00016398772023FYfalseP4YP10YP2YP5YP50YP1YP37Y4745000090000P14Y2MP14Y9MP12Y5MP12Y5M0.09375P10YP8Y6M104563000P1YP2Y1.0475P3YP2Y3M0.00640.093750.093750001639877gsm:GrantDate11Membergsm:FerroglobePlcEquityIncentivePlanMember2023-05-300001639877gsm:GrantDate10Membergsm:FerroglobePlcEquityIncentivePlanMember2022-09-220001639877gsm:GrantDate9Membergsm:FerroglobePlcEquityIncentivePlanMember2021-09-090001639877gsm:GrantDate8Membergsm:FerroglobePlcEquityIncentivePlanMember2020-12-160001639877gsm:GrantDate7Membergsm:FerroglobePlcEquityIncentivePlanMember2019-03-130001639877gsm:GrantDate6Membergsm:FerroglobePlcEquityIncentivePlanMember2018-06-140001639877gsm:GrantDate5Membergsm:FerroglobePlcEquityIncentivePlanMember2018-03-210001639877gsm:GrantDate4Membergsm:FerroglobePlcEquityIncentivePlanMember2017-06-200001639877gsm:GrantDate3Membergsm:FerroglobePlcEquityIncentivePlanMember2017-06-010001639877gsm:GrantDate2Membergsm:FerroglobePlcEquityIncentivePlanMember2017-06-010001639877gsm:GrantDate1Membergsm:FerroglobePlcEquityIncentivePlanMember2016-11-240001639877country:FR2022-01-012022-12-310001639877ifrs-full:VehiclesMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:VehiclesMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877ifrs-full:ComputerEquipmentMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:ComputerEquipmentMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877ifrs-full:BuildingsMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:BuildingsMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:ToolsMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:ToolsMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:PlantAndMachineryMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:PlantAndMachineryMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:IfrsFurnitureAndFixturesMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:IfrsFurnitureAndFixturesMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:InmobiliariaEspacioS.a.Member2023-12-310001639877gsm:InmobiliariaEspacioS.a.Member2022-12-310001639877gsm:EspacioInformationTechnologyS.a.u.Member2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2022-12-310001639877gsm:WorldOtherThanEuropeanAndUSMember2023-01-012023-12-310001639877gsm:TopTenCustomersMember2023-01-012023-12-310001639877gsm:SiliconMetalProductLineMember2023-01-012023-12-310001639877gsm:SilicaFumeProductLineMember2023-01-012023-12-310001639877gsm:OtherSiliconBasedAlloysProductLineMember2023-01-012023-12-310001639877gsm:OtherProductLinesMember2023-01-012023-12-310001639877gsm:ManganeseAlloysProductLineMember2023-01-012023-12-310001639877gsm:FerrosiliconProductLineMember2023-01-012023-12-310001639877gsm:EuropeanCountriesOtherThanSpainGermanyItalyMember2023-01-012023-12-310001639877country:US2023-01-012023-12-310001639877country:ES2023-01-012023-12-310001639877country:DE2023-01-012023-12-310001639877gsm:WorldOtherThanEuropeanAndUSMember2022-01-012022-12-310001639877gsm:TopTenCustomersMember2022-01-012022-12-310001639877gsm:SiliconMetalProductLineMember2022-01-012022-12-310001639877gsm:SilicaFumeProductLineMember2022-01-012022-12-310001639877gsm:OtherSiliconBasedAlloysProductLineMember2022-01-012022-12-310001639877gsm:OtherProductLinesMember2022-01-012022-12-310001639877gsm:ManganeseAlloysProductLineMember2022-01-012022-12-310001639877gsm:FerrosiliconProductLineMember2022-01-012022-12-310001639877gsm:EuropeanCountriesOtherThanSpainGermanyItalyMember2022-01-012022-12-310001639877country:US2022-01-012022-12-310001639877country:ES2022-01-012022-12-310001639877country:DE2022-01-012022-12-310001639877gsm:WorldOtherThanEuropeanAndUSMember2021-01-012021-12-310001639877gsm:TopTenCustomersMember2021-01-012021-12-310001639877gsm:SiliconMetalProductLineMember2021-01-012021-12-310001639877gsm:SilicaFumeProductLineMember2021-01-012021-12-310001639877gsm:OtherSiliconBasedAlloysProductLineMember2021-01-012021-12-310001639877gsm:OtherProductLinesMember2021-01-012021-12-310001639877gsm:ManganeseAlloysProductLineMember2021-01-012021-12-310001639877gsm:FerrosiliconProductLineMember2021-01-012021-12-310001639877gsm:EuropeanCountriesOtherThanSpainGermanyItalyMember2021-01-012021-12-310001639877country:US2021-01-012021-12-310001639877country:ES2021-01-012021-12-310001639877country:DE2021-01-012021-12-310001639877ifrs-full:FactoringOfReceivablesMemberifrs-full:LiquidityRiskMember2023-01-012023-12-310001639877ifrs-full:FactoringOfReceivablesMemberifrs-full:LiquidityRiskMember2022-01-012022-12-310001639877gsm:PuertollanoSiliconMetalProjectFacilityMemberifrs-full:AccumulatedImpairmentMember2023-12-310001639877gsm:DowSiliconesCorporationMember2023-12-310001639877gsm:DowSiliconesCorporationMember2022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:UltracoreEnergySaMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:SolsilInc.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:NingxiaYonveyCoalIndustrialCo.Ltd.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:MangshiFerroatlanticaMiningIndustryServiceCompanyltdMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GsmNetherlandsBvMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GsmFinancialInc.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GrupoFerroatlanticaS.a.uMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GlobeSpecialtyMetalsInc.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GlobeMetalesS.r.l.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerrotambaoSarlMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerrosolarRDSl.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerrosolarOpcoGroupSl.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroquartzMauritaniaSarlMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroquartzHoldingsLtdHongKongMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerromanganeseMauritaniaSarlMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeInnovationS.lMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeFinanceCompanyPlcMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeDeParticipacionesS.l.uMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeAdvancedMaterialsIiS.lMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlnticaDeVenezuelaFerrovenS.a.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlanticaDeutschlandGmbhMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlanticaDeMexicoS.a.DeC.v.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlanticaBrasilMineracaoLtda.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:EmixS.a.s.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:CuarzosIndustrialesDeVenezuelaCuarzovenS.a.Member2023-01-012023-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:ThabaChueuMiningPty.Ltd.Member2023-01-012023-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:SiliconTechnologyPty.Ltd.Member2023-01-012023-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:SiliconSmeltersPty.Ltd.Member2023-01-012023-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:ReboneMiningPty.Ltd.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndSiliconAlloysEuropeSegmentMembergsm:RocasArcillasYMineralesS.a.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndSiliconAlloysEuropeSegmentMembergsm:FerropemS.a.s.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndSiliconAlloysEuropeSegmentMembergsm:CuarzosIndustrialesS.a.u.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:WestVirginiaAlloysInc.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:NorchemInc.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:LfResourcesInc.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:LaurelFordResourcesInc.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GsmEnterprisesLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GsmEnterprisesHoldingsInc.Member2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GlobeMetallurgicalIncMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GlobeBgLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GbgHoldingsLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GbgFinancialLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GatliffServicesLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:ArlServicesLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:ArlResourcesLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:AldenSalesCorporationLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:AldenResourcesLlcMember2023-01-012023-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:AlabamaSandAndGravelIncMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:WvaManufacturingLlcMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:QuebecSiliconLimitedPartnershipMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:QuebecSiliconGeneralPartnerMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:QsipCanadaUlcMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:GsmSalesInc.Member2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:GsmAlloysIInc.Member2023-01-012023-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:GsmAlloysIiInc.Member2023-01-012023-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:TennesseeAlloysCompanyLlcMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:MetallurgicalProcessMaterialsLlcMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:GlobeMetalsEnterprisesInc.Member2023-01-012023-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:EcpiInc.Member2023-01-012023-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:CoreMetalsGroupLlcMember2023-01-012023-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:CoreMetalsGroupHoldingsLlcMember2023-01-012023-12-310001639877gsm:ManganeseAndSiliconAlloysEuropeSegmentMembergsm:GrupoFerroatlnticaDeServiciosS.a.uMember2023-01-012023-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:KintuckFranceSasMember2023-01-012023-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:KintuckAsMember2023-01-012023-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:FerroglobeManganNorgeAsMember2023-01-012023-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:FerroglobeManganeseFranceSasMember2023-01-012023-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:FerroatlanticaDelCincaS.l.Member2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:UltracoreEnergySaMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:SolsilInc.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:PhotosilIndustriesSasMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:NingxiaYonveyCoalIndustrialCo.Ltd.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:MangshiFerroatlanticaMiningIndustryServiceCompanyltdMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:HidroelectricitDeSaintBeronS.a.sMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GsmNetherlandsBvMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GsmFinancialInc.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GrupoFerroatlnticaDeServiciosS.a.uMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GlobeSpecialtyMetalsInc.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:GlobeMetalesS.r.l.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerrotambaoSarlMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerrosolarRDSl.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerrosolarOpcoGroupSl.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroquartzMauritaniaSarlMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroquartzHoldingsLtdHongKongMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerromanganeseMauritaniaSarlMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeInnovationS.l.uMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeFinanceCompanyPlcMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlnticaDeVenezuelaFerrovenS.a.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlanticaDeutschlandGmbhMember2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlanticaDeMexicoS.a.DeC.v.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroatlanticaBrasilMineracaoLtda.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:EmixS.a.s.Member2022-01-012022-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:CuarzosIndustrialesDeVenezuelaCuarzovenS.a.Member2022-01-012022-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:ThabaChueuMiningPty.Ltd.Member2022-01-012022-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:SiliconTechnologyPty.Ltd.Member2022-01-012022-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:SiliconSmeltersPty.Ltd.Member2022-01-012022-12-310001639877gsm:SouthAfricaSiliconMetalAndAlloysSegmentMembergsm:ReboneMiningPty.Ltd.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndSiliconAlloysEuropeSegmentMembergsm:RocasArcillasYMineralesS.a.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndSiliconAlloysEuropeSegmentMembergsm:FerropemS.a.s.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndSiliconAlloysEuropeSegmentMembergsm:CuarzosIndustrialesS.a.u.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:WestVirginiaAlloysInc.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:NorchemInc.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:MetallurgicalProcessMaterialsLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:LfResourcesInc.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:LaurelFordResourcesInc.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GsmEnterprisesLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GsmEnterprisesHoldingsInc.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GlobeMetallurgicalInc.Member2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GlobeBgLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GbgHoldingsLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GbgFinancialLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:GatliffServicesLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:ArlServicesLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:ArlResourcesLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:AldenSalesCorporationLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:AldenResourcesLlcMember2022-01-012022-12-310001639877gsm:SiliconMetalsAndAlloysNorthAmericanSegmentMembergsm:AlabamaSandAndGravelIncMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:WvaManufacturingLlcMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:QuebecSiliconLpMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:QuebecSiliconGeneralPartnerMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:QsipCanadaUlcMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:GsmSalesInc.Member2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:GsmAlloysIInc.Member2022-01-012022-12-310001639877gsm:NorthAmericaSiliconMetalSegmentMembergsm:GsmAlloysIiInc.Member2022-01-012022-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:TennesseeAlloysCompanyLlcMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:GlobeMetalsEnterprisesInc.Member2022-01-012022-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:EcpiInc.Member2022-01-012022-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:CoreMetalsGroupLlcMember2022-01-012022-12-310001639877gsm:NorthAmericaSiliconAlloysSegmentMembergsm:CoreMetalsGroupHoldingsLlcMember2022-01-012022-12-310001639877gsm:ManganeseAndSiliconAlloysEuropeSegmentMembergsm:GrupoFerroatlanticaS.a.uMember2022-01-012022-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:KintuckFranceSasMember2022-01-012022-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:KintuckAsMember2022-01-012022-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:FerroglobeManganNorgeAsMember2022-01-012022-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:FerroglobeManganeseFranceSasMember2022-01-012022-12-310001639877gsm:ManganeseAlloysEuropeSegmentMembergsm:FerroatlanticaDelCincaS.l.Member2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:MachineryMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:FixturesAndFittingsMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:MineralReservesMember2023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndMachineryMember2023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndBuildingsMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:MachineryMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:FixturesAndFittingsMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:MineralReservesMember2022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndMachineryMember2022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndBuildingsMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherPropertyPlantAndEquipmentMember2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:MachineryMember2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:FixturesAndFittingsMember2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2021-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:MineralReservesMember2021-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndMachineryMember2021-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndBuildingsMember2021-12-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:OrdinarySharesMemberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2021-01-012021-12-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:OrdinarySharesMembergsm:NotesInRestructuringMember2021-01-012021-12-310001639877ifrs-full:OrdinarySharesMembergsm:NotesInRestructuringMember2021-01-012021-12-310001639877gsm:SuperSeniorNotesDueIn2025Membergsm:FerroglobeFinanceCompanyPlcMember2021-05-172021-05-170001639877country:CAifrs-full:PlanAssetsMember2023-12-310001639877country:CAifrs-full:PlanAssetsMember2022-12-310001639877country:CAifrs-full:PlanAssetsMember2021-12-310001639877gsm:KintukSasAndKintukAsMember2018-02-010001639877gsm:DowSiliconesCorporationMember2023-01-012023-12-310001639877gsm:DowSiliconesCorporationMember2022-01-012022-12-310001639877gsm:DowSiliconesCorporationMember2021-01-012021-12-310001639877gsm:ProvisionForLitigationMembergsm:FerropemS.a.s.Member2023-12-310001639877ifrs-full:LegalProceedingsProvisionMembergsm:GlobeMetallurgicalInc.Member2022-12-310001639877gsm:ProvisionForLitigationMembergsm:GlobeMetallurgicalIncMember2022-12-310001639877gsm:ProvisionForLitigationMembergsm:FerropemS.a.s.Member2022-12-310001639877gsm:ProvisionForLitigationMember2022-12-310001639877ifrs-full:RestructuringProvisionMember2023-12-310001639877ifrs-full:LegalProceedingsProvisionMember2023-12-310001639877gsm:ProvisionsForCo2EmissionsAllowancesMember2023-12-310001639877gsm:OtherProvisionsProvisionsForTaxesMember2023-12-310001639877gsm:OtherProvisionsForReclaimingLandMember2023-12-310001639877ifrs-full:RestructuringProvisionMember2022-12-310001639877ifrs-full:LegalProceedingsProvisionMember2022-12-310001639877gsm:OtherProvisionsProvisionsForTaxesMember2022-12-310001639877gsm:OtherProvisionsForReclaimingLandMember2022-12-310001639877ifrs-full:RestructuringProvisionMember2021-12-310001639877ifrs-full:OtherEnvironmentRelatedProvisionMember2021-12-310001639877ifrs-full:MiscellaneousOtherProvisionsMember2021-12-310001639877ifrs-full:LegalProceedingsProvisionMember2021-12-310001639877gsm:ProvisionsForThirdPartyLiabilityMember2021-12-310001639877gsm:ProvisionsForCo2EmissionsAllowancesMember2021-12-310001639877ifrs-full:OtherEnvironmentRelatedProvisionMember2023-12-310001639877ifrs-full:MiscellaneousOtherProvisionsMember2023-12-310001639877gsm:ProvisionsForThirdPartyLiabilityMember2023-12-310001639877gsm:EnvironmentalRehabilitationMember2023-12-310001639877ifrs-full:OtherEnvironmentRelatedProvisionMember2022-12-310001639877ifrs-full:MiscellaneousOtherProvisionsMember2022-12-310001639877gsm:ProvisionsForThirdPartyLiabilityMember2022-12-310001639877gsm:ProvisionsForCo2EmissionsAllowancesMember2022-12-310001639877gsm:EnvironmentalRehabilitationMember2022-12-310001639877ifrs-full:OtherEquitySecuritiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:AtFairValueMember2023-12-310001639877ifrs-full:OtherEquitySecuritiesMemberifrs-full:AtFairValueMember2023-12-310001639877ifrs-full:OtherEquitySecuritiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:AtFairValueMember2022-12-310001639877ifrs-full:OtherEquitySecuritiesMemberifrs-full:AtFairValueMember2022-12-310001639877gsm:EquityDistributionAgreementWithB.RileySecuritiesInc.AndCantorFitzgeraldCoMemberifrs-full:OrdinarySharesMember2023-12-3100016398772021-01-012022-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2022-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2021-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2020-12-310001639877gsm:GrantDate9Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate8Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate7Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate6Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate5Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate2Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate1Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate11Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate10Membergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:GrantDate9Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate8Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate7Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate6Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate5Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate2Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate1Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:GrantDate10Membergsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:CreditFacilitiesMember2023-12-310001639877gsm:SuperSeniorNotesDueIn2025Membergsm:FerroglobeFinanceCompanyPlcMember2023-07-290001639877gsm:CreditFacilitiesMember2022-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Memberifrs-full:LiquidityRiskMembergsm:SpainEsMember2022-03-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Membergsm:LoanWithVariableInterestRateMember2022-03-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlanticaS.a.uMember2022-03-310001639877gsm:LoanMaturingInJune2025Membergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2022-03-310001639877gsm:LoanMaturingInFebruary2025Membergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2022-03-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMember2022-03-310001639877gsm:SeniorNotesDue2022Memberifrs-full:CurrencyRiskMember2021-07-300001639877gsm:SecuredSuperSeniorNotesMemberifrs-full:CurrencyRiskMember2021-07-300001639877gsm:LoanWithInvestissementQuebecMemberifrs-full:LiquidityRiskMembergsm:CandaMember2020-12-310001639877gsm:OtherBankBorrowingsMembercountry:FR2020-12-310001639877country:FR2020-12-310001639877gsm:EnergyaVmGestionDeLaEnergiaS.l.Member2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DerivativesMember2023-12-310001639877gsm:WvaManufacturingLlcMembergsm:GlobeSpecialtyMetalsIncMember2023-12-310001639877gsm:QuebecSiliconLimitedPartnershipMembergsm:GlobeSpecialtyMetalsIncMember2023-12-310001639877gsm:WvaManufacturingLlcMembergsm:GlobeSpecialtyMetalsIncMember2022-12-310001639877gsm:QuebecSiliconLimitedPartnershipMembergsm:GlobeSpecialtyMetalsIncMember2022-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:CashFlowHedgesMember2023-10-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMemberifrs-full:WhollyUnfundedDefinedBenefitPlansMembercountry:CA2023-12-310001639877gsm:PostRetirementPlansMemberifrs-full:WhollyUnfundedDefinedBenefitPlansMembercountry:CA2023-12-310001639877ifrs-full:WhollyUnfundedDefinedBenefitPlansMembercountry:CA2023-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMemberifrs-full:WhollyUnfundedDefinedBenefitPlansMembercountry:CA2022-12-310001639877gsm:PostRetirementPlansMemberifrs-full:WhollyUnfundedDefinedBenefitPlansMembercountry:CA2022-12-310001639877ifrs-full:WhollyUnfundedDefinedBenefitPlansMembercountry:CA2022-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2022-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CA2021-12-310001639877gsm:PostRetirementPlansMembercountry:CA2021-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2021-12-310001639877country:CA2021-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2020-12-310001639877gsm:KintukSasAndKintukAsMember2022-12-310001639877ifrs-full:LongtermBorrowingsMember2023-12-310001639877ifrs-full:LeaseLiabilitiesMember2023-12-310001639877gsm:TollingAgreementLeaseLiabilityMember2023-12-310001639877gsm:LoansFromGovernmentMember2023-12-310001639877gsm:DebtInstrumentsMember2023-12-310001639877ifrs-full:LongtermBorrowingsMember2022-12-310001639877ifrs-full:LeaseLiabilitiesMember2022-12-310001639877gsm:TollingAgreementLeaseLiabilityMember2022-12-310001639877gsm:LoansFromGovernmentMember2022-12-310001639877gsm:DebtInstrumentsMember2022-12-310001639877ifrs-full:LongtermBorrowingsMember2021-12-310001639877ifrs-full:LeaseLiabilitiesMember2021-12-310001639877gsm:LoansFromGovernmentMember2021-12-310001639877gsm:DebtInstrumentsMember2021-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2023-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2022-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2021-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001639877gsm:EquityDistributionAgreementWithB.RileySecuritiesInc.AndCantorFitzgeraldCoMemberifrs-full:TopOfRangeMember2021-10-062021-10-060001639877ifrs-full:SharePremiumMember2021-01-012021-12-310001639877ifrs-full:IssuedCapitalMember2021-01-012021-12-310001639877ifrs-full:OrdinarySharesMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ComputerSoftwareMember2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:PowerSupplyAgreementsMember2023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:IFRSContractualRightsMember2023-12-310001639877ifrs-full:AccumulatedImpairmentMemberifrs-full:CapitalisedDevelopmentExpenditureMember2023-12-310001639877ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:CapitalisedDevelopmentExpenditureMember2023-12-310001639877ifrs-full:AccumulatedDepreciationAndAmortisationMember2023-12-310001639877gsm:GreenhouseGassesCo2Member2023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ComputerSoftwareMember2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:PowerSupplyAgreementsMember2022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:IFRSContractualRightsMember2022-12-310001639877ifrs-full:AccumulatedDepreciationAndAmortisationMember2022-12-310001639877gsm:GreenhouseGassesCo2Member2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ComputerSoftwareMember2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2021-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:PowerSupplyAgreementsMember2021-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:IFRSContractualRightsMember2021-12-310001639877ifrs-full:AccumulatedDepreciationAndAmortisationMember2021-12-310001639877gsm:GreenhouseGassesCo2Member2021-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherPropertyPlantAndEquipmentMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:MineralReservesMember2022-01-012022-12-310001639877ifrs-full:RestructuringProvisionMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:IFRSContractualRightsMember2023-01-012023-12-310001639877gsm:SiliconMetalMemberifrs-full:WeightedAverageCostOfCapitalMeasurementInputMember2023-01-012023-12-310001639877gsm:SiliconMetalMembergsm:LongTermGrowthRateMember2023-01-012023-12-310001639877gsm:SiliconMetalMembergsm:EarningsBeforeInterestTaxesDepreciationAndAmortizationMember2023-01-012023-12-310001639877gsm:SiliconBasedAlloysMemberifrs-full:WeightedAverageCostOfCapitalMeasurementInputMember2023-01-012023-12-310001639877gsm:SiliconBasedAlloysMembergsm:LongTermGrowthRateMember2023-01-012023-12-310001639877gsm:SiliconBasedAlloysMembergsm:EarningsBeforeInterestTaxesDepreciationAndAmortizationMember2023-01-012023-12-310001639877gsm:PolokwaneFacilityMemberifrs-full:WeightedAverageCostOfCapitalMeasurementInputMember2023-01-012023-12-310001639877gsm:PolokwaneFacilityMembergsm:LongTermGrowthRateMember2023-01-012023-12-310001639877gsm:PolokwaneFacilityMembergsm:EarningsBeforeInterestTaxesDepreciationAndAmortizationMember2023-01-012023-12-310001639877ifrs-full:OtherEnvironmentRelatedProvisionMember2023-01-012023-12-310001639877ifrs-full:MiscellaneousOtherProvisionsMember2023-01-012023-12-310001639877ifrs-full:LegalProceedingsProvisionMember2023-01-012023-12-310001639877gsm:ProvisionsForCo2EmissionsAllowancesMember2023-01-012023-12-310001639877ifrs-full:RestructuringProvisionMember2022-01-012022-12-310001639877ifrs-full:OtherEnvironmentRelatedProvisionMember2022-01-012022-12-310001639877ifrs-full:MiscellaneousOtherProvisionsMember2022-01-012022-12-310001639877ifrs-full:LegalProceedingsProvisionMember2022-01-012022-12-310001639877gsm:ProvisionsForThirdPartyLiabilityMember2022-01-012022-12-310001639877gsm:ProvisionsForCo2EmissionsAllowancesMember2022-01-012022-12-310001639877ifrs-full:ActuarialAssumptionOfMedicalCostTrendRatesMembergsm:PostRetirementPlansMembercountry:CA2023-12-310001639877ifrs-full:ActuarialAssumptionOfMedicalCostTrendRatesMembergsm:PostRetirementPlansMembercountry:CA2022-12-310001639877ifrs-full:HedgingInstrumentsMember2023-01-012023-12-310001639877gsm:SiliconMetalsUnitedStatesSegmentMember2023-01-012023-12-310001639877gsm:SiliconAlloysUnitedStatesSegmentMember2023-01-012023-12-310001639877gsm:SiliconMetalsUnitedStatesSegmentMember2022-01-012022-12-310001639877gsm:SiliconAlloysUnitedStatesSegmentMember2022-01-012022-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:CashFlowHedgesMember2023-12-310001639877gsm:SiliconMetalsUnitedStatesSegmentMember2023-12-310001639877gsm:SiliconAlloysUnitedStatesSegmentMember2023-12-310001639877gsm:SiliconMetalsUnitedStatesSegmentMember2022-12-310001639877gsm:SiliconAlloysUnitedStatesSegmentMember2022-12-310001639877gsm:SiliconMetalsUnitedStatesSegmentMember2021-12-310001639877gsm:SiliconAlloysUnitedStatesSegmentMember2021-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2023-01-012023-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2022-01-012022-12-310001639877ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2021-01-012021-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMember2023-01-012023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMember2023-01-012023-12-310001639877gsm:OtherBankBorrowingsMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:DiscountedCashFlowMembercountry:FR2023-12-310001639877gsm:ReindusLoanMemberifrs-full:Level2OfFairValueHierarchyMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2023-12-310001639877gsm:ReindusLoanMemberifrs-full:Level2OfFairValueHierarchyMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2022-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMemberifrs-full:Level2OfFairValueHierarchyMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Memberifrs-full:DiscountedCashFlowMember2022-03-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:AtFairValueMember2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembergsm:OtherFinancialAssetsMember2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembergsm:OtherFinancialAssetsMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:TradeReceivablesMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:RestrictedCashMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:ReceivablesFromRelatedPartiesMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:OtherFinancialAssetsMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:CashEquivalentsAndCashMember2023-12-310001639877ifrs-full:TradeReceivablesMember2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember2023-12-310001639877gsm:RestrictedCashMember2023-12-310001639877gsm:ReceivablesFromRelatedPartiesMember2023-12-310001639877gsm:CashEquivalentsAndCashMember2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembergsm:OtherFinancialAssetsMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:TradeReceivablesMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:RestrictedCashMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:ReceivablesFromRelatedPartiesMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:OtherFinancialAssetsMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:CashEquivalentsAndCashMember2022-12-310001639877ifrs-full:TradeReceivablesMember2022-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember2022-12-310001639877gsm:RestrictedCashMember2022-12-310001639877gsm:ReceivablesFromRelatedPartiesMember2022-12-310001639877gsm:OtherFinancialAssetsMember2022-12-310001639877gsm:CashEquivalentsAndCashMember2022-12-310001639877ifrs-full:AccumulatedImpairmentMember2021-12-310001639877ifrs-full:FactoringOfReceivablesMember2023-01-012023-12-310001639877ifrs-full:FactoringOfReceivablesMember2022-01-012022-12-310001639877gsm:GrantDate11Membergsm:FerroglobePlcEquityIncentivePlanMember2023-05-302023-05-300001639877gsm:GrantDate10Membergsm:FerroglobePlcEquityIncentivePlanMember2022-09-222022-09-220001639877gsm:GrantDate9Membergsm:FerroglobePlcEquityIncentivePlanMember2021-09-092021-09-090001639877gsm:GrantDate8Membergsm:FerroglobePlcEquityIncentivePlanMember2020-12-162020-12-160001639877gsm:GrantDate7Membergsm:FerroglobePlcEquityIncentivePlanMember2019-03-132019-03-130001639877gsm:GrantDate6Membergsm:FerroglobePlcEquityIncentivePlanMember2018-06-142018-06-140001639877gsm:GrantDate5Membergsm:FerroglobePlcEquityIncentivePlanMember2018-03-212018-03-210001639877gsm:GrantDate4Membergsm:FerroglobePlcEquityIncentivePlanMember2017-06-202017-06-200001639877gsm:GrantDate3Membergsm:FerroglobePlcEquityIncentivePlanMember2017-06-012017-06-010001639877gsm:GrantDate2Membergsm:FerroglobePlcEquityIncentivePlanMember2017-06-012017-06-010001639877gsm:GrantDate1Membergsm:FerroglobePlcEquityIncentivePlanMember2016-11-242016-11-240001639877gsm:FerroglobePlcEquityIncentivePlanMember2016-05-292016-05-290001639877srt:NorthAmericaMember2023-01-012023-12-310001639877ifrs-full:SharePremiumMember2023-12-310001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-12-310001639877ifrs-full:OtherReservesMember2023-12-310001639877ifrs-full:NoncontrollingInterestsMember2023-12-310001639877gsm:ValuationAdjustmentsMember2023-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2023-12-310001639877ifrs-full:SharePremiumMember2022-12-310001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-12-310001639877ifrs-full:OtherReservesMember2022-12-310001639877ifrs-full:NoncontrollingInterestsMember2022-12-310001639877gsm:ValuationAdjustmentsMember2022-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2022-12-310001639877ifrs-full:SharePremiumMember2021-12-310001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2021-12-310001639877ifrs-full:OtherReservesMember2021-12-310001639877ifrs-full:NoncontrollingInterestsMember2021-12-310001639877gsm:ValuationAdjustmentsMember2021-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2021-12-310001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-12-310001639877ifrs-full:OtherReservesMember2020-12-310001639877ifrs-full:NoncontrollingInterestsMember2020-12-310001639877gsm:ValuationAdjustmentsMember2020-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2020-12-310001639877ifrs-full:MajorOrdinaryShareTransactionsMember2024-03-012024-03-310001639877country:FR2023-01-012023-12-310001639877gsm:LongTermGrowthRateMember2023-12-310001639877gsm:LongTermGrowthRateMember2022-12-310001639877gsm:LongTermGrowthRateMember2021-12-310001639877ifrs-full:WeightedAverageCostOfCapitalMeasurementInputMember2023-12-310001639877gsm:PolokwaneFacilityMember2023-12-310001639877ifrs-full:WeightedAverageCostOfCapitalMeasurementInputMember2022-12-310001639877ifrs-full:WeightedAverageCostOfCapitalMeasurementInputMember2021-12-310001639877gsm:PurchasePriceAgreementsMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:AtFairValueMember2023-12-310001639877gsm:PurchasePriceAgreementsMemberifrs-full:AtFairValueMember2023-12-310001639877gsm:OtherFinancialAssetsMembergsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMember2023-12-310001639877gsm:OtherFinancialAssetsMember2023-12-310001639877ifrs-full:PropertyPlantAndEquipmentMember2023-12-310001639877ifrs-full:OtherTemporaryDifferencesMember2023-12-310001639877ifrs-full:OtherProvisionsMember2023-12-310001639877ifrs-full:IntangibleAssetsAndGoodwillMember2023-12-310001639877ifrs-full:HedgingInstrumentsMember2023-12-310001639877gsm:TemporaryDifferenceTaxLossesMember2023-12-310001639877gsm:InventoryMember2023-12-310001639877ifrs-full:PropertyPlantAndEquipmentMember2022-12-310001639877ifrs-full:OtherTemporaryDifferencesMember2022-12-310001639877ifrs-full:OtherProvisionsMember2022-12-310001639877ifrs-full:IntangibleAssetsAndGoodwillMember2022-12-310001639877gsm:TemporaryDifferenceTaxLossesMember2022-12-310001639877gsm:TemporaryDifferenceTaxIncentivesAndCreditsMember2022-12-310001639877gsm:InventoryMember2022-12-310001639877srt:PartnershipInterestMember2021-12-310001639877ifrs-full:PropertyPlantAndEquipmentMember2021-12-310001639877ifrs-full:OtherTemporaryDifferencesMember2021-12-310001639877ifrs-full:OtherProvisionsMember2021-12-310001639877ifrs-full:IntangibleAssetsAndGoodwillMember2021-12-310001639877gsm:TemporaryDifferenceTaxLossesMember2021-12-310001639877gsm:TemporaryDifferenceTaxIncentivesAndCreditsMember2021-12-310001639877ifrs-full:OtherTemporaryDifferencesMember2023-01-012023-12-310001639877ifrs-full:IntangibleAssetsAndGoodwillMember2023-01-012023-12-310001639877gsm:TemporaryDifferenceTaxLossesMember2023-01-012023-12-310001639877gsm:TemporaryDifferenceTaxIncentivesAndCreditsMember2023-01-012023-12-310001639877gsm:InventoryMember2023-01-012023-12-310001639877ifrs-full:PropertyPlantAndEquipmentMember2023-01-012023-12-310001639877ifrs-full:OtherProvisionsMember2023-01-012023-12-310001639877srt:PartnershipInterestMember2022-01-012022-12-310001639877ifrs-full:PropertyPlantAndEquipmentMember2022-01-012022-12-310001639877ifrs-full:OtherTemporaryDifferencesMember2022-01-012022-12-310001639877ifrs-full:OtherProvisionsMember2022-01-012022-12-310001639877ifrs-full:IntangibleAssetsAndGoodwillMember2022-01-012022-12-310001639877gsm:TemporaryDifferenceTaxLossesMember2022-01-012022-12-310001639877gsm:TemporaryDifferenceTaxIncentivesAndCreditsMember2022-01-012022-12-310001639877gsm:InventoryMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMember2023-12-310001639877ifrs-full:AccumulatedImpairmentMember2023-12-310001639877ifrs-full:GrossCarryingAmountMember2022-12-310001639877ifrs-full:AccumulatedImpairmentMember2022-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CA2023-01-012023-12-310001639877gsm:PostRetirementPlansMembercountry:CA2023-01-012023-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2023-01-012023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CA2022-01-012022-12-310001639877gsm:PostRetirementPlansMembercountry:CA2022-01-012022-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2022-01-012022-12-310001639877country:CA2022-01-012022-12-310001639877country:FRifrs-full:PresentValueOfDefinedBenefitObligationMember2021-01-012021-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:OtherEquitySecuritiesMember2023-12-310001639877ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:OtherEquitySecuritiesMember2022-12-310001639877gsm:OtherFinancialLiabilitiesMembergsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMember2023-12-310001639877gsm:OtherFinancialLiabilitiesMembergsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMember2023-12-310001639877gsm:OtherFinancialLiabilitiesMember2023-12-310001639877gsm:ContingentConsiderationInBusinessCombinationMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:AtFairValueMember2023-12-310001639877gsm:ContingentConsiderationInBusinessCombinationMemberifrs-full:AtFairValueMember2023-12-310001639877gsm:ContingentConsiderationInBusinessCombinationMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:AtFairValueMember2022-12-310001639877gsm:ContingentConsiderationInBusinessCombinationMemberifrs-full:AtFairValueMember2022-12-310001639877gsm:FerroglobeManganNorgeAndFerroglobeManganeseFranceMemberifrs-full:TopOfRangeMember2018-02-010001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-01-012023-12-310001639877gsm:ValuationAdjustmentsMember2023-01-012023-12-310001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-01-012022-12-310001639877gsm:ValuationAdjustmentsMember2022-01-012022-12-310001639877ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2021-01-012021-12-310001639877ifrs-full:NoncontrollingInterestsMember2021-01-012021-12-310001639877gsm:ValuationAdjustmentsMember2021-01-012021-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2023-01-012023-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2023-01-012023-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2022-01-012022-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2021-01-012021-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2021-01-012021-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2022-01-012022-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2023-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2023-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2022-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2022-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2021-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2021-12-310001639877gsm:WvaManufacturingLlcMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2020-12-310001639877gsm:QuebecSiliconLimitedPartnershipMemberifrs-full:NoncontrollingInterestsMembergsm:GlobeSpecialtyMetalsIncMember2020-12-310001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:RepurchaseOfReinstatedSeniorNotesMember2023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:FerroglobePlcAndGlobeMember2023-12-310001639877gsm:FinancialLoansWithGovernmentsAgenciesMember2023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Member2023-06-300001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Membergsm:LoanWithFixedInterestRateMember2022-03-310001639877gsm:SuperSeniorNotesDueIn2025Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2021-12-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2021-12-310001639877gsm:SeniorNotesDue2022Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2021-12-310001639877gsm:SuperSeniorNotesDueIn2025Membergsm:NotesInRestructuringMember2021-12-310001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:NotesInRestructuringMember2021-12-310001639877gsm:SeniorNotesDue2022Member2021-12-310001639877gsm:SecuredReinstatedSeniorNotesMember2021-07-300001639877gsm:SuperSeniorNotesDueIn2025Membergsm:FerroglobeFinanceCompanyPlcMember2021-05-170001639877gsm:SeniorNotesDue2022Member2017-12-310001639877gsm:SeniorNotesDue2022Member2017-02-150001639877gsm:InmobiliariaEspacioS.a.Membergsm:EuroInterbankOfferedRateEuriborMember2023-12-310001639877ifrs-full:TopOfRangeMembergsm:IfrsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-06-300001639877ifrs-full:BottomOfRangeMembergsm:IfrsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-06-300001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Membergsm:IfrsLondonInterbankOfferedRateLiborMembergsm:InterestRateSpreadSecondAndThirdYearsMember2022-03-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Membergsm:IfrsLondonInterbankOfferedRateLiborMembergsm:InterestRateSpreadFourthYearMember2022-03-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Membergsm:IfrsLondonInterbankOfferedRateLiborMembergsm:InterestRateSpreadFirstYearMember2022-03-310001639877ifrs-full:FloatingInterestRateMemberifrs-full:InterestRateRiskMember2023-12-310001639877gsm:OtherBankBorrowingsMembercountry:FR2023-12-310001639877currency:USD2023-12-310001639877currency:EUR2023-12-310001639877ifrs-full:FloatingInterestRateMemberifrs-full:InterestRateRiskMember2022-12-310001639877ifrs-full:FixedInterestRateMemberifrs-full:InterestRateRiskMember2022-12-310001639877gsm:OtherBankBorrowingsMembercountry:FR2022-12-310001639877ifrs-full:InterestRateRiskMember2022-12-310001639877gsm:SupplierFactoringFacilityMember2022-12-310001639877gsm:OtherBankBorrowingsMember2022-12-310001639877currency:USD2022-12-310001639877currency:EUR2022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:MachineryMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:FixturesAndFittingsMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:MineralReservesMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndMachineryMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndBuildingsMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMember2023-01-012023-12-310001639877ifrs-full:AccumulatedImpairmentMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherPropertyPlantAndEquipmentMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:MachineryMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:LandAndBuildingsMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:FixturesAndFittingsMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndMachineryMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:LeasedLandAndBuildingsMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMember2022-01-012022-12-310001639877ifrs-full:AccumulatedImpairmentMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ComputerSoftwareMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2023-01-012023-12-310001639877ifrs-full:AccumulatedDepreciationAndAmortisationMember2023-01-012023-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:ComputerSoftwareMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2022-01-012022-12-310001639877ifrs-full:GrossCarryingAmountMembergsm:IFRSContractualRightsMember2022-01-012022-12-310001639877ifrs-full:AccumulatedDepreciationAndAmortisationMember2022-01-012022-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:PostRetirementPlansMembercountry:CAifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:PostRetirementPlansMembercountry:CAifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:TopOfRangeMember2022-01-012022-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:BottomOfRangeMember2022-01-012022-12-310001639877gsm:PostRetirementPlansMembercountry:CAifrs-full:TopOfRangeMember2022-01-012022-12-310001639877gsm:PostRetirementPlansMembercountry:CAifrs-full:BottomOfRangeMember2022-01-012022-12-310001639877ifrs-full:ActuarialAssumptionOfMedicalCostTrendRatesMembergsm:LaterThanFifteenYearsAndNotLaterThanSixteenYearsMember2023-12-310001639877ifrs-full:ActuarialAssumptionOfMedicalCostTrendRatesMembercountry:CA2023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:TopOfRangeMember2023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:BottomOfRangeMember2023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:TopOfRangeMember2022-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CAifrs-full:BottomOfRangeMember2022-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CA2023-12-310001639877gsm:PostRetirementPlansMembercountry:CA2023-12-310001639877ifrs-full:DefinedBenefitPlansOtherThanMultiemployerPlansStatePlansAndPlansThatShareRisksBetweenEntitiesUnderCommonControlMembercountry:CA2022-12-310001639877gsm:PostRetirementPlansMembercountry:CA2022-12-310001639877gsm:LeasedLandAndMachineryMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:LeasedLandAndMachineryMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:LeasedLandAndBuildingsMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:LeasedLandAndBuildingsMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877ifrs-full:FactoringOfReceivablesMemberifrs-full:LiquidityRiskMember2023-12-310001639877ifrs-full:FactoringOfReceivablesMember2023-12-310001639877ifrs-full:FactoringOfReceivablesMemberifrs-full:LiquidityRiskMember2022-12-310001639877ifrs-full:FactoringOfReceivablesMember2022-12-310001639877gsm:VillarMirEnergiaS.l.u.Member2022-12-310001639877ifrs-full:FixedInterestRateMemberifrs-full:InterestRateRiskMember2023-12-310001639877ifrs-full:InterestRateRiskMember2023-12-310001639877gsm:TollingAgreementWithCeeDumbriaFerroalloysPlantMember2023-12-310001639877gsm:TollingAgreementWithCeeDumbriaFerroalloysPlantMember2022-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2020-01-012020-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2019-01-012019-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2018-01-012018-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2017-01-012017-12-310001639877gsm:WorldOtherThanEuropeanAndUSMemberifrs-full:UnusedTaxLossesMember2023-12-310001639877gsm:WorldOtherThanEuropeanAndUSMemberifrs-full:TemporaryDifferenceMember2023-12-310001639877country:USifrs-full:UnusedTaxLossesMember2023-12-310001639877country:GBifrs-full:UnusedTaxLossesMember2023-12-310001639877country:GBifrs-full:TemporaryDifferenceMember2023-12-310001639877country:ESifrs-full:UnusedTaxLossesMember2023-12-310001639877country:ESifrs-full:TemporaryDifferenceMember2023-12-310001639877ifrs-full:UnusedTaxLossesMember2023-12-310001639877ifrs-full:TemporaryDifferenceMember2023-12-310001639877gsm:WorldOtherThanEuropeanAndUSMemberifrs-full:UnusedTaxLossesMember2022-12-310001639877gsm:WorldOtherThanEuropeanAndUSMemberifrs-full:TemporaryDifferenceMember2022-12-310001639877country:USifrs-full:UnusedTaxLossesMember2022-12-310001639877country:USifrs-full:UnusedTaxCreditsMember2022-12-310001639877country:USifrs-full:TemporaryDifferenceMember2022-12-310001639877country:GBifrs-full:UnusedTaxLossesMember2022-12-310001639877country:GBifrs-full:TemporaryDifferenceMember2022-12-310001639877country:ESifrs-full:UnusedTaxLossesMember2022-12-310001639877country:ESifrs-full:TemporaryDifferenceMember2022-12-310001639877ifrs-full:UnusedTaxLossesMember2022-12-310001639877ifrs-full:UnusedTaxCreditsMember2022-12-310001639877ifrs-full:TemporaryDifferenceMember2022-12-3100016398772023-11-062023-11-060001639877ifrs-full:TopOfRangeMembergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877ifrs-full:BottomOfRangeMembergsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:InmobiliariaEspacioS.a.Member2023-01-012023-12-310001639877gsm:VillarMirEnergiaS.l.u.Membergsm:GrupoFerroatlanticaS.a.uMember2023-01-012023-12-310001639877gsm:VillarMirEnergiaS.l.u.Membergsm:GrupoFerroatlanticaS.a.uMember2021-01-012021-01-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMemberifrs-full:NotLaterThanOneYearMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMembergsm:LaterThanTwoYearsNoLaterThanFiveYearsMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:NotLaterThanOneYearMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:LaterThanFiveYearsMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMembergsm:LaterThanTwoYearsNoLaterThanFiveYearsMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMember2023-12-310001639877gsm:ProvisionsForThirdPartyLiabilityMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeHoldingCompanyLtdMember2023-01-012023-12-310001639877ifrs-full:AllOtherSegmentsMembergsm:FerroglobeHoldingCompanyLtdMember2022-01-012022-12-310001639877gsm:PuertollanoSiliconMetalProjectFacilityMember2023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Member2023-06-302023-06-3000016398772024-01-012024-03-310001639877gsm:FerroglobeManganNorgeAndFerroglobeManganeseFranceMember2018-02-012018-02-010001639877gsm:PowerPurchaseAgreementMember2022-12-222022-12-220001639877gsm:FerroglobePlcEquityIncentivePlanMember2021-09-092021-09-090001639877gsm:FerroglobePlcEquityIncentivePlanMember2023-12-310001639877gsm:PowerPurchaseAgreementMember2022-12-220001639877gsm:QuebecSiliconLimitedPartnershipMembergsm:GlobeSpecialtyMetalsIncMember2023-01-012023-12-310001639877gsm:QuebecSiliconLimitedPartnershipMembergsm:DowCorningCorporationMember2023-01-012023-12-310001639877gsm:WvaManufacturingLlcMembergsm:GlobeSpecialtyMetalsIncMember2009-11-052009-11-050001639877gsm:WvaManufacturingLlcMembergsm:DowCorningCorporationMember2009-11-052009-11-050001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoVillarMirSauMember2023-01-012023-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaDeServiciosS.a.uMember2023-01-012023-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:FerroglobePlcInterestInGroupoFerroatlanticaAndGrupoFerroatlanticaDeServiciosMember2023-01-012023-12-310001639877gsm:FerroatlanticaS.a.u.Member2019-08-302019-08-3000016398772020-01-012020-12-310001639877ifrs-full:FactoringOfReceivablesMemberifrs-full:TopOfRangeMember2020-10-022020-10-020001639877ifrs-full:FactoringOfReceivablesMemberifrs-full:BottomOfRangeMember2020-10-022020-10-020001639877gsm:WvaManufacturingLlcMembergsm:DowCorningCorporationMembergsm:GlobeSpecialtyMetalsIncMember2009-11-052009-11-050001639877gsm:KintukSasAndKintukAsMember2023-01-012023-12-310001639877gsm:KintukSasAndKintukAsMember2022-01-012022-12-310001639877gsm:RevolvingLineOfCreditMember2023-01-012023-12-310001639877gsm:LoanFacilityMaturingJune2025Member2023-01-012023-12-310001639877gsm:NewMarketsTaxCreditProgramMemberifrs-full:TopOfRangeMember2023-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMember2023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Member2021-07-302021-07-300001639877ifrs-full:OtherRelatedPartiesMember2023-01-012023-12-310001639877gsm:EnergyaVmGestionS.lMember2023-01-012023-12-310001639877ifrs-full:OtherRelatedPartiesMember2022-01-012022-12-310001639877gsm:VillarMirEnergiaS.l.u.Member2022-01-012022-12-310001639877gsm:EspacioInformationTechnologyS.a.u.Member2022-01-012022-12-310001639877gsm:EnergyaVmGestionS.lMember2022-01-012022-12-310001639877ifrs-full:OtherRelatedPartiesMember2021-01-012021-12-310001639877gsm:VillarMirEnergiaS.l.u.Member2021-01-012021-12-310001639877gsm:EspacioInformationTechnologyS.a.u.Member2021-01-012021-12-310001639877gsm:EnergyaVmGestionS.lMember2021-01-012021-12-310001639877gsm:AurinkaMember2021-01-012021-12-310001639877gsm:QuebecSiliconGeneralPartnerMember2023-01-012023-12-310001639877gsm:WvaManufacturingLlcMember2009-11-052009-11-050001639877ifrs-full:OrdinarySharesMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:CashFlowHedgesMembergsm:FirstTrancheMember2023-08-012023-08-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2023-01-012023-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2022-01-012022-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2021-01-012021-12-310001639877ifrs-full:OtherEnvironmentRelatedContingentLiabilityMember2023-08-012023-08-310001639877gsm:MinistryMemberifrs-full:LiquidityRiskMember2016-12-310001639877gsm:FinancialLoansWithGovernmentsAgenciesMembergsm:FerroatlanticaS.a.u.Member2016-12-310001639877ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2023-01-012023-12-310001639877ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2022-01-012022-12-310001639877ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2021-01-012021-12-310001639877gsm:FerroatlanticaS.a.u.Member2019-08-300001639877gsm:LegalProceedingsAsbestosClaimsContingentLiabilityMember2023-01-012023-12-310001639877gsm:GlobeMetallurgicalSelmaAlabamaFacilityLitigationMember2023-01-012023-03-310001639877ifrs-full:LegalProceedingsProvisionMembergsm:GlobeMetallurgicalInc.Member2022-01-012022-12-310001639877gsm:ProvisionForLitigationMembergsm:GlobeMetallurgicalIncMember2022-01-012022-12-310001639877country:CAgsm:QuebecSiliconLimitedPartnershipMember2023-01-012023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostMembergsm:SecuredSuperSeniorNotesMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostMembergsm:AccruedCouponInterestMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostMembergsm:SecuredSuperSeniorNotesMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostMembergsm:AccruedCouponInterestMember2022-12-310001639877gsm:SecuredReinstatedSeniorNotesMemberifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2023-12-310001639877gsm:SecuredReinstatedSeniorNotesMemberifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2022-12-310001639877gsm:WorldOtherThanEuropeanAndUSMember2023-12-310001639877gsm:EuropeanCountriesOtherThanSpainGermanyItalyMember2023-12-310001639877gsm:EuropeanCountriesMember2023-12-310001639877country:US2023-12-310001639877country:GB2023-12-310001639877country:ES2023-12-310001639877gsm:WorldOtherThanEuropeanAndUSMember2022-12-310001639877gsm:EuropeanCountriesOtherThanSpainGermanyItalyMember2022-12-310001639877gsm:EuropeanCountriesMember2022-12-310001639877country:US2022-12-310001639877country:GB2022-12-310001639877country:ES2022-12-310001639877gsm:EquityDistributionAgreementWithB.RileySecuritiesInc.AndCantorFitzgeraldCoMemberifrs-full:OrdinarySharesMember2023-01-012023-12-310001639877ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2023-12-310001639877ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2023-12-310001639877ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2023-12-310001639877ifrs-full:LaterThanFiveYearsMember2023-12-310001639877gsm:OtherLeasesMember2023-12-310001639877gsm:OtherLeasesMember2022-12-310001639877ifrs-full:FactoringOfReceivablesMember2022-02-012022-02-280001639877gsm:StampTaxLitigationMember2021-02-012021-02-280001639877gsm:StampTaxLitigationMember2023-01-012023-01-310001639877gsm:GlobeMetallurgicalSelmaAlabamaFacilityLitigationMember2023-03-310001639877ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2023-12-310001639877ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2022-12-310001639877ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2021-12-310001639877gsm:WolfHillCapitalManagementL.p.Member2023-01-012023-12-310001639877gsm:SharesInTreasuryMember2023-01-012023-12-310001639877gsm:OtherRelatedPartiesNotDisclosedSeparatelyMember2023-01-012023-12-310001639877gsm:GrupoVillarMirSauMember2023-01-012023-12-310001639877gsm:CooperCreekPartnersManagementLlcMember2023-01-012023-12-310001639877ifrs-full:NoncontrollingInterestsMember2023-01-012023-12-310001639877ifrs-full:NoncontrollingInterestsMember2022-01-012022-12-310001639877ifrs-full:LongtermBorrowingsMember2023-01-012023-12-310001639877ifrs-full:LeaseLiabilitiesMember2023-01-012023-12-310001639877gsm:TollingAgreementLeaseLiabilityMember2023-01-012023-12-310001639877gsm:LoansFromGovernmentMember2023-01-012023-12-310001639877gsm:DebtInstrumentsMember2023-01-012023-12-310001639877ifrs-full:LongtermBorrowingsMember2022-01-012022-12-310001639877ifrs-full:LeaseLiabilitiesMember2022-01-012022-12-310001639877gsm:LoansFromGovernmentMember2022-01-012022-12-310001639877gsm:DebtInstrumentsMember2022-01-012022-12-310001639877gsm:PowerRiskMember2023-01-012023-12-310001639877gsm:PercentageOneMemberMemberifrs-full:InterestRateRiskMember2023-12-310001639877country:FR2023-12-310001639877country:FR2022-12-310001639877ifrs-full:OtherReservesMember2023-01-012023-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2023-01-012023-12-310001639877ifrs-full:OtherReservesMember2022-01-012022-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2022-01-012022-12-310001639877ifrs-full:OtherReservesMember2021-01-012021-12-310001639877gsm:ProfitForPeriodAttributableToParentMember2021-01-012021-12-310001639877gsm:SelmaMember2023-01-012023-12-310001639877gsm:OtherMember2023-01-012023-12-310001639877gsm:CeeFacilityMember2023-01-012023-12-310001639877gsm:BooFacilityMember2023-01-012023-12-310001639877gsm:ThabaMember2022-01-012022-12-310001639877gsm:PuertollanoSiliconMetalProjectFacilityMember2022-01-012022-12-310001639877gsm:PolokwaneFacilityMember2022-01-012022-12-310001639877gsm:MonzonFacilityMember2022-01-012022-12-310001639877gsm:MoiRanFacilityMember2022-01-012022-12-310001639877gsm:ChateauFeuilletFacilityMember2022-01-012022-12-310001639877gsm:CeeFacilityMember2022-01-012022-12-310001639877gsm:BooFacilityMember2022-01-012022-12-310001639877ifrs-full:IssuedCapitalMember2023-12-310001639877ifrs-full:IssuedCapitalMember2022-12-310001639877ifrs-full:IssuedCapitalMember2021-12-310001639877ifrs-full:IssuedCapitalMember2020-12-310001639877gsm:LegalProceedingsAsbestosClaimsContingentLiabilityMember2022-01-012022-12-310001639877gsm:LegalProceedingsAsbestosClaimsContingentLiabilityMember2023-12-310001639877gsm:LegalProceedingsAsbestosClaimsContingentLiabilityMember2022-12-310001639877gsm:AssetBasedRevolvingCreditFacilityMembergsm:BankOfMontrealMemberifrs-full:LiquidityRiskMember2022-06-300001639877gsm:AssetBasedRevolvingCreditFacilityMember2022-06-300001639877gsm:AssetBasedRevolvingCreditFacilityMembergsm:BankOfMontrealMemberifrs-full:LiquidityRiskMember2022-06-012022-06-300001639877gsm:AssetBasedRevolvingCreditFacilityMember2022-06-012022-06-300001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:TopOfRangeMember2023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:BottomOfRangeMember2023-12-3100016398772023-11-300001639877gsm:SeniorSecuredNotesDueIn2025Member2023-01-012023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:AtFairValueMember2022-06-300001639877gsm:UkIssuerMembergsm:SecuredReinstatedSeniorNotesMember2023-12-310001639877gsm:SuperSeniorNotesDueIn2025Member2023-12-310001639877gsm:SeniorSecuredNotesDueIn2025Member2022-06-300001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:RepurchaseOfReinstatedSeniorNotesMember2024-02-012024-02-290001639877gsm:SeniorSecuredNotesDueIn2025Member2023-07-312023-07-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2023-07-012023-07-310001639877gsm:SuperSeniorNotesDueIn2025Member2022-07-212022-07-210001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2021-01-012021-12-310001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:NotesInRestructuringMember2021-01-012021-12-310001639877gsm:GreenhouseGassesCo2Member2022-01-012022-12-310001639877gsm:PowerPurchaseAgreementMemberifrs-full:TopOfRangeMember2023-12-310001639877gsm:PowerPurchaseAgreementMemberifrs-full:BottomOfRangeMember2023-12-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithEnergyaVmGestinDeEnergaSluMemberifrs-full:CashFlowHedgesMember2023-10-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:CashFlowHedgesMembergsm:SecondTrancheMember2023-08-310001639877gsm:DerivativeInstrumentPurchasePriceAgreementWithAdelantaMemberifrs-full:CashFlowHedgesMembergsm:FirstTrancheMember2023-08-310001639877ifrs-full:FactoringOfReceivablesMembergsm:EuriborMember2022-02-280001639877ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMemberifrs-full:LiquidityRiskMember2023-12-310001639877ifrs-full:LaterThanFiveYearsMemberifrs-full:LiquidityRiskMember2023-12-310001639877ifrs-full:LaterThanTwoYearsAndNotLaterThanFiveYearsMemberifrs-full:LiquidityRiskMember2022-12-310001639877ifrs-full:LaterThanFiveYearsMemberifrs-full:LiquidityRiskMember2022-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:OtherFinancialAssetsMembergsm:FerroPemSASMember2023-01-012023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:OtherFinancialAssetsMembergsm:FerroPemSASMember2023-12-310001639877ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembergsm:OtherFinancialAssetsMembergsm:FerroPemSASMember2022-12-310001639877gsm:LoanWithBnpParibasMemberifrs-full:LiquidityRiskMembercountry:FR2020-12-310001639877gsm:VillarMirEnergiaS.l.u.Member2023-01-012023-12-310001639877ifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:ReindusLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2023-12-012023-12-310001639877gsm:ReindusLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2023-02-012023-02-280001639877gsm:GreenhouseGassesCo2Member2023-01-012023-12-310001639877country:CA2023-01-012023-12-310001639877country:CA2023-12-310001639877country:CA2022-12-310001639877country:CAifrs-full:PlanAssetsMember2023-01-012023-12-310001639877country:CAifrs-full:PlanAssetsMember2022-01-012022-12-310001639877gsm:LoanWithInvestissementQuebecMemberifrs-full:LiquidityRiskMembergsm:CandaMember2020-01-012020-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2023-12-310001639877ifrs-full:NotLaterThanOneYearMemberifrs-full:LiquidityRiskMember2023-12-310001639877ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberifrs-full:LiquidityRiskMember2023-12-310001639877ifrs-full:LiquidityRiskMember2023-12-310001639877ifrs-full:NotLaterThanOneYearMemberifrs-full:LiquidityRiskMember2022-12-310001639877ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberifrs-full:LiquidityRiskMember2022-12-310001639877ifrs-full:LiquidityRiskMember2022-12-310001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2022-07-012022-07-310001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:RepurchaseOfReinstatedSeniorNotesMember2024-02-290001639877gsm:AssetBasedRevolvingCreditFacilityMember2023-12-310001639877ifrs-full:OperatingSegmentsMemberifrs-full:AllOtherSegmentsMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:SouthAfricaSiliconMetalSegmentMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:SouthAfricaSiliconAlloysSegmentMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:NorthAmericaSiliconMetalSegmentMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:NorthAmericaSiliconAlloysSegmentMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:ManganeseAlloysEuropeSegmentMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:EuropeSiliconMetalSegmentMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMembergsm:EuropeSiliconAlloysSegmentMember2023-01-012023-12-310001639877gsm:EliminationsAndReconcilingItemsMember2023-01-012023-12-310001639877ifrs-full:OperatingSegmentsMemberifrs-full:AllOtherSegmentsMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:SouthAfricaSiliconMetalSegmentMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:SouthAfricaSiliconAlloysSegmentMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:NorthAmericaSiliconMetalSegmentMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:NorthAmericaSiliconAlloysSegmentMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:ManganeseAlloysEuropeSegmentMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:EuropeSiliconMetalSegmentMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMembergsm:EuropeSiliconAlloysSegmentMember2022-01-012022-12-310001639877gsm:EliminationsAndReconcilingItemsMember2022-01-012022-12-310001639877ifrs-full:OperatingSegmentsMemberifrs-full:AllOtherSegmentsMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:SouthAfricaSiliconMetalSegmentMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:SouthAfricaSiliconAlloysSegmentMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:NorthAmericaSiliconMetalSegmentMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:NorthAmericaSiliconAlloysSegmentMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:ManganeseAlloysEuropeSegmentMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:EuropeSiliconMetalSegmentMember2021-01-012021-12-310001639877ifrs-full:OperatingSegmentsMembergsm:EuropeSiliconAlloysSegmentMember2021-01-012021-12-310001639877gsm:EliminationsAndReconcilingItemsMember2021-01-012021-12-310001639877gsm:FerroglobePlcEquityIncentivePlanMember2023-05-302023-05-300001639877gsm:FerroglobePlcEquityIncentivePlanMember2022-09-222022-09-220001639877ifrs-full:SeparateMember2023-12-310001639877ifrs-full:SeparateMember2022-12-310001639877ifrs-full:SeparateMember2021-12-3100016398772021-12-310001639877ifrs-full:SeparateMember2020-12-3100016398772020-12-310001639877gsm:PolokwaneFacilityMember2023-12-310001639877gsm:FinancialLoansWithGovernmentsAgenciesMembergsm:FerroatlanticaS.a.u.Member2016-01-012016-12-310001639877gsm:SeniorSecuredNotesDueIn2025Membergsm:NotesInRestructuringMember2021-07-302021-07-300001639877gsm:SupplierFactoringFacilityMemberifrs-full:NotLaterThanOneYearMember2023-12-310001639877gsm:OtherBankBorrowingsMemberifrs-full:NotLaterThanOneYearMember2023-12-310001639877gsm:OtherBankBorrowingsMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2023-12-310001639877gsm:OtherBankBorrowingsMembergsm:LaterThanFiveYearsAndNotLaterThanSixYearsMember2023-12-310001639877ifrs-full:NotLaterThanOneYearMember2023-12-310001639877ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2023-12-310001639877gsm:SupplierFactoringFacilityMember2023-12-310001639877gsm:OtherBankBorrowingsMember2023-12-310001639877gsm:LaterThanFiveYearsAndNotLaterThanSixYearsMember2023-12-310001639877gsm:FinancialLoansWithGovernmentsAgenciesMembergsm:FerroatlanticaS.a.u.Member2023-01-010001639877gsm:FinancialLoansWithGovernmentsAgenciesMembergsm:FerroatlanticaS.a.u.Member2022-12-310001639877gsm:SociedadEstatalDeParticipacionesIndustrialesLoanMembergsm:GrupoFerroatlnticaS.a.u.AndGrupoFerrotlanticaDeServiciosS.l.u.Member2022-03-310001639877gsm:SecuredReinstatedSeniorNotesMember2021-07-302021-07-300001639877gsm:SeniorNotesDue2022Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2021-01-012021-12-310001639877gsm:SeniorNotesDue2022Membergsm:NotesInRestructuringMember2021-01-012021-12-310001639877ifrs-full:FactoringOfReceivablesMember2020-10-022020-10-020001639877gsm:SiliconMetalMember2023-12-310001639877gsm:SiliconBasedAlloysMember2023-12-310001639877ifrs-full:FactoringOfReceivablesMember2022-02-280001639877gsm:NewMarketsTaxCreditProgramMember2022-12-310001639877ifrs-full:ComputerSoftwareMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:ComputerSoftwareMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:IFRSContractualRightsMemberifrs-full:TopOfRangeMember2023-01-012023-12-310001639877gsm:IFRSContractualRightsMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310001639877gsm:NotesInRestructuringMember2021-01-012021-12-310001639877ifrs-full:SeparateMember2023-01-012023-12-310001639877ifrs-full:SeparateMember2022-01-012022-12-310001639877ifrs-full:SeparateMember2021-01-012021-12-3100016398772021-01-012021-12-310001639877ifrs-full:InterestRateRiskMember2023-01-012023-12-310001639877ifrs-full:InterestRateRiskMember2022-01-012022-12-310001639877gsm:KintukSasAndKintukAsMember2023-12-310001639877gsm:SecuredReinstatedSeniorNotesMember2023-12-310001639877gsm:SecuredReinstatedSeniorNotesMember2023-11-300001639877gsm:SeniorSecuredNotesDueIn2025Memberifrs-full:LiquidityRiskMembergsm:NotesInRestructuringMember2023-07-310001639877gsm:SeniorSecuredNotesDueIn2025Member2023-07-310001639877gsm:SecuredReinstatedSeniorNotesMember2022-06-3000016398772022-12-3100016398772023-12-310001639877dei:BusinessContactMember2023-01-012023-12-3100016398772022-01-012022-12-3100016398772023-01-012023-12-31gsm:casegsm:itemgsm:installmentgsm:agreementgsm:trancheiso4217:CADgsm:Ygsm:EquityInstrumentsxbrli:sharesiso4217:USDutr:GWhxbrli:pureiso4217:EURiso4217:EURutr:MWhiso4217:USDxbrli:sharesgsm:employeegsm:plan

