This was a successful two-week on-site pilot to test and learn ahead of a global rollout. Compared to a net loss of $296 million during the full-year 2019, which includes a goodwill impairment charge of $134 million. When you consider silicon metal, where we have price agreements, which are indexed, there is a quarter lag. Hence, one must factor this into their assessment. The net impact of higher sales was partially offset by higher costs, which led to an improvement in our operating loss for the quarter before adjustments to negative $26.2 million, compared to a negative $38.8 million during the prior quarter. And the new allocation for credits of 2021. And this number is the number that allows us to operate our current asset footprint in a safe way. In a market environment like the one we are experiencing now, we're growing demand, being more systematic and organized on this side of the business is critical to maximizing our potential. As you can see in the pricing trends graphs, pricing in the U.S. and Europe steadily rebounded in the second half of 2020. With regard to our ongoing silicon trade case on February 23rd, the U.S. Department of Commerce imposed final duties of up to 160% on those silicon metal imports from Bosnia, Iceland, and Kazakhstan. OK. That's helpful. Next slide, please. The gross debt increase is attributed to the accrual of the semiannual coupon payment under the existing senior notes. Yes. Not only has the operating environment improved steadily over the past few months, but we are also making substantial progress on critical priorities. We recognize that this is a very different way of working and have invested time and resources in training our people to work under this new structure. Good afternoon. And lastly, we returned to a positive adjusted EBITDA. In the bridge, we have a negative impact of this one-off benefit realized last quarter. 2020 was a defining year for Ferroglobe and an extraordinary one in many ways. The index pricing in the U.S. gradually increased by approximately 2.6% during the quarter, while the European index increased 7.5% during the same period. The ITC vote is scheduled for March 24th. Significant pricing declines across all our core products adversely impact us year over year. On November 16, 2020, the Tribunal Superior de Justicia of Galicia dismissed FerroAtlantica's claim of petition to separate the metallurgical plants of Cee and Dumbría, the related hydroelectric power plants. This required our relatively new senior management team to make drastic decisions and change internal processes to support swift decision-making. The dial-in number for the call for participants in the United States is +1-877-293-5491 … Well, as you know, we have limited business in Asia. Reconciliations of these non-IFRS measures may be found in our most recent SEC filings. Connect with friends faster than ever with the new Facebook app. Likewise, for the full-year 2020, we returned to positive operating cash flow, generating $154 million throughout the year. Beatriz García-Cos - Chief Financial Officer. This rate may increase in the final determination, which is scheduled for announcement on June 17. As a result, we were able to release $19.7 million of cash at closing, which was previously restricted within the SPV structure. Right? So we are monitoring and planning our strategy to repurchase the remaining one watching carefully the evolution of the market. That is true that we need to repurchase an additional amount. What portion of your 2021 projected CO2 emissions do you have covered? So I don't think you can connect the two, 2020, we say 2021 if I'm answering your question. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. In Q3, we realized $5 million benefit resulting from an R&D project in France. Our Niagara facility has been idled since the end of 2018. So you can just talk about how that environment is? Ferroglobe invites all interested persons to participate on its conference call at 9:00 AM, Eastern Daylight Time. Next slide, please. Well, as you know, I have a short tenure with the company about one year. So it's true that the prices have been increasing from, I would say, EUR 27 and it has been going up to -- even up to EUR 40. Or did you underspend on that? Ferroglobe invites all interested persons to participate on its conference call at 9:00 AM, U.S. Eastern Daylight Time. Good morning, ladies and gentlemen, and welcome to Ferroglobe's fourth-quarter and full-year 2020 earnings call. During the quarter, we realized a 35% increase in sales volumes. Good morning, ladies and gentlemen, and welcome to Ferroglobe's fourth-quarter and full-year 2020 earnings call. And then how much are you going to have to spend so that you can get all of your European production done? Microsoft and partners may be compensated if you purchase something through recommended links in this article. Ferroglobe invites all interested persons to participate on its conference call at 9:00 AM, U.S. Eastern Standard Time. To date, we have created three distinct teams, focusing on inventory management, account receivable, and accounts payable. As with some of the other products, the value chain for manganese alloys also reflected low levels of inventory at the time when demand was picking up. Or is that maybe --. So we are certainly starting the new year on a positive note. Good morning, everyone, and thank you for joining the Ferroglobe's Second Quarter 2019 Conference Call. What makes the program different from the way we have done KTM in the past is the preparation and planning leading up to the actual execution. So as I mentioned, we have part of them already in our balance sheet in a percentage basis, that may be something that I can disclose not in dollar value. During the quarter, we benefited from some volume pick-up late in the year, and we also benefited from improved pricing across the portfolio. In 2020, we have been spending $30 million of CAPEX. Well, approximately 70% is annual contract, but then not all the 70% as fixed price for the year. Company Participants. This specifically relates to a $5.8 million penalty incurred in France where we consume less energy than contracted due to the unplanned production curtailments in Europe. Furthermore, we have launched a process aimed at employee training and engagement to create a culture centered on operational excellence and having a workforce that constantly seeks ways to move forward to remain competitive. After a rather weak demand picture for most of 2020, driven by COVID, there has been a pickup in activity across the industrial sector, and we are seeing that trend in our sales into the chemical and aluminum end markets in both U.S. and Europe. This year, yes. The Company is based in London. Will that start occurring in the first quarter? Thanks again for your participation. Given the vast opportunities to capture cost savings across dozens of raw materials, consumables, and logistics expenses we incur, we have to be systematic and methodical in our approach to identify the key areas of focus and offset priorities for the current year. I'm hearing there is some log jams with logistics? Collectively, these factors resulted in an improvement in EBITDA contribution from this segment to $7.1 million in Q4, up from a negative $1.9 million in the third quarter. Overall, ferrosilicon pricing is benefiting from the rebuild of inventory along the value chain as well as a recovery in steel demand. I'm just trying to gauge what's the magnitude to be --. Time-wise, this looks challenging at the moment, but this is what we are planning or striving for. In refinancing, the prior account receivable securitization facility in Europe the special proposed vehicle structure supporting the financial fell away once the facility was refinanced. And of course, this has impacted all the negotiations for the new year because the price started from a level of EUR 2,000, went down to EUR 1,500 at least for the indexes. So while the total cash balance is down quarter over quarter, the unrestricted cash available actually increased following their financing, improving from $78 million in Q $3 million to $130 million at year end. Ferroglobe management will review the fourth quarter and full year results of 2020 during a conference call at 9:00 a.m. Eastern Time on March 2, 2021. Nick, for the question. So I refer this to this move and to magnesium purchase, but it is not something really massive at this stage or really significant. The cash balance was $132 million at year end with the refinancing of our pre-year securitization program, there was a cash release of the previously trapped cash in the SPV structure. Sales volumes of silicon-based alloys were approximately 57,000 tons in Q4, about 15,000 tons higher than the previous quarter. And then a final question on the production costs. This improvement is primarily attributable to sales of ferrosilicon, which has benefited from the start of steel capacity, especially blast furnaces in Europe. How much -- is $30 million your maintenance level of capital expenditures? Furthermore, there was an adverse impact of $9.4 million also attributable to energy costs. Moving ahead to Slide 6, please. On the other hand, we benefit from a $3 million compensation on energy last quarter as a result of energy providers being unable to secure minimum energy levels of stakes. Later we will … EBITDA contribution from this business was negative $0.1 million per metric tons in Q4 versus positive $13.1 million in the third quarter. Then I will provide some additional details on our financial performance and key drivers behind our results. So more or less, I can say that as of today, we have a part of it already in our balance sheet. Good morning, ladies and gentlemen. As we look ahead, 2021 will be the pivotal year. LONDON, Feb. 22, 2021 (GLOBE NEWSWIRE) ― Ferroglobe PLC (NASDAQ:GSM) announced today that it will issue fourth quarter and full year 2020 financial results after the close of the market on Monday, March 1, 2021 and will host the quarterly earnings call on Tuesday, March 2, 2021. Next slide, please. How about this? So of your 2021 emissions, how much do you have credits for? Thank you. We are seeing market prices even below the EUR 1,500 per metric ton in Europe, just to give you a reference. And yes, we see some inflation due to some