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Ferroglobe PLC (NASDAQ: GSM) (âFerroglobeâ or âthe Companyâ), a leading producer of silicon metal, silicon-based alloys and manganese-based alloys, today announced that the Company has taken additional measures to counter the impact of the increase in energy prices in Spain.
The Company has decided to shut down one kiln at the Sabon plant, a second kiln at the Boo plant, and aims to reduce the target production by 25% at the MonzÃ³n plant by modulating production according to the energy price volatility.
Collectively, these actions aim to minimize the impact of rising energy costs in Spain, while allowing us to meet our existing obligations to customers.
Mr Marco Levi, CEO of Ferroglobe, said: âIn this unprecedented period where energy prices in Spain have more than quadrupled in recent months, we are constantly looking for ways to minimize the impact. The ability to leverage our large asset footprint and technical expertise is invaluable in addressing this issue. Mr. Levi continued, âThis latest round of actions allows us to fulfill our obligations to our customers in Spain, in part by utilizing other assets in the region, with the aim of optimizing each order. We continue to monitor this unique situation on a daily basis and will make operational adjustments accordingly. “