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report                     
For the transition period from                  to                 

Commission file number: 001-37668

Ferroglobe PLC

(Exact name of Registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

13 Chesterfield Street,

London W1J 5JN, United Kingdom

+44(0)7501308322

(Address of principal executive offices)

Beatriz García-Cos, Chief Financial Officer and Principal Accounting Officer

13 Chesterfield Street,

London W1J 5JN, United Kingdom

+44(0)7501308322

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol(s)

    

Name of each exchange on which registered

Ordinary Shares (nominal value of $0.01)

GSM

Nasdaq Capital Market

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report.

Ordinary Shares (nominal value of $0.01)

187,885,093

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No     

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report    

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued

Other

by the International Accounting Standards Board

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 Item 18

If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Table of Contents

TABLE OF CONTENTS

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

1

PART I

5

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

5

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

5

ITEM 3.

KEY INFORMATION

5

ITEM 4.

INFORMATION ON THE COMPANY

33

ITEM 4A.

UNRESOLVED STAFF COMMENTS

61

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

61

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

80

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

92

ITEM 8.

FINANCIAL INFORMATION

96

ITEM 9.

THE OFFER AND LISTING

99

ITEM 10.

ADDITIONAL INFORMATION

99

ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

109

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES.

111

PART II

113

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES.

113

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS.

113

ITEM 15.

CONTROLS AND PROCEDURES.

113

ITEM 16.

[RESERVED]

117

ITEM 16A.

AUDIT COMMITTEE FINANCIAL EXPERT.

117

ITEM 16B.

CODE OF ETHICS.

117

ITEM 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

117

ITEM 16D.

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.

118

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.

118

ITEM 16F.

CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT.

118

ITEM 16G.

CORPORATE GOVERNANCE.

119

ITEM 16H.

MINE SAFETY DISCLOSURE

119

ITEM 16I.

DISCLOSURE REGARDING FOREIGN JURISCTIONS THAT PREVENT INSPECTIONS

120

ITEM 16J.