ancillary raw materials that we need to buy, mainly for our foundry business that we buy from Asia. Good morning ladies and gentlemen and welcome to Ferroglobe’s second quarter 2020 earnings call. Next slide, please. David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ferroglobe PLC wasn't one of them! Much of the pricing recoveries were seen late in the quarter as low inventories all along the value chain coupled with strong demand in both U.S. and Europe, supported pricing with some upward pressure. And can you talk about the ability to pass this through? At the moment, we are in the process of revamping existing processes and developing new processes to support this initiative. The net result was a benefit of $13.5 million in 2020. To date, commerce has imposed preliminary duties of 7.21% at the end of January. So the accrual of $6 million for the fact that they are more expensive now, however, you're going to be spending $6 million more than you would have in addition to some additional amount. We realized a cost improvement of $8 million due to the improved fixed-cost absorption. Shares of miner Ferroglobe (NASDAQ:GSM) were down 14.3% as of 1:45 p.m. EST today. Ferroglobe PLC (NASDAQ:GSM) Q4 2020 Earnings Conference Call March 2, 2021 9:00 AM ET. It's more -- I have -- it's going to be as a slow ramp-up because most of the supply agreements were negotiated in Q3, Q4 last year for this year. During the quarter, the average selling price decreased marginally by 0.4% to $1,528 per metric ton, down from $1,534 per metric ton in the third quarter of 2020. We feel confident that this reorganization will drive significant value going forward and would seek to potentially expand the rollover time. The Motley Fool has a disclosure policy. Beatriz García-Cos - Chief Financial Officer. Equally, the company is undertaking a tremendous effort to address gaps in the business such as internal communication. Right? Ferroglobe PLC Schedules Fourth Quarter and Full Year 2020 Earnings Investor Call for March 2, 2021 LONDON , Feb. 22, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) announced today that … The net loss for the fourth quarter was $84.1 million, which compares to a net loss of $46.8 million during the prior quarter. During the quarter, we refinanced our prior account receivable securitization facility, replaced it with a new factoring facility in Europe. Nick Jarmoszuk -- Stifel Financial Corp. -- Analyst. Quarter over quarter, we did have a decline in our adjusted EBITDA from $22.2 million in Q3 to $5.7 million in Q4. Our alloys business is still far more indexed, and the lag is between two, three months. If I can ask that maybe just another way. Well, you need to see -- I think the best way to answer your question is to look to the evolution of the CO2 prices on the last 12 months. Most recently, we completed our first pilot project at the under-four facility in France. As of today, we have a part of the CO2 allocations that we need already in our balance sheet if this answered your question. The continuous plant efficiency value creation area is an extension of our key technical metrics program. Of this amount, approximately $12 million is attributable to the potential earn-out payment relating to our manganese alloy plants in Norway and France. This is a testament to our ability to operate this business and reinforces the potential of the asset base. Slide 17, please. Likewise, the decline in total costs adversely impacted by the quarter-over-quarter movement in net debt. Once again, this variance highlights the drastic changes we made to address our costs. Yes. For two years in a row, we have spent around $33 million, $34 million of CAPEX. Is that how we should think about it? [Operator instructions] As a reminder, this conference call may be recorded. That's right -- they think these 10 stocks are even better buys. Next slide, please. For the year, we had $32.7 million of adjusted EBITDA, which compares to negative $29.2 million of adjusted EBITDA during 2019. Focusing on both discretionary and non-discretionary spend. I would now like to turn the call over to Beatriz to review the financial results in more detail. You may begin. Good morning everyone and thank for joining Ferroglobe’s second quarter 2020 conference call. Was it flat? LONDON, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) announced today that it will issue fourth quarter and full year 2020 financial results after the close of the market on Monday, March 1, 2021 and will host the quarterly earnings call on Tuesday, March 2, 2021. About FerroglobeFerroglobe is one of the world’s leading suppliers of silicon metal, silicon- and manganese-based specialty alloys, and other ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. LONDON, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) announced today that it will host an investor call on Wednesday, February 3, 2021 to review its recent … Shipments in the fourth quarter were up 58%, an increase of approximately 24,600 tons over the previous quarter. To date, we have good success in setting up the internal infrastructure and processes to set specific targets and track progress. But at this