Ferroglobe reports $29mln loss in Q1 amid lower metal, alloy prices

Speciality metals producer Ferroglobe made a net loss of $28.6 million for the first quarter of 2019, it said in an earnings report on Monday June 3, citing weaker metal and alloys prices amid a “significant market downturn.”

The result, for the three months to March 31, compared with a profit of $35.6 million in the corresponding quarter of 2018 and a loss of $74.2 million for the fourth quarter of 2018. “Our [first-quarter] results reflect a significant market downturn continuing into 2019,” chief executive officer Pedro Larrea said, with the company reporting weaker end-user demand. The Nasdaq-listed metals and alloys producer recorded total sales of $456.8 million for the first quarter, down by 18.5% year-on-year and by 24.3% compared with the fourth quarter of 2019. Ferroglobe was considering...

Published

Janie Davies

June 04, 2019

19:44 GMT

London