INSIDER TRADING POLICIES

120

ITEM 16K.

CYBERSECURITY

120

PART III

122

ITEM 17.

FINANCIAL STATEMENTS.

122

ITEM 18.

FINANCIAL STATEMENTS.

122

ITEM 19.

EXHIBITS.

122

Table of Contents

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report includes statements that are, or may be deemed to be, forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements are made under the “safe harbor” provision under Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this Annual Report, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict(s),” “will,” “expect(s),” “estimate(s),” “project(s),” “positioned,” “strategy,” “outlook,” “aim,” “assume,” “continue,” “forecast,” “guidance,” “projected,” “risk” and similar expressions.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Investors should read the section entitled “Item 3.D.—Key Information—Risk Factors” and the description of our segments in the section entitled “Item 4.B.—Information on the Company—Business Overview” for a more complete discussion of the factors that could affect us. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in, or suggested by, the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following:

the impacts of the Ukraine-Russia conflict;
increase in energy prices, disruptions in the supply of power and changes in governmental regulation of the power sector and the effect on costs of production;
the outcomes of pending or potential litigation;
operating costs, customer losses and business disruptions (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) that may be greater than expected;
the retention of certain key employees;
the current and anticipated competitive landscape;
our ability to adapt products and services to changes in technology or the marketplace;
our ability to maintain and grow relationships with customers and clients;
the historic cyclicality of the metals industry and the attendant swings in market price and demand;
availability of raw materials and transportation;
costs associated with labor disputes and stoppages;
our ability to maintain our liquidity and to generate sufficient cash to service indebtedness;
integration and development of prior and future acquisitions;
the availability and cost of maintaining adequate levels of insurance;
our ability to protect trade secrets, trademarks and other intellectual property;

1

Table of Contents

equipment failures, delays in deliveries or catastrophic loss at any of our manufacturing facilities, which may not be covered under any insurance policy;
exchange rate fluctuations;
changes in laws protecting U.S., Canadian and European Union companies from unfair foreign competition (including antidumping and countervailing duty orders and laws) or the measures currently in place or expected to be imposed under those laws;
compliance with, or potential liability under, environmental, health and safety laws and regulations (and changes in such laws and regulations, including in their enforcement or interpretation);
risks from international operations, such as foreign exchange fluctuations, tariffs, duties and other taxation, inflation, increased costs, political risks and our ability to maintain and increase business in international markets;
risks associated with mining operations, metallurgical smelting and other manufacturing activities;
our ability to manage price and operational risks including industrial accidents and natural disasters;
our ability to acquire or renew permits and approvals;
potential losses due to unanticipated cancellations of service contracts;
risks associated with potential unionization of employees or work stoppages that could adversely affect our operations;
changes in tax laws (including under applicable tax treaties) and regulations or to the interpretation of such tax laws or regulations by governmental authorities;
changes in general economic, business and political conditions, including changes in the financial markets;
uncertainties and challenges surrounding the implementation and development of new technologies;
risks related to potential cybersecurity breachers;
risks related to our capital structure;
risks related to our ordinary shares;
our foreign private issuer (FPI) status, the loss of which would require us to comply with the Exchange Act’s domestic reporting regime, and cause us to incur significant legal, accounting and other expenses;
our incorporation in the United Kingdom (UK), the laws of which govern our corporate affairs and may differ from those applicable to companies incorporated in the U.S.;
our failure to maintain an effective system of internal control over financial reporting, given the material weaknesses identified in connection with the audit of our financial statements as of and for the year ended December 31, 2020. The Company continues to have a material weakness as of December 31, 2023; and
the other risk factors discussed under “Item 3.D.—Key Information—Risk Factors.”

These and other factors are more fully discussed in the “Item 3.D.—Key Information—Risk Factors” and “Item 4.B.—Information on the Company—Business Overview” sections and elsewhere in this Annual Report.

The factors described above and set forth in “Item 3.D.—Key Information—Risk Factors” section are not exhaustive. Other sections of this Annual Report describe additional factors that could adversely affect our business, financial condition or results of operations. Moreover, we operate in a very competitive and rapidly changing commercial

2

Table of Contents

environment. New risk factors emerge from time to time and it is not possible for us to predict or list all such risks, nor can we assess the impact of all possible risks on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained, or implied by, in any forward-looking statements.

The forward-looking statements made in this Annual Report relate only to events or information as of the date on which the statements are made in this Annual Report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this Annual Report and the documents we reference herein carefully and completely, with the understanding that our actual future results or performance may be materially different from what we anticipate.

CURRENCY PRESENTATION AND DEFINITIONS

In this Annual Report, references to “$,” and “USD” are to the lawful currency of the United States of America, references to “Euro” and “€” are to the single currency adopted by participating member states of the European Union relating to Economic and Monetary Union and references to “Pound Sterling” and “£” are to the lawful currency of the United Kingdom.

Unless otherwise specified or the context requires otherwise, all financial information for the Company provided in this Annual Report is denominated in USD.

Definitions

Unless otherwise specified or the context requires otherwise in this Annual Report:

the terms (1) “we,” “us,” “our,” “Company,” “Ferroglobe,” and “our business” refer to Ferroglobe PLC and its subsidiaries, including Globe Specialty Metals, Inc. (“Globe”) and its consolidated subsidiaries and Grupo FerroAtlántica, S.A.U. (“FerroAtlántica”) and its consolidated subsidiaries; (2) “Globe” refers solely to Globe Specialty Metals, Inc. and its consolidated subsidiaries and (3) “FerroAtlántica” or the “FerroAtlántica Group” refers solely to FerroAtlántica and its consolidated subsidiaries;
“Business Combination” refers to the business combination of Globe and FerroAtlántica as wholly-owned subsidiaries of Ferroglobe PLC on December 23, 2015;
“Class A Ordinary Shares” refers to share capital issued in connection with the Business Combination, which was subsequently converted into ordinary shares of Ferroglobe PLC as a result of the distribution of beneficial interest units in the Ferroglobe Representation and Warranty Insurance Trust to certain Ferroglobe PLC shareholders on November 18, 2016;
“consolidated financial statements” refers to the audited consolidated financial statements of Ferroglobe PLC and its subsidiaries as of December 31, 2023 and December 31, 2022 and for each of the years ended December 31, 2023, 2022 and 2021, including the related notes thereto, prepared in accordance with IFRS (as such terms are defined herein);
“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards Board;
“Reinstated Senior Notes” refer to the notes issued in exchange of 98.588% of the 9.375% Notes due 2022 issued by Ferroglobe Finance Company PLC and Globe due December 2025;
“Super Senior Notes” refer to the 9.0% senior secured notes due 2025 issued by Ferroglobe Finance Company, PLC;
“Stub Notes” refer to the $4,942 thousand aggregate principal amount of 9.375% Notes due March 1, 2022;

3

Table of Contents

“shares” or “ordinary shares” refer to the authorized share capital of Ferroglobe PLC;
“tons” refer to metric tons (2,204.6 pounds or 1.1 short tons);
“U.S. Exchange Act” refers to the U.S. Securities Exchange Act of 1934, as amended; and
“U.S. Securities Act” refers to the U.S. Securities Act of 1933, as amended.
“ABL Revolver” refers to the credit agreement, dated as of June, 30, 2022, between Ferroglobe subsidiaries Globe Specialty Metals, Inc., and QSIP Canada ULC, as borrowers, for a Credit and Security Agreement for a new $100 million north American asset-based revolving credit facility, with Bank of Montreal, as lender.
“IBOR” refers to the basic rate of interest used under some financial instruments.
“ZAR” refers to the currency abbreviation in forex markets for the South African Rand, the official currency of South Africa.

PRESENTATION OF FINANCIAL INFORMATION

The selected financial information as of December 31, 2023 and December 31, 2022 and for the years ended December 31, 2023, 2022 and 2021 is derived from our consolidated financial statements, which are included elsewhere in this Annual Report and which are prepared in accordance with IFRS.

Certain numerical figures set out in this Annual Report, including financial data presented in millions or thousands and percentages describing market shares, have been subject to rounding adjustments, and, as a result, the totals of the data in this Annual Report may vary slightly from the actual arithmetic totals of such information. Percentages and amounts reflecting changes over time periods relating to financial and other data set forth in “Item 5.—Operating and Financial Review and Prospects” are calculated using the numerical data in our consolidated financial statements or the tabular presentation of other data (subject to rounding) contained in this Annual Report, as applicable, and not using the numerical data in the narrative description thereof.

4

Table of Contents

PART I

ITEM 1.       IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.       OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.       KEY INFORMATION

A.    Selected Financial Data

Reserved.

B.    Capitalization and indebtedness.

Not applicable.

C.    Reasons for the offer and use of proceeds.

Not applicable.

D.    Risk factors.

You should carefully consider the risks and uncertainties described below and the other information in this Annual Report before making an investment in our ordinary shares. Our business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as a result, the market price of our ordinary shares could decline and you could lose all or part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. See “Cautionary Statements Regarding Forward-Looking Statements.” Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors.

Risks Related to Our Business and Industry

Our operations depend on industries including the steel, aluminum, polysilicon, silicone and photovoltaic/solar industries, which, in turn, rely on several end-markets. A downturn or change in these industries or end-markets could adversely affect our business, results of operations and financial condition.

Because we primarily sell silicon metal, silicon-based alloys, manganese- based alloys and other specialty alloys, we produce to manufacturers of steel, aluminum, polysilicon, silicones, and photovoltaic products. Therefore, our results are significantly affected by the economic trends in the steel, aluminum, polysilicon, silicone and photovoltaic industries. Primary end users that drive demand for steel and aluminum include construction companies, shipbuilders, electric appliances, car manufacturers and companies operating in the rail and maritime industries. The primary end users that drive demand for polysilicon and silicones include the automotive, chemical, photovoltaic, pharmaceutical, construction and consumer products industries. Demand for steel, aluminum, polysilicon and silicone from such companies can be strongly correlated with changes in gross domestic product and is affected by global economic conditions. Fluctuations in steel and aluminum prices may occur due to sustained price shifts reflecting underlying global economic and geopolitical factors, changes in industry supply-demand balances, the substitution of one product for another in times of scarcity, and changes in national tariffs. Lower demand for steel and aluminum can yield a substantial build-up of steel and aluminum stocks, resulting in a decline in demand for silicon metal, silicon-based alloys, manganese-based alloys, and other specialty alloys. Polysilicon and silicone producers are subject to fluctuations in crude oil, platinum, methanol and natural gas prices,

5

Table of Contents

which could adversely affect their businesses. Changes in power regulations in different countries, fluctuations in the relative costs of different sources of energy, and supply-demand balances in the different parts of the value chain, among other factors, may significantly affect the growth prospects of the photovoltaic industry. A significant and prolonged downturn in the end markets for steel, aluminum, polysilicon, silicone and photovoltaic products, could adversely affect these industries and, in turn, our business, results of operations and financial condition.

The metals industry is cyclical and has been subject in the past to swings in market price and demand which could lead to volatility in our revenues.

Our business has historically been subject to fluctuations in the price and market demand for our products, caused by general and regional economic cycles, raw material and energy price fluctuations, competition and other factors. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. For example, we experienced a significant increase in silicon metal prices from the end of 2021 throughout the first half of 2022. However, commencing in the second half of 2022 and throughout 2023, we have experienced a sharp decrease in pricing as well as reductions in volumes. Such variances adversely affect our results.

Such conditions, and any future decline in the global silicon metal, manganese-based alloys and silicon-based alloys industries could have a material adverse effect on our business, results of operations and financial condition. Moreover, our business is directly related to the production levels of our customers, whose businesses are dependent on highly cyclical markets, such as the automotive, residential and non-residential construction, consumer durables, polysilicon, steel, and chemical industries. In response to unfavourable market conditions, customers may request delays in contract shipment dates or other contract modifications. If we grant modifications, these could adversely affect our anticipated revenues and results of operations. Also, many of our products are traded internationally at prices that are significantly affected by worldwide supply and demand. Consequently, our financial performance will fluctuate with the general economic cycle, which could have a material adverse effect on our business, results of operations and financial condition.

Our business is particularly sensitive to increases in energy costs, which could materially increase our cost of production.

Electricity is generally one of our largest production components in terms of cost as a percentage of sales. The price of electricity is determined in the applicable domestic jurisdiction and is influenced both by supply and demand dynamics and by domestic regulations. Changes in local energy policy, increased costs due to scarcity of energy supply, climate conditions, the termination or non-renewal of any of our power purchase contracts and other factors may affect the price of electricity supplied to our plants and adversely affect our results of operations and financial conditions.

Because electricity is indispensable to our operations and accounts for a high percentage of our production costs, we are particularly vulnerable to supply limitations and cost fluctuations in energy markets. For example, at certain plants, production must be modulated to reduce consumption of energy in peak hours or in seasons with higher energy prices, in order for us to maintain profitability. In general, high or volatile energy costs in the countries in which we operate could lead to erosion of margins and volumes, leading to a potential reduction in market share.

Generation of electricity in France by our own hydroelectric power operations partially mitigates our exposure to price increases in that market. However, in the past we have pursued possibilities of disposing of those operations, and may do so in the future. Such a divestiture, if completed, may result in a greater exposure to increases in electricity prices.

Additionally, in France, the Company benefited from a program for the regulated access to historic nuclear energy program (ARENH). ARENH is a mechanism established which allows alternative suppliers to obtain energy under favorable conditions set by the public authorities.

In addition, we have an additional agreement with EDF in which we have agreed different electricity prices throughout the year based on demand. When demand is highest, our agreed price is generally lowest and is even negative during certain time periods. Our current benefit with EDF began in 2023 and is expected to continue through 2025 with potential uncertainty regarding future availability or participation in such schemes.

6

Table of Contents

Furthermore, in 2023, we recorded a net benefit of approximately $186,211 thousand in relation to these programs. Future benefits recorded under this program in 2024 and 2025 will be significantly less if not a net expense for each respective year.

The electrical power for our U.S. and Canadian facilities is supplied mostly by American Electric Power Co., Alabama Power Co., Brookfield Renewable Partners L.P. and Hydro-Québec, and the Tennessee Valley Authority through dedicated lines. Our Alloy, West Virginia facility obtains approximately 50% of its power needs under a fixed price power purchase agreement with a nearby hydroelectric facility owned by a Brookfield affiliate. This facility is more than 70 years old and any breakdown could result in the Alloy facility having to purchase more grid power at higher rates.

Energy supply to our facilities in South Africa is provided by Eskom (State-owned power utility) through rates that are approved annually by the national power regulator (NERSA). These rates have been volatile, due to the instability of available supply and are likely to continue increasing. Also, NERSA applies certain revisions to rates based on cost variances for Eskom that are not within our control.

In Spain, power is purchased in a competitive wholesale market. Our facilities are obligated to pay access tariffs to the national grid and receive a credit for our efforts to act as electro-intensive consumers. The volatile nature of the wholesale market in Spain results in price uncertainty that can only be partially offset by long-term power purchase agreements. Additionally, the credits that we receive for the services provided to the grid are a major component of our power supply arrangements in Spain. However, these regulations previously have been altered to reduce the value of such credits to us, and future changes could further reduce the economic benefits associated with our services to the Spanish electricity grid. Such reductions would affect our production costs and impact our results from operations.

Losses caused by disruptions in the supply of power would reduce our profitability.

Large amounts of electricity are used to produce silicon metal, manganese and silicon-based alloys and other specialty alloys, and our operations are heavily dependent upon a reliable supply of electrical power. We may incur losses due to a temporary or prolonged interruption of the supply of electrical power to our facilities, which can be caused by unusually high demand, blackouts, equipment failure, natural disasters or other catastrophic events, including failure of the hydroelectric facilities that currently provide power under contract to our West Virginia, Québec and Argentina facilities. Additionally, on occasion, we have been instructed to suspend operations for several hours by the sole energy supplier in South Africa due to a general power shortage in the country. It is possible that this supplier may instruct us to suspend our operations for a similar or longer period in the future. Such interruptions or reductions in the supply of electrical power adversely affect production levels and may result in reduced profitability. Our insurance coverage does not cover all interruption events and may not be sufficient to cover losses incurred as a result.

In addition, investments in Argentina’s electricity generation and transmission systems have been lower than the increase in demand in recent years. If this trend is not reversed, there could be electricity supply shortages as the result of inadequate generation and transmission capacity. Given the heavy dependence on electricity of our manufacturing operations, any electricity shortages could adversely affect our financial results.

Government regulations of electricity in Argentina give the priority to use hydroelectric power to residential users and subject violators of these restrictions to significant penalties. This preference is particularly acute during Argentina’s winter months due to a lack of natural gas. We have previously successfully petitioned the government to exempt us from these restrictions given the demands of our business for continuous supply of electric power. If we are unsuccessful in our petitions or in any action we take to ensure a stable supply of electricity, our production levels may be adversely affected and our profitability reduced.

Any decrease in the availability, or increase in the cost, of raw materials or transportation could materially increase our costs.

Principal components in the production of silicon metal, silicon-based alloys and manganese-based alloys include coal, charcoal, graphite and carbon electrodes, manganese ore, quartzite, wood chips, steel scrap, and other metals. While we

7

Table of Contents

own certain sources of raw materials, we also buy raw materials on a spot or contracted basis. The availability of these raw materials and the prices at which we purchase them from third party suppliers depend on market supply and demand and may be volatile such as due to the Ukraine-Russia conflict. Our ability to obtain these materials in a cost efficient and timely manner is dependent on certain suppliers, their labor union relationships, mining and lumbering regulations and output, geopolitical and general local economic conditions.  

Over the previous years, certain raw materials (particularly graphite electrodes, coal, manganese ore, and other electrode components) have experienced significant price increases and quick price moves in relatively short periods of time, and the recent conflict in Ukraine and resulting sanctions on Russia have led to supply limitations and interruptions. In some cases, this has been combined with certain shortages in the availability of such raw materials. While we try to anticipate potential shortages in the supply of critical raw materials with longer term contracts and other purchasing strategies, these price swings and supply shortages may affect our cost of production or even cause interruptions in our operations, which may have a material adverse effect on our business, results of operations and financial condition.

We make extensive use of shipping by sea, rail and truck to obtain the raw materials used in our production and deliver our products to customers, depending on the geographic region and product or input. Raw materials and products often must be transported over long distances between mines and other production sites and the plants where raw materials are consumed, and between those sites and our customers. Any severe delay, interruption or other disruption in such transportation, any material damage to raw materials utilized by us or to our products while being transported, or a sharp rise in transportation prices, either relating to events such as the Ukraine-Russia conflict, the recent conflict in the Middle East or otherwise, could have a material adverse effect on our business, results of operations and financial condition. In addition, because we may not be able to obtain adequate supplies of raw materials from alternative sources on terms as favorable as our current arrangements, or at all, any disruption or shortfall in the production and delivery of raw materials could result in higher raw materials costs and likewise materially adversely affect our business, results of operations and financial condition.

Cost increases in raw material inputs may not be passed on to our customers, which could negatively impact our profitability.

The prices of our raw material inputs are determined by supply and demand, which may be influenced by, inter alia, economic growth and recession, changes in world politics, unstable governments in exporting nations, and inflation, among other factors. The market prices of raw material inputs will thus fluctuate over time, and we may not be able to pass significant price increases on to our customers. If we do try to pass them on, we may lose sales and thereby revenue, in addition to having the higher costs. Additionally, decreases in the market prices of our products will not necessarily enable us to obtain lower prices from our suppliers.

Metallurgical manufacturing and mining are inherently dangerous activities and any accident resulting in injury or death of personnel or prolonged production shutdowns could adversely affect our business and operations.

Metallurgical manufacturing generally, and smelting in particular, is inherently dangerous and subject to risks of fire, explosion and sudden major equipment failure. Quartz and coal mining are also inherently dangerous and subject to numerous hazards, including collisions, equipment failure, accidents arising from the operation of large mining and rock transportation equipment, dust inhalation, flooding, collapse, blasting operations and operating in extreme climatic conditions. These hazards have led to accidents resulting in the serious injury and death of production personnel, governmental investigations and sanctions, and prolonged production shutdowns in the past. We may experience fatal accidents or equipment malfunctions in the future, which could have a material adverse effect on our business and operations.

We are heavily dependent on our mining operations, which are subject to certain risks that are beyond our control and which could result in materially increased expenses and decreased production levels.

We mine quartz and quartzite at open pit mining operations and coal at underground and surface mining operations. We are heavily dependent on these mining operations for our quartz and coal supplies. Certain risks beyond our control could

8

Table of Contents

disrupt our mining operations, adversely affect production and shipments, and increase our operating costs, such as: (i) a major incident at a mining site that causes all or part of the operations of the mine to cease for some period of time; (ii) mining, processing and plant equipment failures and unexpected maintenance problems; (iii) disruptions in the supply of fuel, power and/or water at the mine site; (iv) adverse changes in reclamation costs; (v) the inability to renew mining concessions upon their expiration; (vi) the expropriation of territory subject to a valid concession without sufficient compensation; and (vii) adverse weather and natural disasters, such as heavy rains or snow, flooding and other natural events affecting operations, transportation or customers.

Regulatory agencies have the authority under certain circumstances following significant health and safety violations or incidents to order a mine to be temporarily or even permanently closed. If this occurs, we may be required to incur significant legal, operational and capital expenditures to re-open the affected mine. In addition, environmental regulations and enforcement could impose unexpected costs on our mining operations, and future regulations could increase those costs or limit our ability to produce quartz and sell coal. A failure to obtain and renew permits necessary for our mining operations could limit our production and negatively affect our business. It is also possible that we have extracted or may in the future extract quartz from territory beyond the boundary of our mining concession or mining right, which could result in penalties or other regulatory action or liabilities.

We are subject to environmental, health and safety regulations, including laws that impose substantial costs and the risk of material liabilities.

