Ferroglobe: Slides after double whammy of lower volume, prices

Ferroglobe

03/03/2020 19:12

** U.S.-listed shares of silicon metal and alloys maker
 GSM.O  slip as much as 10.6% to 75 cents after co reports Q4
adjusted loss, as Ferroglobe's shipments and prices fell
    ** On an adj. basis, GSM incurred loss of 32 cents per share
for Q4 vs. profit of 3 cents a year earlier  urn:newsml:reuters.com:*:nGNX8zSK6g
    ** Sales slumped 38.3% to $364.4 mln in quarter
    ** To counter pricing and volume headwinds, a new strategic
plan is being developed, aimed at returning co to profitability,
says CFO Beatriz García-Cos
    ** In response to reduced demand, co had announced
production curtailments in October last year  urn:newsml:reuters.com:*:nGNX2j3YrR
    ** CEO Marco Levi says "to date our business has not been
directly impacted" due to the coronavirus outbreak
    ** Including session's moves, GSM down 20% YTD
    

 (Reporting by Taru Jain)
 ((taru.jain@thomsonreuters.com))