AMG shares slide on full-year EBITDA guidance cut

AMG Critical Materials NV

27/07/2023 08:58

** AMG Critical Materials  AMG.AS  share slump by more than
12% after the Dutch metallurgical group cut on Wednesday its
EBITDA outlook for 2023 
    ** The company now expects its full-year EBITDA to fall to
$350-380 million from the previous forecast of "exceeding $400
million" 
    ** It also confirmed its third-quarter profitability will be
negatively impacted by lower volumes associated with the
spodumene expansion project 
    ** ING points to sharp reduction of lithium market prices
since 4Q22 as the main reason for the guidance cut 
    ** It also flags that Vanadium and Critical Materials AMG's
divisions performance is below expectations 
    ** AMG shares are on track for its worst day since May 2022 

 (Reporting by Laura Lenkiewicz)
 ((Laura.lenkiewicz@thomsonreuters.com))