Our operations are subject to extensive foreign, federal, national, state, provincial and local environmental, health and safety laws and regulations governing, among other things, the generation, discharge, emission, storage, handling, transportation, use, treatment and disposal of hazardous substances; land use, reclamation and remediation; waste management and pollution prevention measures; greenhouse gas emissions; and the health and safety of our employees. We are also required to obtain permits from governmental authorities for certain operations, and to comply with related laws and regulations. We may not have been and may not always be in full compliance with such permits and related laws and regulations. If we violate or fail to comply with these permits and related laws and regulations, we could be subject to penalties, restrictions on operations or other sanctions, obligations to install or upgrade pollution control equipment and legal claims, including for alleged personal injury or property or environmental damages. Such liability could adversely affect our reputation, business, results of operations and financial condition. In addition, in the context of an investigation, the government may impose obligations to make technology upgrades to our facilities that could result in our incurring material capital expenses. For example, in August 2023, the Company resolved two Notices of Violation/Findings of Violation (“NOV/FOV”) from the U.S. federal government that alleged numerous violations of the Clean Air Act relating to the Company’s Beverly, Ohio facility. See “Item 8.A.—Financial Information—Consolidated Financial Statements and Other Financial Information—Legal proceedings” for additional information. The Beverly facility also is located in an area currently designated as Non-Attainment for the one hour SO2 National Ambient Air Quality Standards (“NAAQS”). The Company has entered into a state Director’s Final Findings & Order (“DFFOs”) with the Ohio Environmental Protection Agency (“OEPA”) to accept facility-wide SO2 emission limits to ensure that the facility is not causing exceedances of the SO2 NAAQS. In May 2023, OEPA submitted an attainment demonstration to the United States Environmental Protection Agency (“EPA”), demonstrating that the DFFOs ensured compliance with the SO2 NAAQS.  In September 2023, EPA issued a final rule approving OEPA’s attainment demonstration.  Under this final rule and the DFFOs, the Company must perform additional flow testing at the Beverly facility to verify certain inputs to the NAAQS modeling used to demonstrate attainment with the SO2 NAAQS.  The Company is working with OEPA and USEPA to perform the additional testing, which is expected to occur in mid-2024.

The metals and mining industry is generally subject to risks and hazards, including fire, explosion, toxic gas leaks, releases of other hazardous materials, rockfalls, and incidents involving mobile equipment, vehicles or machinery. These could occur by accident or by breach of operating and maintenance standards, and could result in personal injury, illness or death of employees or contractors, or in environmental damage, delays in production, monetary losses and possible legal liability.

Under certain environmental laws, we could be required to remediate or be held responsible for the costs relating to contamination of our or our antecessors’ past or present facilities and at third party waste disposal sites. We could also be held liable under these environmental laws for sending or arranging for hazardous substances to be sent to third party disposal or treatment facilities if such facilities are found to be contaminated. Under these laws we could be held liable

9

Table of Contents

even if we did not know of, or did not cause, such contamination, or even if we never owned or operated the contaminated disposal or treatment facility.

There are a variety of laws and regulations in place or being considered at the international, federal, regional, state and local levels of government that restrict or propose to restrict and impose costs on emissions of carbon dioxide and other greenhouse gases. These legislative and regulatory developments may cause us to incur material costs if we are required to reduce or offset greenhouse gas emissions, or to purchase emission credits or allowances, and may result in a material increase in our energy costs due to additional regulation of power generators. Environmental laws are complex, change frequently and are likely to become more stringent in the future. Because environmental laws and regulations are becoming more stringent and new environmental laws and regulations are continuously being enacted or proposed, such as those relating to greenhouse gas emissions and climate change, the level of expenditures required for environmental matters could increase in the future. Future legislative action and regulatory initiatives could result in changes to operating permits, additional remedial actions, material changes in operations, increased capital expenditures and operating costs, increased costs of the goods we sell, and decreased demand for our products that cannot be assessed with certainty at this time.

Therefore, our costs of complying with current and future environmental laws, and our liabilities arising from past or future releases of, or exposure to, hazardous substances may adversely affect our business, results of operations and financial condition.

Compliance with existing and proposed climate change laws and regulations could adversely affect our performance.

Under current European Union legislation, all industrial sites are subject to cap-and-trade programs, by which every facility with carbon emissions is required to purchase in the market emission rights for volumes of emission that exceed a certain allocated level. Until 2021, the allocated level of emissions had been practically sufficient for our business, limiting the impact on our business of emissions rights purchases. Recent changes to regulations have and could continue to reduce the allocation of free allowances requiring us to make significant purchases of emissions rights in the market. Also, certain Canadian provinces have implemented cap-and-trade programs. As a result, our facilities in Canada may be required to purchase emission credits in the future. The requirement to purchase emissions rights in the market could result in material costs to the Company, in addition to increased compliance costs, additional operating restrictions for our business, and an increase in the cost of the products we produce, which could have a material adverse effect on our financial position, results of operations, and liquidity.

In the United States, the current administration has placed a greater emphasis on regulating greenhouse gas emissions, although no proposed regulations have been enacted to date. However, carbon taxes, clean energy standards, carbon offsets, and/or the requirement to participate in a cap-and-trade program are periodically explored by the U.S. government. Although it is impossible to predict what form such action will take, any action may result in material increased compliance costs additional operating restrictions for our business, and an increase in the cost of the products we produce, which could have a material adverse effect on our financial position, results of operations and liquidity.

Natural disasters and climate change could affect our suppliers or customers, negatively impacting our operations.

Natural disasters and climate change could significantly damage our mining and production facilities and infrastructure both directly and indirectly. Such natural disasters and climate change effects may cause a contraction in sales to countries adversely affected due to, among other factors, droughts, floods, heat waves and wildfires which may cause damages in industrial facilities and infrastructure. Such weather events could adversely affect our operations directly and may cause indirect disruptions in our supply chain and logistic routes. The Company continuously monitors climate and natural events which could impact our facilities and supply chain to maintain and implement appropriate mitigation measures.

As a measure of control and monitoring of the risks associated with climate change, both physical and transitional, an annual assessment is conducted. This assessment includes, at the facility level, all physical risks that may impact our operations. Different scenarios and climatic variables are considered, as well as the time periods in which these risks are expected to materialize and the existing control and mitigation measures that allow for attenuating and controlling such risks.

10

Table of Contents

Although climate change has not historically had a material impact, its future impacts on our business remains uncertain. We are likely to experience changes in rainfall patterns, increased temperatures, water shortages (and potential issues with water availability), rising sea and river levels, lower water levels in rivers due to natural or operational conditions, increased storm frequency and intensity as a result of climate change, which may adversely affect our operations. The Company maintains insurance covering damages caused by natural disasters; however, extensive damage to our facilities and staff casualties due to natural disasters may not be covered by our insurer and/or could materially adversely affect our ability to conduct our operations and, as a result, reduce our future operating results. 

In addition, the potential physical impact of climate change on our operations is highly uncertain and would be particular to the geographic circumstances of our facilities and operations. It may include changes in rainfall patterns, water shortages, rising sea and river levels, changing storm patterns and intensities and changing temperatures. These effects may materially adversely impact the cost, production and financial performance of our operations.

Climate change, sustainability regulations and Company initiatives, including our environmental commitments associated with our decarbonization plan, could place additional burden on us and our operations.

We may face increased climate related regulation and as well as expectations from our stakeholders to take actions beyond regulatory requirements to minimize our impact on the environment and mitigate climate change related effects. The mining and metals sector contributes directly to greenhouse gas emissions and continues to be subject to increasing regulations. In order to address such regulations, we may be required to adapt our production processes or purchase additional equipment or carbon offsets, leading to increased costs. In 2023, the Company articulated certain decarbonization actions, which are focused on reducing our Scope 1 and 2 emissions by 2030, and will be published in our 2023 Global ESG Report later in 2024.

To meet these additional requirements, we will need to continue to deploy additional equipment, introduce process changes, utilize alternative suppliers and materials, and take other similar actions, some or all of which may require us to incur additional costs which could result in a material adverse effect on our results of operations and our financial position. In addition, if we fail to meet these expectations, we may experience reputational risk which could impact our ability to attract and retain employees, investors and customers.

Further, our operating sites, as well as those of our partners along the supply chain, may be exposed to changing and/or increasing physical risks resulting from climate change that are either chronic (induced by longer-term shifts in climate patterns, such as sea level rise, or changing temperature, wind or precipitation patterns) or acute (event-drive such as cyclones, hurricanes or heat waves). In the context of efforts to transition to a lower-carbon economy, we will likely be exposed to further policy, legal, technology, and market transition risks. If we do not respond to these risks effectively or if our efforts are lower than our peers, we may suffer reputational risks which may lead to financial repercussions such as a decrease in share price.

We make a significant portion of our sales to a limited number of customers, and the loss of a portion of the sales to these customers could have a material adverse effect on our revenues and profits.

For the year ended December 31, 2023, our ten largest customers accounted for 51.0% of Ferroglobe’s consolidated sales. We expect that we will continue to derive a significant portion of our business from sales to these customers.

Some contracts with our customers do not entail commitments from the customer to purchase specified or minimum volumes of products over time. Accordingly, we face a risk of unexpected reduced demand for our products from such customers as a result of, for instance, downturns in the industries in which they operate or any other factor affecting their business, which could have a material adverse effect on our revenues and profits.

If we were to experience a significant reduction in the amount of sales we make to some or all of such customers and could not replace these sales with sales to other customers, this could have a material adverse effect on our revenues and profits.

11

Table of Contents

Products we manufacture may be subject to unfair import competition that may affect our profitability.

A number of the products we manufacture, including silicon metal and ferrosilicon, are globally-traded commodities that are sold primarily on the basis of price. As a result, our sales volumes and prices may be adversely affected by influxes of imports of these products that are dumped or are subsidized by foreign governments. Our silicon metal and ferrosilicon operations have been injured by such unfair import competition in the past. Applicable antidumping and countervailing duty laws and regulations may provide a remedy for unfairly traded imports in the form of special duties imposed to offset the unfairly low pricing or subsidization. However, the process for obtaining such relief is complex and uncertain. As a result, while we have sought and obtained such relief in the past, in some cases we have not been successful. Thus, there is no assurance that such relief will be obtained, and if it is not, unfair import competition could have a material adverse effect on our business, results of operations and financial condition.

Our business benefits from antidumping and countervailing duty orders and laws that protect our products by imposing special duties on unfairly traded imports from certain countries. If these duties or laws change, certain foreign competitors might be able to compete more effectively.

Ferroglobe benefits from antidumping and countervailing duty orders and laws that protect its business and products by imposing special duties on unfairly traded imports from certain countries. See “Item 4.B.—Information on the Company—Business Overview—Regulatory Matters—Trade” for additional information.

These orders may be subject to revision, revocation or rescission at any time, including through periodic governmental reviews and proceedings. Current antidumping and countervailing duty orders thus (i) may not remain in effect and continue to be enforced from year to year, (ii) may change the covered products and countries under current orders, and (iii) may reassess duties.

Changes in any of these factors could adversely affect our business and profitability. Finally, at times, in filing trade actions, we arguably act against the interests of our customers. Certain of our customers may not continue to do business with us as a result.

We operate in a highly competitive industry.

The silicon metal market and the silicon-based and manganese-based alloys markets are global, capital intensive and highly competitive. Our competitors may have greater financial resources, as well as other strategic advantages, to maintain, improve and possibly expand their facilities, and, as a result, they may be better positioned than we are to adapt to changes in the industry or the global economy. Advantages that our competitors have over us from time to time, new entrants that increase competition in our industry, and increases in the use of substitutes for certain of our products could have a material adverse effect on our business, results of operations and financial condition.

Competitive pressure from Chinese steel, aluminum, polysilicon and silicone producers may adversely affect the business of our customers, reducing demand for our products. Our customers may relocate to China, where they may not continue purchasing from us.

China’s aluminum, polysilicon and steel producing capacity exceeds local demand and has made China a significant net exporter of aluminum and steel. The Chinese silicone manufacturing industry is also growing rapidly. Chinese aluminum, polysilicon, steel and silicone producers — who are unlikely to purchase silicon metal, manganese and silicon based alloys and other specialty metals from our subsidiaries outside of China due to the ample availability of domestic Chinese production — may gain global market share at the expense of our customers. An increase in Chinese aluminum, steel, polysilicon and silicone industry market share could adversely affect the production volumes, revenue and profits of our customers, resulting in reduced purchases of our products.

Moreover, our customers might seek to relocate or refocus their operations to China or other countries with lower labor costs and higher growth rates. Any that do so might thereafter choose to purchase from other suppliers of silicon metal,

12

Table of Contents

silicon- and manganese-based alloys and other specialty metals which in turn could have a material adverse effect on our business, results of operations and financial condition.

We are subject to the risk of union disputes and work stoppages at our facilities, which could have a material adverse effect on our business.

A majority of our employees are members of labor unions. We experience protracted negotiations with labor unions, strikes, work stoppages or other industrial actions from time to time. Strikes called by employees or unions have in the past, and could in the future, materially disrupt our operations, including productions schedules and delivery times. We have experienced strikes by our employees at several of our facilities from time to time and a certain number of these strikes have been protracted and have resulted in significant production disruptions. Any such work stoppage could have a material adverse effect on our business, results of operations and financial condition.

New labor contracts have to be negotiated to replace expiring contracts from time to time. It is possible that future collective bargaining agreements will contain terms less favorable than the current agreements. Any failure to negotiate renewals of labor contracts on terms acceptable to us, with or without work stoppages, could have a material adverse effect on our business, results of operations and financial condition.

Many of our key customers or suppliers are similarly subject to union disputes and work stoppages, which may reduce their demand for our products or interrupt the supply of critical raw materials and impede their ability to fulfil their commitments under existing contracts, which could have a material adverse effect on our business, results of operations and financial condition.

We are dependent on key personnel.

Our success depends in part upon the retention of key employees. Competition for qualified personnel can be intense. Current and prospective employees may experience uncertainty about our business or industry, which may impair our ability to attract, retain and motivate key management, sales, technical and other personnel.

If key employees depart our overall business may be harmed. We also may have to incur significant costs in identifying, hiring and retaining replacements for departing employees, may lose significant expertise and talent relating to our business and our ability to further realize the anticipated benefits of the Business Combination may be adversely affected. In addition, the departure of key employees could cause disruption or distractions for management and other personnel. Furthermore, we cannot be certain that we will be able to attract and retain replacements of a similar caliber as departing key employees.

The long-term success of our operations depends to a significant degree on the continued employment of our core senior management team. In particular, we are dependent on the skills, knowledge and experience of Javier López Madrid, our Executive Chairman, Marco Levi, our Chief Executive Officer, and Beatriz García-Cos, our Chief Financial Officer. If these employees are unable to continue in their respective roles, or if we are unable to attract and retain other skilled employees, our business, results of operations and financial condition could be adversely affected. We currently have employment agreements with Mr. López Madrid, Dr. Levi and Ms. García-Cos. These agreements contain certain non-compete provisions, which may not be fully enforceable by us. Additionally, we are substantially dependent upon key personnel among our legal, financial and information technology staff, who enable us to meet our regulatory, contractual and financial reporting obligations, including reporting requirements under our credit facilities.

13

Table of Contents

Shortages of skilled labor could adversely affect our operations.

We depend on skilled labor for the operation of our submerged arc furnaces and other facilities. Some of our facilities are located in areas where demand for skilled personnel often exceeds supply. Shortages of skilled furnace technicians and other skilled workers, including as a result of deaths, work stoppages or other events, could restrict our ability to maintain or increase production rates, lead to production inefficiencies and increase our labor costs.

In certain circumstances, the members of our Board may have interests that may conflict with yours as a holder of ordinary shares.

Our directors have no duty to us with respect to any information such directors may obtain (i) otherwise than as our directors and (ii) in respect of which directors owe a duty of confidentiality to another person, provided that where a director’s relationship with such other person gives rise to a conflict, such conflict has been authorized by our Board in accordance with our articles of association (“Articles”). Our Articles provide that a director shall not be in breach of the general duties directors owe to us pursuant to the UK Companies Act 2006 because such director:

fails to disclose any such information to our Board, directors or officers; or
fails to use or apply any such information in performing such director’s duties as a director.

In such circumstances, certain interests of the members of our Board may not be aligned with your interests as a holder of ordinary shares and the members of our Board may engage in certain business and other transactions without any accountability or obligation to us.

We may not realize the cost savings and other benefits that we expect to achieve.

We are continuously looking for opportunities to improve our operations through changes in processes, technology, information systems, and management of best practices. These initiatives are complex and require skilled management and the support of our workforce to implement them.

In our efforts to improve our business fully and successfully, we may encounter material unanticipated problems, expenses, liabilities, competitive responses, loss of client relationships, and a resulting diversion of management’s attention. The challenges include, among others:

managing change throughout the company;
coordinating geographically separate organizations;
potential diversion of management focus and resources from ordinary operational matters and future strategic opportunities;
retaining existing customers and attracting new customers;
maintaining employee morale and retaining key management and other employees;
integrating two unique business cultures that are not necessarily compatible;
issues in achieving anticipated operating efficiencies, business opportunities and growth prospects;
issues in integrating information technology, communications and other systems;
changes in applicable laws and regulations;

14

Table of Contents

changes in tax laws (including under applicable tax treaties) and regulations or to the interpretation of such tax laws or regulations by the governmental authorities; and
managing tax costs or inefficiencies associated with integrating our operations.

Many of these factors are outside of our control and any one of them could result in increased costs, decreased revenues and diversion of management’s time and energy, which could materially impact our business, results of operations and financial condition.

Any failure to integrate acquired businesses successfully or to complete future acquisitions successfully could be disruptive of our business and limit our future growth.

From time to time, we have pursued acquisitions in support of our strategic goals. In connection with any such acquisition, we could face significant challenges in managing and integrating our expanded or combined operations, including acquired assets, operations and personnel. For example, we have faced challenges in integrating Globe and Ferroatlantica following the merger in 2015, and with the acquisitions of the Mo i Rana and Dunkirk plants. There can be no assurance that acquisition opportunities will be available on acceptable terms or at all or that we will be able to obtain necessary financing or regulatory approvals to complete potential acquisitions. Our ability to succeed in implementing our strategy will depend to some degree upon the ability of our management to identify, complete and successfully integrate commercially viable acquisitions. Acquisitions may further disrupt our ongoing business and distract management from other responsibilities.

We engage in related party transactions with affiliates of Grupo VM, our principal shareholder.

Conflicts of interest may arise between our principal shareholder and your interests as a shareholder. Our principal shareholder has, and will continue to have, directly or indirectly, the power, among other things, to affect our day-to-day operations, including the pursuit of related party transactions. We have entered, and may in the future enter, into agreements with companies who are affiliates of Grupo VM, our principal shareholder. Such agreements have been approved by, or would be subject to the approval of, the Board or the Audit Committee, as its delegate. The terms of such agreements may present material risks to our business and results of operations. For example, we have entered into multiple agreements with affiliates of Grupo VM with respect to, among other things, the provision of information technology and data processing services and energy-related services. See “Item 7.B.—Major Shareholders and Related Party Transactions—Related Party Transactions.”

We are exposed to significant risks in relation to compliance with anti-bribery and corruption laws, anti-money laundering laws and regulations, and economic sanctions programs.

Operating globally requires us to comply with the laws and regulations of various jurisdictions. In particular, our international operations are subject to anti-corruption laws, most notably the U.S. Foreign Corrupt Practices Act of 1977 (“FCPA”) and the UK Bribery Act of 2010 (the “Bribery Act”), international trade sanctions programs, most notably those administered by the U.N., U.S. and European Union, anti-money laundering laws and regulations, and laws against human trafficking and slavery, most notably the UK Modern Slavery Act 2015 (“Modern Slavery Act”).

The FCPA and Bribery Act prohibit offering or providing anything of value to foreign officials for the purposes of obtaining or retaining business or securing any improper business advantage. We may deal from time to time with both governments and state-owned business enterprises, the employees of which are considered foreign officials for purposes of these laws. International trade sanctions programs restrict our business dealings with or relating to certain sanctioned countries and certain sanctioned entities and persons no matter where located.

As a result of doing business internationally, we are exposed to a risk of violating applicable anti-bribery and corruption (“ABC”) laws, international trade sanctions, and anti-money laundering (“AML”) laws and regulations. Some of our operations are in developing countries that lack well-functioning legal systems and have high levels of corruption. Our worldwide operations and any expansion, including in developing countries, our development of joint venture relationships worldwide, and the engagement of local agents in the countries in which we operate tend to increase the risk of violations of such laws and regulations. Violations of ABC laws, AML laws and regulations, and trade sanctions are punishable by

15

Table of Contents

civil penalties, including fines, denial of export privileges, injunctions, asset seizures, debarment from government contracts (and termination of existing contracts) and revocations or restrictions of licenses, as well as criminal penalties including possible imprisonment. Moreover, any major violations could have a significant impact on our reputation and consequently on our ability to win future business.

For its part, the Modern Slavery Act requires any commercial organization that carries on a business or part of a business in the United Kingdom (“U.K”) which (i) supplies goods or services and (ii) has an annual global turnover of £36 million to prepare a slavery and human trafficking statement for each financial year ending on or after March 31, 2016. In this statement, the commercial organization must set out the steps it has taken to ensure there is no modern slavery in its own business and its supply chain, or provide an appropriate negative statement. The UK Secretary of State may enforce this duty by means of civil proceedings. The nature of our operations and the regions in which we operate may make it difficult or impossible for us to detect all incidents of modern slavery in certain of our supply chains. Any failure in this regard would not violate the Modern Slavery Act per se, but could have a significant impact on our reputation and consequently on our ability to win future business.

We seek to build and continuously improve our systems of internal controls and to remedy any weaknesses identified. As part of our efforts to comply with all applicable law and regulation, we have introduced a global ethics and compliance program based around our Code of Conduct. However, we cannot be certain that our policies and procedures will be followed at all times or that we will prevent or timely detect violations of applicable laws, regulations or policies by our personnel, partners or suppliers. Any actual or alleged failure to comply with applicable laws or regulations could lead to material liabilities not covered by insurance or other significant losses, which in turn could have a material adverse effect on our business, results of operations, and financial condition.

Although we are not currently operating at full capacity, we have previously operated at near the maximum capacity of our operating facilities. Because the cost of increasing capacity may be prohibitively expensive, we may have difficulty increasing our production and profits.

