Ferroglobe climbs on plan to start Polokwane silicon metal facility

Ferroglobe

04/10/2022 16:46

** Shares of silicon metal producer Ferroglobe PLC  GSM.O 
climb 11.6% at $6.28, on track for its best day since March 3
    ** GSM announces plan to restart its 55,000-ton silicon
metal facility in Polokwane, South Africa
    ** GSM says decision to restart the Polokwane facility was
made to increase company's capacity of silicon metal to address
strong market demand
    ** Company expects to begin production of the three-furnace
operation in November, with initial production of about 1,150
metric tons per month, gradually ramping up to about 3,750
metric tons per month by the end of Q2 2023
    ** "Polokwane plant will enable the company to add capacity
that is lower cost and strategically located, optimizing its
asset footprint, and providing flexibility in addressing the
volatile energy markets in Europe" -  Ferroglobe
    ** GSM up 1.2% so far this year
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))