Results for the third quarter of 2020 is released by Ferroglobe PLC (NASDAQ: GSM), a leading global manufacturer of silicon metals, silicon-based and manganese-based specialty alloys.
During the Third quarter of 2020, cash produced from operations was $23.0 million, including $33 million with respect to CO2 pollution rights sales.
Working capital rose by 33 million dollars, from 321 million dollars as of 30 June 2020 to 354 million dollars as of 30 September 2020. This rise is driven primarily by the decline in the accounts payable and the reinforcement of the euro against the US dollar.
As of September 30, 2020, total debt was $442 million, down from $451 million as of June 30, 2020, largely as a result of senior unsecured notes coupon payment and partial ABL paydown, counterbalanced by COVID-19 financing sponsored in France and Canada by local governments.
The COVID-19 pandemic did expand to multiple territories in which the corporation works. The Organization has tracked the changing situation and the subsequent evolving danger. Among other initiatives, a coronavirus disaster response committee has been implemented by the Corporation, which has met periodically to ensure that the Company and its subsidiaries take adequate precautions to protect its staff and ensure business continuity.
Total commodity average retail prices declined by 0.1 percent during Q3 2020 relative to the second quarter of 2020. Average silicon metal sale prices for the Third quarter rose 1.5 percent, prices for silicon-based alloys decreased 0.2 percent, and prices for manganese-based alloys decreased 7.2 percent.
Third-quarter sales volumes fell by 3.5 percent relative to the previous year. Silicon metal market volumes in the third quarter grew 7.0 percent, silicon-based alloys increased 7.5 percent, and alloys based on manganese declined 2.4 percent relative to the second quarter of 2020.
Adjusted EBITDA amounted to $22.2 million in the third quarter of 2020, or 8.5 percent of revenue, relative to adjusted EBITDA of $22.4 million in the second quarter of 2020, or 9.0 percent of sales, largely due to price stability and higher expenses incurred in the third quarter of 2020.