Our facilities can manufacture, collectively, approximately 329,000 tons of silicon metal, 302,000 tons of silicon-based alloys and 562,000 tons of manganese-based alloys on an annual basis. Our ability to increase production and revenues will depend on expanding existing facilities, acquiring facilities or building new ones.

We may not have sufficient funds or time to expand existing facilities, acquire new facilities, or open new ones and may be required to incur significant debt to do so, which could have a material adverse effect on our business and financial condition.

Planned investments in the expansion and improvement of existing facilities and in the construction of new facilities may not be successful.

We may engage in significant capital improvements to our existing facilities to upgrade and add capacity to those facilities. We also may engage in the development and construction of new facilities. Should any such efforts not be completed in a timely manner and within budget, or be unsuccessful otherwise, we may incur additional costs or impairments which could have a material adverse effect on our business, results of operations and financial condition.

16

Table of Contents

Our insurance costs may increase materially, and insurance coverages may not be adequate to protect us against all risks and potential losses to which we may be subject.

We maintain various forms of insurance covering a number of specified and consequential risks and losses arising from insured events under the policies, including securities claims, certain business interruptions and claims for damage and loss caused by certain natural disasters, such as earthquakes, floods and windstorms. Our existing property and liability insurance coverage contains various exclusions and limitations on coverage. In some previous insurance policy renewals, we have acceded to larger premiums, self-insured retentions and deductibles. For example, as a result of an explosion at our facility in Chateau Feuillet, France in 2016, the applicable property insurance premium increased. We may also be subject to additional exclusions and limitations on coverage in future insurance policy renewals. There can be no assurance that the insurance policies we have in place are or will be sufficient to cover all potential losses we may incur. In addition, due to changes in our circumstances and in the global insurance market, insurance coverage may not continue to be available to us on terms we consider commercially reasonable or be sufficient to cover multiple large claims.

We have operations and assets in the United States, Spain, France, Canada, China, South Africa, Norway, Venezuela, Argentina and may expand our operations and assets into other countries in the future. Our international operations and assets may be subject to various economic, social and governmental risks.

Our international operations and sales may expose us to risks that are more significant in developing markets than in developed markets and which could negatively impact future revenue and profitability. Operations in developing countries may not operate or develop in the same way or at the same rate as might be expected in a country with an economy, government and legal system similar to western countries. The additional risks that we may be exposed to in such cases include, but are not limited to:

tariffs and trade barriers;
sanctions and other restrictions in our ability to conduct business with certain countries, companies or individuals;
recessionary trends, inflation or instability of financial markets;
regulations related to customs and import/export matters;
tax issues, such as tax law changes, changes in tax treaties and variations in tax laws;
absence of a reliable legal or court system;
changes in regulations that affect our business, such as new or more stringent environmental requirements or sudden and unexpected raises in power rates;
limited access to qualified staff;
inadequate infrastructure;
cultural and language differences;
inadequate banking systems;
restrictions on the repatriation of profits or payment of dividends;
crime, strikes, riots, civil disturbances, terrorist attacks or wars;
nationalization or expropriation of property;
less access to urgent medical care for employees and key personnel in the case of severe illness;

17

Table of Contents

law enforcement authorities and courts that are weak or inexperienced in commercial matters; and
deterioration of political relations among countries.

In addition to the foregoing, exchange controls and restrictions on transfers abroad and capital inflow restrictions have limited, and can be expected to continue to limit, the availability of international credit.

The critical social, political and economic conditions in Venezuela have adversely affected, and may continue to adversely affect, our results of operations.

Among other policies in recent years, the Venezuelan government has continuously devalued the Bolívar. The resulting inflation has devastated the country, which is experiencing all manner of shortages of basic materials and other goods and difficulties in importing raw materials. In 2016, we idled our Venezuelan operations and sought to determine the recoverable value of the long lived assets there. We concluded that the costs to dispose of the facility exceeded the fair value of the assets, primarily due to political and financial instability in Venezuela. Accordingly, we wrote down the full value of our Venezuelan facilities. However, our inability to generate cash in that market may cause us to default on some of our obligations there in the future, which may result in administrative intervention or other consequences. In addition, in the recent past the Venezuelan government has threatened to nationalize certain businesses and industries, which could result in a loss of our Venezuelan facilities for no consideration. If the social, political and economic conditions in Venezuela continue as they are, or worsen, our business, results of operations and financial condition could be adversely affected. Venezuela net assets value were immaterial as of December 31, 2023 and 2022, respectively. Sales were immaterial for the years ended December 31, 2023, 2022 and 2021, respectively.

We are exposed to foreign currency exchange risk and our business and results of operations may be negatively affected by the fluctuation of different currencies.

We transact business in numerous countries around the world and a significant portion of our business entails cross border purchasing and sales. Our sales made in a particular currency do not exactly match the amount of our purchases in such currency. We prepare our consolidated financial statements in USD, while the financial statements of each of our subsidiaries are prepared in the respective entity’s functional currency. Accordingly, our revenues and earnings are continuously affected by fluctuations in foreign currency exchange rates. For example, in instances when our sales made in USD exceed the amount of our purchases made in USD, the appreciation of certain currencies (like the Euro or the South African Rand) against the USD would tend to have an adverse effect on our costs. Such adverse movements in relevant exchange rates could have a material adverse effect on our business, results of operations and financial condition.

We depend on a limited number of suppliers for certain key raw materials. The loss of one of these suppliers or the failure of one of any of them to meet contractual obligations to us could have a material adverse effect on our business.

Colombia and the United States are among the preferred sources for the coal consumed in the production of silicon metal and silicon-based alloys, and the vast majority of producers source coal from these two countries. In the year ended December 31, 2023, approximately 59% of our coal was purchased from third parties. Of our third-party purchases, approximately 84% came from Colombia.

Additionally, nearly all of the manganese ore we purchase comes from suppliers located in South Africa and Gabon. We do not control these third-party suppliers and must rely on them to perform in accordance with the terms of their contracts. If these suppliers fail to provide us with the required raw materials in a timely manner, or at all, or if the quantity or quality of the materials they provide is lower than that contractually agreed, we may not be able to procure adequate supplies of raw materials from alternative sources on comparable terms, or at all, which could have a material adverse effect on our business, results of operations and financial condition. In addition, since many suppliers of these raw materials are located in the same region, if a natural disaster or event affected one of these regions it is likely alternative sources would also be similarly affected.

18

Table of Contents

We are impacted by the ongoing military conflict between Russia and Ukraine. Our business may be materially adversely affected by any negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.

Global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the military conflict between Russia and Ukraine. On February 24, 2022, a full-scale military invasion of Ukraine by Russian troops was reported. Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions.

Russia and Ukraine are meaningful producers of silicon metal, silicon alloys and manganese based alloys, and are also significant suppliers of raw materials for our business and industry. The inability of Russian and Ukrainian producers to meet their customer obligations could potentially create tightness in the market. Likewise, we rely on a number of inputs from Russia and the Commonwealth of Independent States region, including metallurgical coke, anthracite and carbon and graphite electrodes. Our inability to procure these materials can adversely impact our operations.

Additionally, Russia’s prior annexation of Crimea, recent recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied by the United States, European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People’s Republic, and the so-called Luhansk People’s Republic, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) payment system, expansive ban on imports and exports of products to and from Russia and ban on exportation of U.S denominated banknotes to Russia or persons located there. Additional potential sanctions and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

Management continually tracks developments in the conflict in Ukraine and is committed to actively managing our response to potential distributions to the business, but can provide no assurance that the conflict in Ukraine or other ongoing headwinds will not have a material adverse effect on our business, operations and financial results.

Any delay or failure to procure, renew or maintain necessary governmental permits, including environmental permits and concessions to operate our hydropower plants would adversely affect our results of operations.

The operation of our hydropower plants is highly regulated, requires various governmental permits, including environmental permits and concessions, and may be subject to the imposition of conditions by government authorities. We cannot predict whether the conditions prescribed in such permits and concessions will be achievable. The denial of a permit essential to a hydropower plant or the imposition of impractical conditions would impair our ability to operate the plant. If we fail to satisfy the conditions or comply with the restrictions imposed by governmental permits or concessions, or restrictions imposed by other applicable statutory or regulatory requirements, we may face enforcement action and be subject to fines, penalties or additional costs or revocation of such permits or concessions. Any failure to procure, renew or abide by necessary permits and concessions would adversely affect the operation of our hydropower plants.

Equipment failures may lead to production curtailments or shutdowns and repairing any failure could require us to incur capital expenditures and other costs.

Many of our business activities are characterized by substantial investments in complex production facilities and manufacturing equipment. Because of the complex nature of our production facilities, any interruption in manufacturing resulting from fire, explosion, industrial accidents, natural disaster, equipment failures or otherwise could cause significant losses in operational capacity and could materially and adversely affect our business, results of operations and financial condition.

19

Table of Contents

Other equipment may not continue to perform as they have in the past or as they are expected. A major equipment failure due to wear and tear, latent defect, design error or operator error, early obsolescence, natural disaster or other force majeure event could cause significant losses in operational capacity. Repairs following such failures could require us to incur capital expenditures and other costs. Such major failures also could result in damage to the environment or damages and harm to third parties or the public, which could expose us to significant liability. Such costs and liabilities could adversely affect our business, results of operations and financial condition.

We depend on proprietary manufacturing processes and software. These processes may not yield the cost savings that we anticipate and our proprietary technology may be challenged.

We rely on proprietary technologies and technical capabilities in order to compete effectively and produce high quality silicon metal and silicon-based alloys, including:

computerized technology that monitors and controls production furnaces;
electrode technology and operational know-how;
metallurgical processes for the production of solar-grade silicon metal;
production software that monitors the introduction of additives to alloys, allowing the precise formulation of the chemical composition of products; and
flowcaster equipment, which maintains certain characteristics of silicon-based alloys as they are cast.

We are subject to a risk that:

we may not have sufficient funds to develop new technology and to implement effectively our technologies as competitors improve their processes;
if implemented, our technologies may not work as planned; and
our proprietary technologies may be challenged and we may not be able to protect our rights to these technologies.

Patent or other intellectual property infringement claims may be asserted against us by a competitor or others. Our intellectual property rights may not be enforceable and may not enable us to prevent others from developing and marketing competitive products or methods. An infringement action against us may require the diversion of substantial funds from our operations and may require management to expend efforts that might otherwise be devoted to operations. A successful challenge to the validity of any of our patents may subject us to a significant award of damages, and may oblige us to secure licenses of others’ intellectual property, which could have a material adverse effect on our business, results of operations and financial condition.

We also rely on trade secrets, know-how and continuing technological advancement to maintain our competitive position. We may not be able to effectively protect our rights to unpatented trade secrets and know-how.

Ferroglobe PLC is a holding company whose principal source of revenue is the income received from its subsidiaries.

Ferroglobe PLC is dependent on the income generated by its subsidiaries in order to earn distributable profits and pay dividends to shareholders. The amounts of distributions and dividends, if any, to be paid to us by any operating subsidiary will depend on many factors, including such subsidiary’s results of operations and financial condition, limits on dividends under applicable law, its constitutional documents, documents governing any indebtedness, applicability of tax treaties and other factors which may be outside our control. If our operating subsidiaries do not generate sufficient cash flow, we may be unable to earn distributable profits and pay dividends on our shares.

20

Table of Contents

Our business operations may be impacted by various types of claims, lawsuits, and other contingent obligations.

We are involved in various legal and regulatory proceedings including those that arise in the ordinary course of our business. We estimate such potential claims and contingent liabilities and, where appropriate, record provisions to address these contingent liabilities. The ultimate outcome of the legal matters currently pending against our Company is uncertain, and although such claims, lawsuits and other legal matters are not expected individually to have a material adverse effect, such matters in the aggregate could have a material adverse effect on our business, results of operations and financial condition. Furthermore, we could, in the future, be subject to judgments or enter into settlements of lawsuits and claims that could have a material adverse effect on our results of operations in any particular period. While we maintain insurance coverage in respect of certain risks and liabilities, we may not be able to obtain such insurance on acceptable terms in the future, if at all, and any such insurance may not provide adequate coverage against such claims. See “Item 8.A.—Financial Information—Consolidated Statements and Other Financial Information—Legal proceedings” for additional information regarding legal proceedings to which we are party.

We are exposed to changes in economic and political conditions where we operate and globally that are beyond our control.

Our industry is affected by changing economic conditions, including changes in national, regional and local unemployment levels, changes in national, regional and local economic development plans and budgets, shifts in business investment and consumer spending patterns, credit availability, and business and consumer confidence. Disruptions in national economies and volatility in the financial markets may and often will reduce consumer confidence, negatively affecting business investment and consumer spending. The outlook for the global economy in the near term is negative due to several factors, including geopolitical risks, inflation and concerns about global growth and stability.

We are not able to predict the timing or duration of periods of economic growth in the countries where we operate or sell products, nor are we able to predict the timing or duration of any economic downturn or recession that may occur in the future.

Cybersecurity breaches and threats could disrupt our business operations and result in the loss of critical and confidential information.

We rely on the effective functioning and availability of our information technology and communication systems and the security of such systems for the secure processing, storage and transmission of confidential information. The sophistication and magnitude of cybersecurity incidents are increasing and include, among other things, unauthorized access, computer viruses, deceptive communications and malware. We have experienced minor incidents in the past, and information technology security processes may not effectively detect or prevent cybersecurity breaches or threats and the measures we have taken to protect against such incidents may not be sufficient to anticipate or prevent rapidly evolving types of cyber-attacks. Breaches of the security of our information technology and communication systems could result in destruction or corruption of data, the misappropriation, corruption or loss of critical or confidential information, business disruption, reputational damage, litigation and remediation costs.

Changes in laws, rules or regulations relating to data privacy and security, or any actual or perceived failure by us to comply with such laws, rules, regulations and standards, or contractual or other obligations relating to data privacy and security, could result in claims, changes to our business practices, penalties, increased cost of operations and could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.

We are, and may increasingly become, subject to various laws, rules, regulations, treaties, decisions and standards, as well as contractual obligations, relating to data privacy and security in the jurisdictions in which we operate. The regulatory environment related to data privacy and security is increasingly rigorous, with new and constantly changing requirements applicable to our business, and enforcement practices are likely to remain uncertain for the foreseeable future. These laws, rules, regulations, treaties, decisions and standards may be interpreted and applied differently over time and from jurisdiction to jurisdiction and in a manner that is inconsistent with our data practices and that could have a material adverse effect on our results of operations, financial condition and cash flows. New laws, amendments to or reinterpretations of

21

Table of Contents

existing laws, rules, regulations, treaties, decisions, standards and other obligations may require us to incur additional costs and restrict our business operations, and may require us to change how we use, collect, store, transfer or otherwise process certain types of personal information and to implement new processes to comply with those laws.

Internationally, laws, regulations and standards in many jurisdictions apply broadly to the collection, use, retention, security, disclosure, transfer and other processing of personal information. For example, the EU General Data Protection Regulation (GDPR), which became effective in May 2018, greatly increased the European Commission’s jurisdictional reach of its laws and adds a broad array of requirements for handling personal data. EU Member States are tasked under the GDPR to enact, and to have enacted, certain implementing legislation that adds to and/or further interprets the GDPR requirements and potentially extends our obligations and potential liability for failing to meet such obligations. The GDPR, together with national legislation, regulations and guidelines of the EU Member States and Switzerland (via its Federal Data Protection Act) governing the processing of personal data, impose strict obligations and restrictions on the ability to collect, use, retain, protect, disclose, transfer and otherwise process personal data. In particular, the GDPR includes obligations and restrictions concerning the consent and rights of individuals to whom the personal data relates (and the obligations of sponsors of clinical trials acting as data controllers), the transfer of personal data out of the European Economic Area (EEA), the notification of security breaches and the security and confidentiality of personal data. The GDPR authorizes fines for certain violations of up to 4% of global annual revenue or EUR 20 million, whichever is greater. The GDPR also applies to our key business partners, CROs and service providers, whether or not they are located in Europe, with which we share personal data subject to the GDPR. Additionally, we also are subject to the UK General Data Protection Regulation (UK GDPR) (i.e., a version of the GDPR as implemented into UK law), exposing us to two parallel regimes with potentially divergent interpretations and enforcement actions for certain violations. While the European Commission issued an adequacy decision intended to last for at least four years in respect of the UK’s data protection framework, enabling data transfers from EU Member States to the UK to continue without requiring organizations to put in place contractual or other measures in order to lawfully transfer personal data between the territories, the relationship between the UK and the EU in relation to certain aspects of data privacy and security law remains unclear. Although we do not have material operations in the UK, we cannot rule out potential disruptions in relation to the clinical regulatory framework applicable to our clinical studies in the UK, and to data privacy and security rules with respect to personal data sharing with vendors and clinical investigators in the UK, and we cannot predict future implications.

All of these evolving compliance and operational requirements impose significant costs, which are likely to increase over time.

Possible new tariffs and duties that might be imposed by certain governments, including the United States, the European Union and others, could have a material adverse effect on our results of operations.

In March 2018, the United States imposed import tariffs of 25 percent on steel and 10 percent on aluminum. Exemptions from these tariffs were allowed for steel from Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and aluminum from Argentina, Australia, Canada, and Mexico. These tariffs were expanded to apply to steel and aluminum derivatives from most countries. China, the EU, and other countries imposed retaliatory duties on products from the United States.

In January 2022, the tariffs on steel and aluminum from the EU were replaced by “tariff-rate quotas”, which allow a certain volume of imports to enter without the additional tariffs, but impose a 25% tariff on steel imports and a 10% tariff on aluminum imports exceeding the quota amount. Similar arrangements to replace the steel and aluminum tariffs with tariff-rate quotas were implemented for Japan and the UK in April and June 2022, respectively.

Beginning in July 2018, the United States also imposed 25 percent tariffs on a wide array of Chinese products, including products produced and consumed by Ferroglobe, and 7.5 percent on a smaller range of products. In January 2020, the United States and China entered an initial “Phase 1” agreement to resolve the trade dispute between the two countries. The agreement resulted in the suspension of Chinese retaliatory duties on certain U.S. products and the commitment by China to purchase products from the United States. It is unclear whether and, if so, when the two countries will reach a Phase 2 agreement that would resolve the dispute more broadly.  Currently a Phase 2 agreement appears unlikely in the foreseeable future.

22

Table of Contents

There are indications that China has not fully complied with its Phase 1 commitments. If China were found to be in noncompliance, the United States could reimpose tariffs on Chinese products that are currently suspended or increase the existing tariffs.

Any broader “trade war” resulting from the imposition of tariffs could have a significant adverse effect on world trade and the world economy. To date, tariffs have not affected our business to a material degree.

Our suppliers, customers, agents or business partners may be subject to or affected by export controls or trade sanctions imposed by government authorities from time to time, which may restrict our ability to conduct business with them and potentially disrupt our production or our sales.

The United States, European Union, United Nations and other authorities have variously imposed export controls and trade sanctions on certain countries, companies, individuals and products, restricting our ability to trade normally with or in them. At present, compliance with such trade regulation is not affecting our business to a material degree. However, new trade regulations may be imposed at any time that target or otherwise affect our customers, suppliers, agents or business partners or their products. In particular, trade sanctions could be imposed that restrict our ability to do business with one or more critical suppliers and require special licenses to do so. Such events could potentially disrupt our production or sales and have a material adverse effect on our business, results of operations and financial condition.

We make significant investments in the development of new technologies and new products. The success of such technologies or products is inherently uncertain and the investments made may fail to render the desired increase in profitability.

In order to improve our processes and increase margins, we have consistently invested significant amounts in the development of new technologies and in the development of new value added products. However, these developments are inherently uncertain, since they may fail to render the desired results when implemented at an industrial scale.

Specifically, we have invested in the construction of a factory to produce high purity silicon metal through a technology developed and patented by the Company. We believe the technology presents several advantages when compared to competitor’s processes. This high purity silicon could be used for several applications, including advanced ceramics, fillers for semiconductors, special alloys or li-ion batteries. The most promising market is the silicon for the anode of batteries, whose development depends on the validation of the Si/C composites in the new generation of battery cells for EVs. This is a long process and silicon might not deliver the expected results in terms of capacity, cyclability, fast-charging or safety. There could also be new emerging technologies such as solid-state batteries with lithium metal anode that could phase out the use of silicon in the anode.  

Risks Related to Our Capital Structure

We are subject to restrictive covenants under our credit facilities and other financing agreements. These covenants could significantly affect the way in which we conduct our business. Our failure to comply with these covenants could lead to an acceleration of our debt.

Our ability to comply with applicable debt covenants may be affected by events beyond our control, potentially leading to future breaches. The breach of any of the covenants contained in our credit facilities, unless waived, could constitute an event of default, in turn permitting the lenders to terminate their commitments to extend credit under, and accelerate the maturity of, the credit facilities in question. In addition, certain of our financing facilities contain cross default provisions pursuant to which a default under one financing agreement could permit lenders under other financing agreements to accelerate such debt. If in such circumstances we were unable to repay our creditors, or obtain waivers from them on acceptable terms or at all, our creditors could foreclose upon the collateral securing the credit facilities and exercise other rights. Such events, should they occur, could have a material adverse effect on our business, results of operations and financial condition.

23

Table of Contents

Moreover, the restrictions contained in our financing agreements affect our ability to operate our business and may limit our ability to react to market conditions or take advantage of potential business opportunities as they arise. For example, collateral requirements and other restrictions could adversely affect our ability to finance our operations, make strategic acquisitions, investments or alliances, restructure our organization or finance our capital needs. Additionally, our ability to comply with these covenants and restrictions may be affected by events beyond our control. These include prevailing economic, financial and industry conditions.

Our leverage may make it difficult for us to service our debt and operate our business.

Although the Company completed a partial redemption of its Senior Secured Notes totaling $150.0 million in 2023, as of December 31, 2023, the Company has a net debt balance and material debt service requirements. Our leverage has and in the future could have important consequences, including:

making it more difficult for us to satisfy our obligations to all creditors;
requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thus reducing the availability of our cash flow to fund internal growth through working capital and capital expenditures and for other general corporate purposes;
increasing our vulnerability to a downturn in our business or economic or industry conditions;
placing us at a competitive disadvantage compared to our competitors that have less indebtedness in relation to cash flow;
limiting our flexibility in planning for or reacting to changes in our business and our industry;
restricting us from investing in growing our business, pursuing strategic acquisitions and exploiting certain business opportunities; and
limiting, among other things, our and our subsidiaries’ ability to incur additional indebtedness, including refinancing, or raise equity capital in the future and increasing the costs of such additional financings.