stage, we do not expect to completely shut down the facility. Slide 13, please. Thank you, Beatriz, and good morning or good afternoon to everyone. Thank you, Beatriz. Then on inflation or just cost inflation, can you give us a sense of what headwinds you're seeing on freight and actually not even on shipping, but shipping availability? And as mentioned on the prior slide, we have been extremely focused on our corporate expenses. And then a question on the asset closures. Hi. The call may also be accessed via an audio webcast. So the point has been either negotiate contracts with lower volumes, committed volumes for 2021 at prices that were equal or lower than 2020, or allocate more business to metallurgical silicon, which is, by nature, a spot business. This accounting impact is under discussion with our external auditors and could change. The increase in other operating expenses of approximately 75% or approximately $20 million, this can be explained by 3 key factors. The cash flow from operating activities during the quarter was $3.5 million, the negative $0.6 million of reported EBITDA was offset by our working capital efforts, which yield net cash inflows of $13.5 million, with cash released from inventory being the biggest contributor. The next slide, please. Pedro Larrea - Chief Executive … Net debt increased by $46 million over the same period. Your next question today comes from the line of Brian DiRubbio of Baird. At this time, I will ask the operator to please open the line for questions. Joining me on the call are Jose Maria Calvo-Sotelo, Deputy CFO and EVP Corporate … The bottom-up analysis we conducted during the preparation phase was critical in validating our assumptions and financial targets. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. In creating a centralized procurement group we have disrupted the historical approach of operating and decision-making with the aim of driving cost savings and increased efficiencies. [Operator instructions] And your first question today comes from the line of Nick Jarmoszuk of Stifel. Please continue. Beatriz Garcia-Cos -- Chief Financial Officer. It changed the way we operated our assets and it forced us to expand and accelerate our efforts on the cost-cutting side. We have kept the price at the same level or pretty close to the same level. Which are non-IFRS measures. For more information, visit http://investor.ferroglobe.com. Please dial in at least five minutes prior to the call to register. The improvement in discretionary spending is one specific area where we are realizing the benefit of our efforts and are taking measures to ensure there isn't cost creep over time. Furthermore, we continued operating the business while managing our cash. A few weeks back, we informed the market on our progress relating to proposed financing, which addresses the maturity of our senior unsecured notes and addresses the injection of new capital into the company, enriching this milestone in the financing process, we are taking steps toward ensuring that we have the resources to execute our turnaround plan. So these are two moving parts. On the turnaround plan itself, we completed most of the preparation work in 2020. Yes. It should be noted that the results presented are unedited. The line is now open, Brian. Turning first to silicon metal on Slide 7. Total assets were approximately $1.4 billion at year-end 2020, a slight decrease of $34 million over the prior balance at the end of Q3. Beginning with Slide 11. At this time, all participants are in a listen-only mode. You are seeing a rebound in volume already in quarter four. As a reminder, there is a lag from the movement in the index when we realize the benefit. Manganese ore has moved up a little bit market-wise between Q1 and Q4 last year. In addition, this discussion includes reference to EBITDA, adjusted EBITDA, gross debt, net debt, and adjusted diluted earnings per share. Not only we are involving more of our workforce throughout the organization. Cash flow from investing activities was negative $14.2 million as we had a pickup in capital expenditure during the winter months during some planned outages, mainly in Europe. The call comes after the company's earnings, which are set to be announced … In regard to our prior account receivable securitization program in Europe, we closed on a new facility on October 1st. Show full articles without "Continue Reading" button for {0} hours. Ferroglobe invites all interested persons to participate on its conference call … These centers of engagement with our workforce ensure that the full organization has a sound understanding of what we are aiming to achieve for the turnaround plan and how it impacts them. During the quarter, our cost of sales increased by 36%. Are you seeing any inflationary cost pressures across the manganese, silicon metal, and ferrosilicon side? Furthermore, our ferromanganese sales also improved on the back of granular recovery across the global automotive and market. Finally, the proposed financing discussions we referred to in our previous announcement on February 1st are continuing, and we hope to be able to make a further announcement about those soon.