Ferroglobe PLC (NASDAQ:GSM) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET

Company Participants

Alex Rotonen - VP, IR

Marco Levi - CEO

Beatriz García-Cos - CFO

Conference Call Participants

Lucas Pipes - B. Riley Securities

Martin Englert - Seaport Research Partners

Operator

Good morning, ladies and gentlemen, and welcome to Ferroglobe's Third Quarter 2023 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 will now like to turn the call over to Alex Rotonen, Ferroglobe's Vice President of Investor Relations, you may begin.

Alex Rotonen

Thanks, Sandra. Good morning everyone and thank you for joining Ferroglobe's third quarter 2023 conference call.

Joining me today are Marco Levi, our Chief Executive Officer, and Beatriz García-Cos, our Chief Financial Officer. Before we get started with some prepared remarks, I'm going to read a brief statement. Please turn to slide number two at this time. Statements made by management during this conference call that are forward looking are based on current expectations.

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 exhibits to those filings which are available on our website at ferroglobe.com. In addition this discussion includes references to EBITDA, adjusted EBITDA, adjusted gross debt, net debt, and adjusted diluted earnings per share among other non-IFRS measures, reconciliation of non-IFRS measures may be found in our most recent SEC filings.

At this time, I would like to turn the call over to Marco Levi, our Chief Executive Officer. Next slide, please.

Marco Levi

Thank you, Alex, and good morning, good day, and good evening to everyone. Thanks for joining us on the call today, we appreciate your interest in Ferroglobe.

Since I joined Ferroglobe, almost four years ago, we have focused on revamping the business and operations by optimizing the cost structure, improving the balance sheet, and positioning the Company for growth.

During this time to increase the adjusted EBITDA from $33 million in 2020 to $860 million in 2022 and we are on track to meet our 2023 guidance of $270 million to $300 million in a period of extremely weak demand, decline in market pricing for five quarters scenario coupled with unprecedented macro uncertainty.