Our ability to service our indebtedness will depend on our future performance, including continued positive results and liquidity, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, including the military conflict in Ukraine and the Middle East. Many of these factors are beyond our control. We may not be able to generate enough cash flow from operations or obtain enough capital to service our indebtedness or fund our planned capital expenditures. If we cannot service our indebtedness and meet our other obligations and commitments, we might be required to refinance our indebtedness, obtain additional financing, delay planned capital expenditures or to dispose of assets to obtain funds for such purpose. We cannot assure you that any refinancing or asset dispositions could be effected on a timely basis or on satisfactory terms, if at all, or would be permitted by the terms of our outstanding debt instruments.

In February 2024, the Company completed the full redemption of the 9.375% Senior Secured Notes due 2025 at 102.34375% of the principal amount plus accrued interest.

We have experienced past losses and cannot assure you that we will be profitable in the future.

Our business has historically been subject to fluctuations in the prices of our products and the market demand for them, caused by general and regional economic cycles, raw material and energy price fluctuations, competition and other factors. The Company reported positive net results for the years ended December 31, 2023 and 2022, respectively, following multiple consecutive years of losses. Because of the numerous uncertainties and risks inherent in our industry, we are unable to ensure that such profitability will continue into the future.

24

Table of Contents

To service our indebtedness, we require a significant amount of cash, and our ability to generate cash will depend on many factors beyond our control.

Our ability to make payments on and to refinance our indebtedness as well as fund capital expenditures depends in part on our ability to continue to generate cash in the future. This depends on the success of our business strategy and on general economic, financial, competitive, legislative, regulatory and other factors, many of which are beyond our control.

There can be no assurance that we will:

generate sufficient cash flow from operations;
realize operating improvements on schedule; or
have future borrowings available to us in an amount sufficient to enable us to service and repay our indebtedness or to fund our other liquidity needs.

Furthermore, applicable law and future contractual arrangements may impose restrictions on certain of our subsidiaries’ ability to make payments to Ferroglobe and other entities within the Group, which could impact our ability to service and pay our obligations as they mature or to fund our liquidity needs.

There can be no assurance that we will have the available liquidity or the ability to raise financing in order to repay our debt instruments at or ahead of their maturity.

If we are unable to further satisfy our debt obligations, we may have to undertake alternative financing plans, such as refinancing or further restructuring our indebtedness, selling assets, reducing or delaying capital investments or seeking to raise additional capital. There can be no assurance that any refinancing or debt restructuring would be possible, or if possible, that it would be on similar terms to those of our debt instruments existing at that time, that any assets could be sold or that, if sold, the timing of the sales and the amount of proceeds realized from those sales would be favorable to us or that additional financing could be obtained on acceptable terms. As the Reinstated Notes will be secured by a significant portion of our assets that can be granted as collateral, our ability to refinance our existing debt or raise new debt may be limited to unsecured or lesser-secured debt. Disruptions in the capital and credit markets, as have been seen in recent years, could adversely affect our ability to meet our liquidity needs or to refinance our indebtedness.

In February 2024, the Company completed the full redemption of the 9.375% Senior Secured Notes due 2025 at 102.34375% of the principal amount plus accrued interest.

Risks Related to Our Ordinary Shares

Grupo VM, our principal shareholder, has significant voting power with respect to corporate matters considered by our shareholders.

Our principal shareholder, Grupo VM, has, and will continue to have, directly or indirectly, the power, among other things, to affect our legal and capital structure and our day-to-day operations, as well as the ability to elect and change our management and to approve other changes to our operations. Grupo VM owns shares representing 40.1% of the aggregate voting power of our capital stock. So long as Grupo VM’s retains its voting power, as well as its representation on the Board, Grupo VM will have significant influence over the outcome of any corporate transaction or other matters submitted to our shareholders for approval. Grupo VM is likely to be able to block any such matter, including ordinary resolutions, which, under English law, require approval by a majority of outstanding shares cast in the vote. Grupo VM will also be able to block special resolutions, which, under English law, require approval by the holders of at least 75% of the outstanding shares entitled to vote and voting on the resolution, such as an amendment of the Articles or the exclusion of preemptive rights.

25

Table of Contents

Grupo VM has pledged most of its shares in our company to secure a loan from Tyrus Capital (“Tyrus”).

Grupo VM has guaranteed its obligations pursuant to a credit agreement (the “GVM Credit Agreement”) with respect to a loan granted to GVM by Tyrus Capital (“GVM Loan”). In addition, Grupo VM has entered into a security and pledge agreement (the “GVM Pledge Agreement”), with Tyrus pursuant to which Grupo VM agreed to pledge most of its shares to Tyrus to secure the outstanding GVM Loan.

In the event Grupo VM defaults under the GVM Credit Agreement, Tyrus may foreclose on the shares subject to the pledge.

The market price of our ordinary shares may be volatile and may fluctuate due to factors beyond our control.

Our ordinary shares are admitted for trading on the Nasdaq Capital Market under the symbol “GSM”. The market price of our ordinary shares is subject to wide fluctuations in response to numerous factors, some of which are beyond our control. These factors include, among other things, actual or anticipated variations in our costs of doing business, operating results and cash flow, the nature and content of our earnings releases and our competitors’ earnings releases, changes in financial estimates by securities analysts, business conditions in our markets and the general state of the securities markets and the market for other financial stocks, changes in capital markets that affect the perceived availability of capital to companies in our industry, and governmental legislation or regulation, as well as general economic and market conditions, such as downturns in our economy and recessions.

Broad market and industry factors may materially affect the market price of companies’ stock, including ours, regardless of actual operating performance. Similarly, the market price of our ordinary shares may fluctuate significantly based upon factors unrelated or disproportionate to our operating performance.

These market fluctuations, as well as general economic, political and market conditions, such as recessions, interest rates or international currency fluctuations may adversely affect the market price of our ordinary shares.

Significant sales of our ordinary shares, or the perception that significant sales thereof may occur in the future, could adversely affect the market price for our ordinary shares.

The sale of substantial amounts of our ordinary shares could adversely affect the price of these securities. Sales of substantial amounts of our ordinary shares in the public market, and the availability of shares for future sale could adversely affect the prevailing market price of our ordinary shares and could cause the market price of our ordinary shares to remain low for a substantial amount of time.

The Company may be restricted or unable to pay cash dividends in the future.

When and if the Company is not subject to financial covenants that restrict the payment of dividends or the repurchase of shares, the Company may pay dividends from time to time. The payment of future dividends, if any, is subject to then-applicable financial covenants that could in the future restrict the payment of dividends or the repurchase of our shares. The payment of dividends, if any, depends at all times on, among other matters, our results of operations and financial condition and on such other factors as our Board of Directors may, in their discretion, consider relevant.

If securities or industry analysts do not publish or cease publishing research reports about us, if they adversely change their recommendations regarding our ordinary shares, or if our operating results do not meet their expectations, the price of our ordinary shares could decline.

The trading market for our ordinary shares may be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market or our competitors. If there is limited or no securities or industry analyst coverage of us, the market price and trading volume of our ordinary shares would likely be negatively impacted. Moreover, if any of the analysts who may cover us downgrade our ordinary shares or provide relatively more favorable recommendations concerning our competitors, or, if our operating results or prospects do not meet their expectations, the

26

Table of Contents

market price of our ordinary shares could decline. If any of the analysts who may cover us were to cease coverage or fail regularly to publish reports about our Company, we could lose visibility in the financial markets, which, in turn, could cause our share price or trading volume to decline.

As a foreign private issuer within the meaning of the rules of Nasdaq, we are subject to different U.S. securities laws and Nasdaq governance standards than domestic U.S. issuers of securities. These may afford relatively less protection to holders of our ordinary shares, who may not receive all corporate and company information and disclosures they are accustomed to receiving or in a manner to which they are accustomed.

As a foreign private issuer, the rules governing the information that we are required to disclose differ from those governing U.S. corporations pursuant to the U.S. Exchange Act. Although we intend to report periodic financial results and certain material events, we are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence. In addition, we are exempt from the SEC’s proxy rules, and proxy statements that we distribute will not be subject to review by the SEC. Our exemption from Section 16 rules requiring the reporting of beneficial ownership and sales of shares by insiders means that you will have less data in this regard than shareholders of U.S. companies that are subject to this part of the U.S. Exchange Act and that our insiders are not subject to short-swing profit rules. As a result, in deciding whether to purchase our shares, you may not have all the data that you are accustomed to having when making investment decisions with respect to domestic U.S. public companies.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as our Company, may rely on home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq’s Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). We are permitted to follow certain corporate governance rules that conform to U.K. requirements in lieu of many of the Nasdaq corporate governance rules, and we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers. Accordingly, our shareholders will not have the same protections afforded to stockholders of U.S. companies that are subject to all of the corporate governance requirements of Nasdaq.

We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act’s domestic reporting regime and cause us to incur significant legal, accounting and other expenses.

We are a foreign private issuer and therefore we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. We may no longer be a foreign private issuer as of June 30, 2024 (or the end of our second fiscal quarter in any subsequent fiscal year), which would require us to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers as of January 1, 2025 (or the first day of the fiscal year immediately succeeding the end of such second quarter). In order to maintain our current status as a foreign private issuer, either (a) a majority of our ordinary shares must be either directly or indirectly owned of record by non-residents of the U.S. or (b) (i) a majority of our executive officers or directors may not be U.S. citizens or residents, (ii) more than 50 percent of our assets cannot be located in the U.S. and (iii) our business must be administered principally outside the U.S.. If we lost this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time-consuming and costly. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.

27

Table of Contents

If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our ordinary shares.

Our management is responsible for establishing and maintaining adequate internal controls over financial reporting. Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud, among other objectives. Any failure to implement any required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In connection with the audit of our consolidated financial statements as of and for the year ended December 31, 2020, we identified material weaknesses in our internal control over financial reporting, which were not fully remediated as of December 31, 2023. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act of 2002, or any testing by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting, which are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement.

Moreover, if we are not able to comply with the requirements of Section 404 applicable to us in a timely manner, or if we or our independent registered public accounting firm identifies deficiencies in our internal control over financial reporting that are deemed to be material weaknesses, the market price of our ordinary shares could decline, and we could be subject to sanctions or investigations by the SEC or other regulatory authorities, which would require additional financial and management resources. Furthermore, investor perceptions of our company may suffer if deficiencies are found, and this could cause a decline in the market price of our ordinary shares. Irrespective of compliance with Section 404, any failure of our internal control over financial reporting could have a material adverse effect on our stated operating results and harm our reputation. If we are unable to implement these requirements effectively or efficiently, it could harm our operations, financial reporting, or financial results and could result in an adverse opinion on our internal control over financial reporting from our independent registered public accounting firm.

We are taking measures and plan to continue to take measures to remediate this material weakness. However, the implementation of these measures may not fully address this material weakness in our internal control over financial reporting, and therefore we would not be able to conclude that it has been fully remedied. Our failure to correct this material weakness or our failure to discover and address any other control deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and make related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price of our shares, may be materially and adversely affected.

As an English public limited company, we may be required to obtain shareholder approval for certain capital structure decisions. Such approvals may limit our flexibility to manage our capital structure.

English law provides that a board of directors may only allot shares (or rights or convertible into shares) with the prior authorization of shareholders, such authorization being up to the aggregate nominal amount of shares and for a maximum period of five years, each as specified in the Articles of Association or relevant shareholder resolution. The Articles authorize the allotment of additional shares for a period of five years from October 26, 2017 (being the date of the adoption of the Articles), which authorization will need to be renewed upon expiration (i.e., at least every five years) but may be sought more frequently for additional five-year terms (or any shorter period). This authorization was renewed by the 2022 Annual General Meeting (AGM) for an additional five years.

English law also generally provides shareholders with preemptive rights when new shares are issued for cash. However, it is possible for the articles of association, or for shareholders acting in a general meeting, to exclude preemptive rights. Such an exclusion of preemptive rights may be for a maximum period of up to five years from the date of adoption of the articles of association, if the exclusion is contained in the articles of association, or from the date of the shareholder resolution, if the exclusion is by shareholder resolution. In either case, this exclusion would need to be renewed by our shareholders upon its expiration (i.e., at least every five years). The Articles exclude preemptive rights for a period of five years from October 26, 2017, which exclusion will need to be renewed upon expiration (i.e., at least every five years)

28

Table of Contents

to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period). This exclusion was renewed by the 2022 AGM for an additional five years.

English law also generally prohibits a public company from repurchasing its own shares without the prior approval of shareholders by ordinary resolution, such being a resolution passed by a simple majority of votes cast, and other formalities. As an English company listed on Nasdaq, we may not purchase our shares except where our shareholders have approved our doing so by ordinary resolution (and with a maximum duration of such approval of five years) and with the prior consent of our shareholders by ordinary resolution to the proposed contract for the purchase of our shares.

English law requires that we meet certain financial requirements before we declare dividends or repurchases.

Under English law, we may only declare dividends, make distributions or repurchase shares out of distributable reserves of the Company or distributable profits. “Distributable profits” are a company’s accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital duly made, as reported to the Companies House. In addition, as a public company, we may only make a distribution if the amount of our net assets is not less than the aggregate amount of our called-up share capital and undistributable reserves and if, and to the extent that, the distribution does not reduce the amount of those assets to less than that aggregate amount. The directors may also decide to pay interim dividends if it appears to them that the profits available for distribution justify the payment. When declaring the payment of a dividend, the directors will be required under English law to comply with their duties, including considering our future financial requirements.

The enforcement of shareholder judgments against us or certain of our directors may be more difficult.

Because we are a public limited company incorporated under English law, and because most of our directors and executive officers are non-residents of the United States and substantially all of the assets of such directors and executive officers are located outside of the United States, our shareholders could experience more difficulty enforcing judgments obtained against our Company or our directors in U.S. courts than would currently be the case for U.S. judgments obtained against a U.S. public company or U.S. resident directors. In addition, it may be more difficult (or impossible) to assert some types of claims against our Company or its directors in courts in England, or against certain of our directors in courts in Spain, than it would be to bring similar claims against a U.S. company or its directors in a U.S. court.

The United States is not currently bound by a treaty with Spain or the United Kingdom providing for reciprocal recognition and enforcement of judgments rendered in civil and commercial matters with Spain or the United Kingdom, other than arbitral awards. There is, therefore, doubt as to the enforceability of civil liabilities based upon U.S. federal securities laws in an action to enforce a U.S. judgment in Spain or the United Kingdom. In addition, the enforcement in Spain or the United Kingdom of any judgment obtained in a U.S. court based on civil liabilities, whether or not predicated solely upon U.S. federal securities laws, will be subject to certain conditions. There is also doubt that a court in Spain or the United Kingdom would have the requisite power or authority to grant remedies in an original action brought in Spain or the United Kingdom on the basis of U.S. federal securities laws violations.

Risks Related to Tax Matters

The application of Section 7874 of the Code, including under IRS guidance, and changes in law could affect our status as a foreign corporation for U.S. federal income tax purposes.

We believe that, under current law, we should be treated as a foreign corporation for U.S. federal income tax purposes. However, the U.S. Internal Revenue Service (the “IRS”) may assert that we should be treated as a U.S. corporation for U.S. federal income tax purposes pursuant to Section 7874 of the Internal Revenue Code of 1986, as amended (the “Code”). Under Section 7874 of the Code, we would be treated as a U.S. corporation for U.S. federal income tax purposes if, after the Business Combination, (i) at least 80% of our ordinary shares (by vote or value) were considered to be held by former holders of common stock of Globe by reason of holding such common stock, as calculated for Section 7874 purposes, and (ii) our expanded affiliated group did not have substantial business activities in the United Kingdom (the

29

Table of Contents

“80% Test”). The percentage (by vote and value) of our ordinary shares considered to be held by former holders of common stock of Globe immediately after the Business Combination by reason of their holding common stock of Globe is referred to in this disclosure as the “Section 7874 Percentage.”

Determining the Section 7874 Percentage is complex and, with respect to the Business Combination, subject to legal uncertainties. In that regard, the IRS and U.S. Department of the Treasury (“U.S. Treasury”) issued temporary Regulations in April 2016 and finalized Regulations in July 2018 (collectively, the “Section 7874 Regulations”), which include a rule that applies to certain transactions in which the Section 7874 Percentage is at least 60% and the parent company is organized in a jurisdiction different from that of the foreign target corporation (the “Third Country Rule”). This rule applies to transactions occurring on or after November 19, 2015, which date is prior to the closing of the Business Combination. If the Third Country Rule were to apply to the Business Combination, the 80% Test would be deemed met and we would be treated as a U.S. corporation for U.S. federal income tax purposes. While we believe the Section 7874 Percentage is less than 60% such that the Third Country Rule does not apply to us, we cannot assure you that the IRS will agree with this position and would not successfully challenge our status as a foreign corporation. If the IRS successfully challenged our status as a foreign corporation, significant adverse tax consequences would result for us and could apply to our shareholders.

In addition, changes to Section 7874 of the Code, the U.S. Treasury Regulations promulgated thereunder, or to other relevant tax laws (including under applicable tax treaties) could adversely affect our status or treatment as a foreign corporation, and the tax consequences to our affiliates, for U.S. federal income tax purposes, and any such changes could have prospective or retroactive application. Recent legislative proposals have aimed to expand the scope of U.S. corporate tax residence, including by potentially causing us to be treated as a U.S. corporation if the management and control of us and our affiliates were determined to be located primarily in the United States, or by reducing the Section 7874 Percentage at or above which we would be treated as a U.S. corporation such that it would be lower than the threshold imposed under the 80% Test.

IRS guidance and changes in law could affect our ability to engage in certain acquisition strategies and certain internal restructurings.

Even if we are treated as a foreign corporation for U.S. federal income tax purposes, the Section 7874 Regulations materially changed the manner in which the Section 7874 Percentage will be calculated in certain future acquisitions of U.S. businesses in exchange for our equity, which may affect the tax efficiencies that otherwise might be achieved in transactions with third parties. For example, the Section 7874 Regulations would impact certain acquisitions of U.S. companies for our Ordinary Shares (or other stock) in the 36-month period beginning December 23, 2015, by excluding from the Section 7874 Percentage the portion of Ordinary Shares that are allocable to former holders of common stock of Globe. This rule would generally have the effect of increasing the otherwise applicable Section 7874 Percentage with respect to our future acquisition of a U.S. business. The Section 7874 Regulations also may more generally limit the ability to restructure the non-U.S. members of our Company to achieve tax efficiencies, unless an exception applies. However, no such acquisition of a U.S. business was made during the 36 months period.

IRS proposed regulations and changes in laws or treaties could affect the expected financial synergies of the Business Combination.

The IRS and the U.S. Treasury also issued rules that provide that certain intercompany debt instruments issued on or after April 5, 2016, will be treated as equity for U.S. federal income tax purposes, therefore limiting U.S. tax benefits and resulting in possible U.S. withholding taxes. As a result of these rules, we may not be able to realize a portion of the financial synergies that were anticipated in connection with the Business Combination, and such rules may materially affect our future effective tax rate. While these new rules are not retroactive, they could impact our ability to engage in future restructurings if such transactions cause an existing debt instrument to be treated as reissued. Furthermore, under certain circumstances, recent treaty proposals by the U.S. Treasury, if ultimately adopted by the United States and relevant foreign jurisdictions, could reduce the potential tax benefits for us and our affiliates by imposing U.S. withholding taxes on certain payments from our U.S. affiliates to related and unrelated foreign persons.

30

Table of Contents

We are subject to tax laws of numerous jurisdictions and our interpretation of those laws is subject to challenge by the relevant governmental authorities.

We and our subsidiaries are subject to tax laws and regulations in the United Kingdom, the United States, France, Spain, South Africa and the other jurisdictions in which we operate. These laws and regulations are inherently complex, and we and our subsidiaries are (and have been) obligated to make judgments and interpretations about the application of these laws and regulations to us and our subsidiaries and their operations and businesses. The interpretation and application of these laws and regulations could be challenged by the relevant governmental authority, which could result in administrative or judicial procedures, actions or sanctions, which could materially affect our effective tax rate.

We intend to operate so as to be treated exclusively as a resident of the United Kingdom for tax purposes, but the relevant tax authorities may treat us as also being a resident of another jurisdiction for tax purposes.

We are a company incorporated in the United Kingdom. Current U.K. tax law provides that we will be regarded as being a U.K. resident for tax purposes from incorporation and shall remain so unless (i) we were concurrently resident of another jurisdiction (applying the tax residence rules of that jurisdiction) that has a double tax treaty with the United Kingdom and (ii) there is a tiebreaker provision in that tax treaty which allocates exclusive residence to that other jurisdiction.

Based upon our management and organizational structure, we believe that we should be regarded solely as resident in the United Kingdom from our incorporation for tax purposes. However, because this analysis is highly factual and may depend on changes in our management and organizational structure, there can be no assurance regarding the final determination of our tax residence. Should we be treated as resident in a country or jurisdiction other than the United Kingdom, we could be subject to taxation in that country or jurisdiction on our worldwide income and may be required to comply with a number of material and formal tax obligations, including withholding tax and reporting obligations provided under the relevant tax law, which could result in additional costs and expenses and an increase of our effective tax rate.

We may not qualify for benefits under the tax treaties entered into between the United Kingdom and other countries.

We intend to operate in a manner such that, when relevant, we are eligible for benefits under tax treaties entered into between the United Kingdom and other countries. However, our ability to qualify and continue to qualify for such benefits will depend upon the requirements contained within each treaty and the applicable domestic laws, as the case may be, on the facts and circumstances surrounding our operations and management, and on the relevant interpretation of the tax authorities and courts.

Our or our subsidiaries’ failure to qualify for benefits under the tax treaties could result in adverse tax consequences to us and our subsidiaries and could result in certain tax consequences of owning or disposing of our ordinary shares differing from those discussed below.

Future changes to domestic or international tax laws or to the interpretation of these laws by the governmental authorities could adversely affect us and our subsidiaries.

