% | — | −30.9% | −35% / +239% |
| PZGParamount Gold Nevada Corp. | 83.9 m | — | -46.1% | — | −54.7% | −20% / +146% |
| WWRWestwater Resources, Inc. | 52.5 m | — | -19.1% | — | unavailable | −57% / −33% |
| COPRIdaho Copper Corporation | 25.7 m | — | -187.5% | — | −63.5% | unavailable / unavailable |
1- and 3-year price returns: for GSM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (04 Aug 2026), 6-K (18 Jun 2026), 6-K (20 May 2026), 6-K (05 May 2026).
In brief
Ferroglobe is one of the world's largest producers of silicon metal, silicon-based alloys and manganese-based alloys, with operations on five continents. Sales fell sharply in fiscal 2025 as global oversupply and cheap imports pressured prices, which ties the company's performance closely to the metals cycle. The company reported a loss in 2025 after a small profit in 2024 1.
SWOT
Strengths
Weaknesses
Opportunities
Threats
Risks
- Cyclicality of the metals industryhigh
Prices and demand in the metals industry are volatile, which can cause large swings in financial results 1.
- Dependence on energy costshigh
Energy is a major cost component, and price increases or supply disruptions could significantly reduce profitability 1.
- Customer concentrationmedium
A significant share of sales depends on a limited number of customers, and losing some of them could affect revenue 1.
- Trade and tariff exposuremedium
New tariffs and trade measures by the US, the EU and other states could affect results if they change market access 1.
- High leveragehigh
A high level of debt may make it difficult to service obligations, and a breach of financing covenants could lead to acceleration of debt 1.
Investment thesis
What would need to be true (bull case)
- If demand from automotive and construction recovers, volumes could return toward earlier levels and support revenue 1.
- Trade protection measures in Europe and the US could ease pressure from cheap imports on prices 1.
- A leading position in North American silicon metal and vertical integration could support margins over the longer term 1.
What would break the thesis
What to watch
- Evolution of silicon metal sales and pricesQ1 2027
- Effect of EU safeguard measures on ferroalloy prices2027
- Impact of EDF energy contracts on costs2027
- Debt levels and compliance with financial covenantsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (04 Aug 2026), 6-K (18 Jun 2026), 6-K (20 May 2026), 6-K (05 May 2026).
The business
Through its operating subsidiaries, Ferroglobe produces silicon metal, silicon-based alloys and manganese-based alloys and controls a meaningful portion of its raw materials, including quartz mining in Spain, the United States, Canada and South Africa, and low-ash metallurgical coal mining in the United States 1. Its products are sold to a diverse base of customers in more than 40 countries, with the largest concentration in North America and Europe 1. The company captures, recycles and sells most of the by-products of its production, which reduces costs 1.
Cost structure is largely variable, and the main raw materials are quartz, manganese ore, coal, metallurgical coke, wood and charcoal 1. Energy is one of the largest expenses, and the company shifts production between silicon metal and alloys to take advantage of energy prices 1. The company is incorporated in the United Kingdom and trades on Nasdaq under the symbol GSM 1.
Ferroglobe reports as a foreign private issuer, filing a Form 20-F with the SEC and applying IFRS rather than U.S. GAAP 1. The company's history includes the 2015 combination of Ferroglobe Spain Metals and Ferroglobe USA and several asset sales in 2018, 2019, 2021 and 2023 1.
Segments
Silicon metal
Silicon metal is the company's main sales segment and was the most affected in 2025, with revenue down 40.8% 1. The average selling price fell to $2,924 per tonne and shipments dropped 34.0% on weak demand 1. Management estimates the company holds about 25% of the global market excluding China 1.
Market context
Ferroglobe's market in 2025 was marked by falling prices driven by cheap imports from global oversupply and demand uncertainty linked to tariffs 1. Demand from the automotive and construction sectors stayed weak, and prices in Europe and Asia converged due to Chinese competition, while the US retains a price premium 1. EU safeguard measures were finalised in Q4 2025, which could support ferroalloy prices if they hold 1.
Several developments can influence margins: energy prices fell in Europe but rose in the US due to data centres, and remained high in South Africa 1. Coal and coke costs declined in 2025, reflecting adequate supply 1.
Trends
- Weak demand in automotive and constructionheadwind
Lower demand from the automotive and construction sectors affected several of the company's products and contributed to lower volumes in 2025 1.
- Cheap imports and global oversupplyheadwind
Global oversupply, particularly from Asia and China, pressed prices in Europe and limited the company's sales 1.
- Antidumping and safeguard measurestailwind
Antidumping and countervailing duties imposed by the US and EU safeguard measures could shield local producers from subsidised imports if they remain in force 1.
- Volatile energy costsmixed
Energy prices vary sharply across regions, and contracts with EDF affected costs in 2025, including a negative effect from revaluing energy contracts 1. Energy developments remain both a risk and an opportunity for margins 1.
Competitive position
Ferroglobe competes with global silicon and alloy producers, including producers in China, India and other Asian countries, which exert pressure on prices 1. The company says it holds a leading position in North America for silicon metal and a significant share in European manganese alloys, but Chinese competition limits sales opportunities 1.
The company's competitive advantage rests on vertical integration, proximity to raw materials and a diversified production base across several continents 1. However, pressure from lower-cost Asian competitors and subsidised imports remains a major factor for margins 1.
- Chinese silicon and alloy producers
Chinese producers compete through local production and aggressive pricing, limiting the company's sales opportunities in several markets 1.
- Indian manganese alloy producers
Indian producers were described as aggressive on pricing, which pushed manganese alloy prices lower in 2025 1.
- Asian importers into Europe
Excess Asian capacity was redirected into Europe, intensifying competition for European producers 1.
- Other North American silicon producers
In the North American market the company holds a large share, yet competition from other producers and imports remains relevant 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)18 Jun 2026
- Current report (foreign issuer)20 May 2026
- Current report (foreign issuer)05 May 2026
- Annual report (foreign issuer)26 Mar 2026
- Current report (foreign issuer)17 Feb 2026
- Current report (foreign issuer)05 Nov 2025
- Current report (foreign issuer)05 Aug 2025
- Current report (foreign issuer)02 Jul 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Ferroglobe PLC · 26 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.