Ferroglobe PLC (NASDAQ:GSM) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET

Company Participants

Alex Rotonen - VP of IR
Marco Levi - CEO
Beatriz Garcia-Cos - CFO

Conference Call Participants

Lucas Pipes - B. Riley Securities
Martin Englert - Seaport Research Partners

Operator

Good morning, good afternoon. Welcome to Ferroglobe's Second Quarter 2024 Earnings Call. At this time, all participants are in listen-only mode. Later we'll 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 conference over to Alex Rotonen, Ferroglobe's Vice President of Investor Relations. You may begin.

Alex Rotonen

Thanks, Ros. Good morning, everyone, and thank you for joining Ferroglobe's second quarter 2024 conference call. Joining me today are Marco Levi, our Chief Executive Officer; and Beatriz Garcia-Cas, our Chief Financial Officer. Before we get started with some prepared remarks, I'm going to read a brief statement. Please turn to Slide 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 exhibit to those filings, which are available on our webpage at ferroglobe.com.

In addition, this discussion includes references to EBITDA, adjusted EBITDA, adjusted gross debt, net debt, and adjusted diluted earnings per share, and among other non-IFRS measures. Reconciliations of non-IFRS measures may be found in our most recent SEC filings.

Before I turn the call over to Marco Levi, our Chief Executive Officer, I want to announce that we'll be participating in Seaport Research Partners' Annual Summer Investor Conference on August 20th and 21st. We hope to see you there.

Marco?

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.

Before I begin with our quarterly earnings update, I want to inform you with deep regret that Juan-Miguel Villar Mir, Founder and Former Chairman of Ferro Atlantica, our legacy company, passed away last month. I would like to express our deepest condolences to his family.

In Q2, we continue to execute well, driving strong financial performance with increased volumes, revenues, and adjusted EBITDA. As we discussed in our first quarter call, in May of this year, the U.S. International Trade Commission recognized that the imports of ferrosilicon from Russia, Kazakhstan, Malaysia, and Brazil, which represented approximately 70% of all imports in 2023, are injuring our U.S. operation. The substantial government subsidies are received in these countries, and the low-selling prices of these imports have adversely impacted the U.S. ferrosilicon market, hurting local producers and their ability to compete. The ITC's final decision will be made in October.