The U.S. Congress, the U.K. Government, the European Union and the Organization for Economic Co-operation and Development and other government agencies in jurisdictions where we and our affiliates do business have had an extended focus on issues related to the taxation of multinational corporations. One example is in the area of “base erosion and profit shifting” (or “BEPS”), in which payments are made between affiliates from a jurisdiction with high tax rates to a jurisdiction with lower tax rates. Thus, the tax laws in the United States, the United Kingdom, the European Union or other countries in which we and our affiliates do business are changing and any such changes could adversely affect us, mostly those related to interest limitation rules. Furthermore, the interpretation and application of domestic or international tax laws made by us and our subsidiaries could differ from that of the relevant governmental authority, which could result in administrative or judicial procedures, actions or sanctions, which could be material. On July 1, 2018, OECD’s so-called “Multi-Lateral Instrument” entered into force covering 87 jurisdictions and impacting over 1,200 double tax treaties. The adoption and transposition into domestic legislations of the Anti-Tax Avoidance Directives (known as “ATAD 1 and 2”) by the European Union is another key development that is impacting us, mostly when it comes to interest deduction

31

Table of Contents

limitation. On December 2021, the European Commission published a proposal for a Directive “laying down rules to prevent the misuse of shell entities for improper tax purposes and amending Directive 2011/16/EU.” This Directive is also referred to as the ATAD 3 Directive. The implementation of this directive could affect us.

Further developments are to be seen in areas such as the “making tax digital - initiatives” allowing authorities to monitor multinationals’ tax position on a more real time basis and the contemplated introduction of new taxes, such as revenue-based digital services taxes aimed at technology companies, but which may impact traditional businesses as well in the sense of allocating a portion of the profitability of the given company to jurisdictions where it has significant sales even though it is not physically present. The latest developments by the OECD in this field are the so-called Pillar One and Pillar Two rules. Under Pillar One, the OECD intends to set up the foundations for allocating to the market jurisdiction (i) non-routine profit; (ii) a fixed remuneration based on the Arm´s length Principle for baseline distribution and marketing functions; and (iii) an additional profit where in-country functions exceed the base-line activity already compensated. In principle, our business is not in scope of this measure as it refers to raw materials and commodities and this kind of business is excluded under the current drafting of the paper. Additionally, the measure would apply to multinational entities with revenues exceeding EUR20 billion and a profitability greater than 10%, which would exclude our company from its application. Then, Pillar Two rules, also called the GloBE (Global Anti-Base Erosion proposal) rules consist of setting a minimum rate of taxation, giving the countries the right to apply a “top up” tax where jurisdictional profit is taxed at a rate below the minimum 15% rate. This top up tax is to be collected through several avenues: (i) domestic minimum taxes in local jurisdictions; (ii) the income inclusion rule, charging top up tax in the ultimate parent jurisdiction (or in some cases, in the jurisdiction of an intermediary holding company); (iii) an undertaxed profit rule charging tup up tax on profits which are not within the scope of any territory’s income inclusion or domestic minimum tax rules; (iv) switch over rule in the double tax treaties to allow the jurisdiction of residence to switch from exemption to credit method when the profit of a permanent establishment is taxed below the minimum rate; and (v) a subject to tax rule to allow withholding tax or other taxation or adjust eligibility to treaty benefits on payments not subject to the minimum rate. On December 22, 2022, the EU approved the Minimum Tax Directive (Pillar Two). The Directive requires Member States to transpose the rules into domestic law by 31 December 2023. The main rule of the Directive (so called Income Inclusion Rule or IIR) became effective on 31 December 2023 with the backstop rule (so called Undertaxed Profits Rule or UTPR) becoming effective on or after 31 December 2024. The Directive provides the option for Member States to implement a qualified domestic top-up tax (QDMTT) that operates to increase the domestic tax liability of in-scope MNE groups within a jurisdiction to the minimum effective tax rate of 15% of profits. Spain and France have enacted legislation implementing this Directive. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% in application of the GloBE rules from the OECD. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. There are transitional safe harbours which can apply in certain circumstances which can remove the requirement to do the full detailed calculations for the first 3 years after the effective date.

Based on the UK transitional safe harbour analysis we have performed using our 2022 financial statements and the Country-by-Country Reporting data, according to UK legislation, the Group anticipates that it is not probable that Pillar Two will have a material impact on the group going forward. We are aware that there are several jurisdictions that have substantively enacted a qualifying domestic minimum top up tax that may also include safe harbour rules that may apply differently to the UK legislation. These have not been assessed but will be assessed and monitored by the company on a go forward basis.

We may become subject to income or other taxes in jurisdictions which would adversely affect our financial results.

We and our subsidiaries are subject to the income tax laws of the United Kingdom, the United States, France, Spain, South Africa and the other jurisdictions in which we operate. Our effective tax rate in any period is impacted by the source and the amount of earnings among our different tax jurisdictions. A change in the division of our earnings among our tax jurisdictions could have a material impact on our effective tax rate and our financial results. In addition, we or our subsidiaries may be subject to additional income or other taxes in these and other jurisdictions by reason of the management and control of our subsidiaries, our activities and operations, where our production facilities are located or changes in tax laws, regulations or accounting principles. Changes in tax treaties, the introduction of new legislation, updates to existing legislation, or changes to regulatory interpretations of existing legislation as a result of these or similar proposals could

32

Table of Contents

impose additional taxes on businesses and increase the complexity, burden and cost of tax compliance in countries where we operate.

Although we have adopted guidelines and operating procedures to ensure our subsidiaries are appropriately managed and controlled, we may be subject to such taxes in the future and such taxes may be substantial. The imposition of such taxes could have a material adverse effect on our financial results.

We may incur current tax liabilities in our primary operating jurisdictions in the future.

We expect to make current tax payments in some of the jurisdictions where we do business in the normal course of our operations. Our ability to defer the payment of some level of income taxes to future periods is dependent upon the continued benefit of accelerated tax depreciation on our plant and equipment in some jurisdictions, the continued deductibility of external and intercompany financing arrangements, the application of tax losses prior to their expiration in certain tax jurisdictions and the application of tax credits including R&D credits, among other factors. The level of current tax payments we make in any of our primary operating jurisdictions could adversely affect our cash flows and have a material adverse effect on our financial results.

Changes in tax laws may result in additional taxes for us.

We cannot assure you that tax laws in the jurisdictions in which we reside or in which we conduct activities or operations will not be changed in the future. Such changes in tax law could result in additional taxes for us. As mentioned above, changes in tax treaties, the introduction of new legislation, updates to existing legislation, or changes to regulatory interpretations of existing legislation as a result of future tax law changes could impose additional taxes on businesses and increase the complexity, burden and cost of tax compliance in countries where we operate.

U.S. federal income tax reform could adversely affect us.

Legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 22, 2017 in the United States. The TCJA made significant changes to the U.S. federal tax code, including a reduction in the U.S. federal corporate statutory tax rate from 35% to 21% as well as the introduction of a base erosion minimum tax (BEAT). The TCJA also made changes to the U.S. federal taxation of foreign earnings and to the timing of recognition of certain revenue and expenses and the deductibility of certain business expenses. We examined the impact the TCJA may have on our business in detail since enactment. Although further guidance continues to be released by the IRS, so far we have concluded that tax reform should not have a material adverse impact on the taxation of our U.S. business, as of December 31, 2023. This Annual Report does not discuss in detail the TCJA or the manner in which it might affect us or our stockholders. We urge you to consult with your own legal and tax advisors with respect to the Tax Reform Act and the potential tax consequences of investing in our shares.

Our transfer pricing policies are open to challenge from taxation authorities internationally.

Tax authorities have become increasingly focused on transfer pricing in recent years. Due to our international operations and an increasing number of inter-company cross-border transactions, we are open to challenge from tax authorities with regards to the pricing of such transactions. A successful challenge by tax authorities may lead to a reallocation of taxable income to a different tax jurisdiction and may potentially lead to an increase of our effective tax rate.

ITEM 4.       INFORMATION ON THE COMPANY

A.    History and Development of the Company

Ferroglobe PLC

Ferroglobe PLC, initially named VeloNewco Limited, was incorporated under the U.K. Companies Act 2006 as a private limited liability company in the United Kingdom on February 5, 2015. The Company was a wholly-owned subsidiary of

33

Table of Contents

Grupo VM. On October 16, 2015, VeloNewco Limited re-registered as a public limited company. As a result of the Business Combination, which was completed on December 23, 2015, FerroAtlántica and Globe merged through corporate transactions to create Ferroglobe PLC, one of the largest producers worldwide of silicon metal and silicon and manganese-based alloys. To effect the Business Combination, Ferroglobe acquired from Grupo VM all of the issued and outstanding ordinary shares, par value €1,000 per share, of Grupo FerroAtlántica, SAU in exchange for 98,078,161 newly issued Class A Ordinary Shares, nominal value $7.50 per share, of Ferroglobe, after which FerroAtlántica became a wholly-owned subsidiary of Ferroglobe. Immediately thereafter, Gordon Merger Sub, Inc., a wholly-owned subsidiary of Ferroglobe, merged with and into Globe Specialty Metals, Inc., and each outstanding share of common stock, par value $0.0001 per share, was converted into the right to receive one newly-issued ordinary share, nominal value $7.50 per share, of Ferroglobe. After these steps, Ferroglobe issued, in total, 171,838,153 shares, out of which 98,078,161 shares were issued to Grupo VM and 73,759,992 were issued to the former Globe shareholders. Our ordinary shares are currently traded on the Nasdaq under the symbol “GSM.”

On June 22, 2016, we completed a reduction of our share capital, as a result of which the nominal value of each share was reduced from $7.50 to $0.01, with the amount of the capital reduction being credited to distributable reserves.

On August 21, 2018, we announced a share repurchase program, which provided authorization to purchase up to $20,000 thousand of our ordinary shares in the period ending December 31, 2018. On November 7, 2018, we completed the repurchase program, resulting in the acquisition of a total of 2,894,049 ordinary shares for total consideration of $20,100 thousand, including applicable stamp duty. The average price paid per share was $6.89. The share repurchase program resulted in 1,152,958 ordinary shares purchased and cancelled and 1,741,091 ordinary shares purchased into treasury, all of which remained held in treasury at December 31, 2018. See “Item 16.E.— Purchases of Equity Securities by the Issuer and Affiliated Purchasers.”

On July 29, 2021, upon the closing of the Refinancing, the company issued 8,918,618 new ordinary shares to Rubric Capital Management LP on behalf of certain managed or sub-managed funds and accounts and Grupo Villar Mir, S.A.U for a total issued share capital of $40,000 thousand, 1,900,000 shares as a work fee and 7,013,872 shares to bondholder’s related to the financing transactions.

On October 6, 2021, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with B. Riley Securities, Inc. and Cantor Fitzgerald & Co. relating to the ordinary shares of Ferroglobe PLC. The Company may offer and sell ordinary shares having an aggregate offering price of up to $100,000,000 from time to time through B. Riley Securities, Inc. and Cantor Fitzgerald & Co. as our sales agents. In 2021 the Company sold 186,053 ordinary shares under the Equity Distribution Agreement, for net proceeds of $1,400 thousand. The Company has not sold any other securities under this agreement. Effectiveness of the related registration statement, and ability to sell additional ordinary shares under the Equity Distribution Agreement, expires on June 15, 2024.

During 2023, a small number of the ordinary shares held in treasury have been used to satisfy share awards made by the Company to its management team under the Ferroglobe PLC Equity Incentive Plan 2016. The number of ordinary shares held as treasury shares as of December 31, 2023 was 1,440,785. See Note 12 Equity to our consolidated financial statements.

Significant milestones in our history are as follows:

1996: acquisition of the Spanish company Hidro Nitro Española, S.A. (“Hidro Nitro Española”), operating in the ferroalloys and hydroelectric power businesses, and start of the quartz mining operations through the acquisition of Cuarzos Industriales S.A. from Portuguese cement manufacturer Cimpor;
1998: expansion of our manganese- and silicon-based alloy operations through the acquisition of 80% of the share capital of FerroAtlántica de Venezuela (currently FerroVen, S.A.) from the Government of Venezuela in a public auction;
2000: acquisition of 67% of the share capital of quartz mining company Rocas, Arcillas y Minerales, S.A. from Elkem, a Norwegian silicon metal and manganese- and silicon-based alloy producer;

34

Table of Contents

2005: acquisition of Pechiney Electrométallurgie, S.A., now renamed FerroPem, S.A.S., a silicon metal and silicon-based alloys producer with operations in France, along with its affiliate Silicon Smelters (Pty) Ltd. in South Africa;
2005: acquisition of the metallurgical manufacturing plant in Alloy, West Virginia, and Alabama Sand and Gravel, Inc. in Billingsly, Alabama, both in the U.S.;
2006: acquisition of Globe Metallurgical Inc., the largest merchant manufacturer of silicon metal in North America and largest specialty ferroalloy manufacturer in the United States;
2006: acquisition of Stein Ferroaleaciones S.A., an Argentine producer of silicon-based specialty alloys, and its Polish affiliate, Ultracore Polska;
2007: creation of Grupo FerroAtlántica, S.A.U., the holding company of our FerroAtlántica Group;
2007: acquisition of Camargo Correa Metais S.A., a major Brazilian silicon metal manufacturer;
2008: acquisition of Rand Carbide PLC, a ferrosilicon plant in South Africa, from South African mining and steel company Evraz Highveld Steel and Vanadium Limited, and creation of Silicio FerroSolar, S.L., which conducts research and development activities in the solar grade silicon sector;
2008: acquisition of 81% of Solsil, Inc., a producer of high-purity silicon for use in photovoltaic solar cells;
2008: acquisition of a majority stake in Ningxia Yonvey Coal Industry Co., Ltd., a producer of carbon electrodes (the remaining stake subsequently purchased in 2012);
2009: creation of French company Photosil Industries, S.A.S., which conducts research and development activities in the solar grade silicon sector;
2009: sale of interest in Camargo Correa Metais S.A. in Brazil to Dow Corning Corporation and formation of a partnership with Dow Corning at the Alloy, West Virginia facility;
2010: acquisition of Core Metals Group LLC, one of North America’s largest and most efficient producers and marketers of high-purity ferrosilicon and other specialty metals;
2010: acquisition of Chinese silicon metal producer Mangshi Sinice Silicon Industry Company Limited;
2011: acquisition of Alden Resources LLC, North America’s leading miner, processor and supplier of specialty metallurgical coal to the silicon and silicon-based alloy industries;
2012: acquisition of SamQuarz (Pty) Ltd, a South African producer of silica, with quartz mining operations;
2012: acquisition of a majority stake (51%) in Bécancour Silicon, Inc., a silicon metal producer in Canada, operated as a partnership with Dow Corning as the holder of the minority stake of 49%;
2014: acquisition of Silicon Technology (Pty) Ltd. (“Siltech”), a ferrosilicon producer in South Africa;
2015: Business Combination of Globe and FerroAtlántica as wholly-owned subsidiaries of Ferroglobe PLC
2018: acquisition from a subsidiary of Glencore PLC of a 100% interest in manganese alloys plants in Mo i Rana, Norway and Dunkirk, France, through newly-formed subsidiaries Ferroglobe Mangan Norge AS and Ferroglobe Manganèse France, SAS;
2018: sale of the majority interest in Hidro Nitro Española to an entity sponsored by a Spanish renewable energies fund;

35

Table of Contents

2019: sale of 100% interest in FerroAtlántica, S.A.U. (“FAU”), to investment vehicles affiliated with TPG Sixth Street Partners;
2019: sale of 100% interest in Ultra Core Polska, z.o.o, to Cedie, S.A;
2021: Sale of Niagara Falls silicon metal facility;
2023: Sale of Chateau Feuillet silicon-alloy facility.

Corporate and Other Information

Our registered office is located at 5 Fleet Place, London EC4M 7RD, our Board of Directors is based at our London Office at 13 Chesterfield Street, London W1J 5JN, United Kingdom and our management is based in London and also at Torre Emperador Castellana, Paseo de la Castellana, 259-D, P49, 28046 Madrid, Spain. The telephone number of our Spanish Office is +34 915 903 219. Our Internet address is https://www.ferroglobe.com. The information on our website is not a part of this document. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.

Corporate Developments and Capital Expenditures

For a further description of important corporate developments since January 1, 2021, see “Item 18. Financial Statements.” For information regarding the Company’s material commitments for capital expenditures, see “Item 4.B.—Information on the Company—Business Overview.

B.    Business Overview

Through its operating subsidiaries, Ferroglobe is one of the world’s largest producers of silicon metal, silicon-based alloys and manganese-based alloys. Additionally, Ferroglobe currently has (i) quartz mining activities in Spain, the United States, Canada, and South Africa, (ii) low-ash metallurgical quality coal mining activities in the United States, and (iii) interests in hydroelectric power in France. Ferroglobe controls a meaningful portion of most of its raw materials and captures, recycles and sells most of the by-products generated in its production processes.

We sell our products to a diverse base of customers worldwide, in a varied range of industries. These industries include aluminum, silicone compounds used in the chemical industry, ductile iron, automotive parts, renewable energy, photovoltaic (solar) cells, electronic semiconductors, electric vehicle batteries and steel, all of which are key elements in the manufacturing of a wide range of industrial and consumer products.

We are able to supply our customers with the broadest range of specialty metals and alloys in the industry from our production centers in North America, Europe, South America, Africa and Asia. Our broad manufacturing platform and flexible capabilities allow us to optimize production and focus on high value-added products most likely to enhance profitability, including the production of customized solutions and high purity metals to meet specific customer requirements. We also benefit from low operating costs, resulting from our ownership of sources of critical raw materials and the flexibility derived from our ability to alternate production at certain of our furnaces between silicon metal and silicon-based alloy products.

Industry and Market Data

The statements and other information contained below regarding Ferroglobe’s competitive position and market share are based on the reports periodically published by leading metals industry consultants and leading metals industry publications and information centers, as well as on the estimates of Ferroglobe’s management.

36

Table of Contents

Ferroglobe’s Competitive Strengths and Strategy

Competitive Strengths

Leading market positions in silicon metal, silicon-based alloys and manganese-based alloys

We are a leading global producer in our core products based on merchant production capacity and maintain the leading market share in certain of our products. The Company has global production capacity for silicon metal of approximately 328,000 metric tons (including 51% of our attributable partnership capacity). We have 66% of the production capacity market share in North America and approximately 25% of the global market share (all of the world excluding China), according to management estimates for our industry. In the case of manganese-based alloys, following the acquisition of the Dunkirk, France and Mo i Rana, Norway plants in 2018, our market share is approximately 15% in Europe. We are among the three largest global producers of manganese alloys excluding those located in China.

Our scale and global presence across five continents allows us to offer a wide range of products to serve a variety of end-markets, including those which we consider to be dynamic, such as the solar, automotive, consumer electronic products, semiconductors, electric vehicle batteries, construction and energy industries. As a result of our market leadership and breadth of products, we possess critical insight into market demand allowing for more efficient use of our resources and operating capacity. Our ability to supply source critical, high-quality raw materials from within our Company group promotes operational and financial stability and reduces the need for us to compete with our competitors for supply. We believe our vertical integration also provides a competitive advantage, allowing us to deliver an enhanced product offering with consistent quality on a cost-efficient basis to our customers.

Global production footprint and reach

Our diversified production base consists of production facilities across North America, Europe, South America, South Africa and Asia. We have the capability to produce our core products at multiple facilities, providing a competitive advantage when reacting to changing global demand trends and customer requirements. Furthermore, this broad base ensures reliability to our customers who value timely delivery and consistent product quality. Our diverse production base also enables us to optimize our production plans and shift production to the lowest cost facilities. Most of our production facilities are located close to sources of principal raw materials, key customers or major transport hubs to facilitate delivery of raw materials and distribution of finished products. This enables us to service our customers globally, while optimizing our working capital, as well as enabling our customers to optimize their inventory levels.

Diverse base of high-quality customers across growing industries

We sell our products to customers in more than 40 countries, with our largest customer concentration in North America and in Europe. Our products are used in end products spanning a broad range of industries, including solar, personal care and healthcare products, automobile parts, carbon and stainless steel, water pipe, solar, semiconductor, electric vehicle batteries, oil and gas, infrastructure and construction. Although some of these end-markets have growth drivers similar to our own, others are less correlated and offer the benefits of diversification, especially in the areas with secular growth, such solar and EV battery markets. This diversity of products, customers and end-markets provides stability to our business.

Many of our customers, we believe, are leaders in their end-markets and fields. We have built long-lasting relationships with customers based on the breadth and quality of our product offerings and our ability to produce products that meet specific customer requirements. For the years ended December 31, 2023, 2022 and 2021, Ferroglobe’s ten largest customers accounted for 50.5%, 50.1% and 48.1% of our consolidated sales, respectively. Our customer relationships provide us with stability and visibility into our future volumes and earnings, though we are not reliant on any individual customer or end-market. Our customer relationships, together with our diversified product portfolio, provide us with opportunities to cross sell new products; for example, by offering silicon-based or manganese-based alloys to existing steelmaking customers.

37

Table of Contents

Flexible and low-cost structure

We believe we have an efficient cost structure, enhanced over time by vertical integration through strategic acquisitions. The largest components of our cost base are raw materials and power. Our relatively low operating costs are primarily a result of our ownership of, and proximity to, sources of raw materials, our access to attractively priced power supplies and skilled labor and our efficient production processes.

We believe our vertically integrated business model and ownership of sources of raw materials provides us with a cost advantage over our competitors. Moreover, such ownership and the fact that we are not reliant on any single supplier for the remainder of our raw material needs generally ensures stable, long term supply of raw materials for our production processes, thereby enhancing operational and financial stability. Transportation costs can be significant in our business; our proximity to sources of raw materials and customers improves logistics and represents another cost advantage. The proximity of our facilities to our customers also enhances our delivery times.

We capture, recycle and sell most of the by-products generated in our production processes, which further reduces our costs.

We operate with a largely variable cost of production and our diversified production base allows us to shift our production and distribution between facilities and products in response to changes in market conditions over time. Additionally, the diversity of our currency and commodity exposures provides, to a degree, a natural hedge against foreign exchange and raw ma