Ferroglobe PLC (NASDAQ:GSM) Q3 2019 Earnings Conference Call - Final Transcript

Dec 03, 2019 • 09:00 am ET


Ferroglobe PLC (NASDAQ:GSM) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Ferroglobe's Third Quarter Earnings Call. [Operator Instructions]

I would now like to turn the call over to Beatriz Garcia-Cos, Ferroglobe's Chief Financial Officer. You may begin.

Beatriz Garcia-Cos

Good morning, everyone, and thank you for joining the Ferroglobe third quarter 2019 conference call.

Before we get started with some prepared remarks, I'm going to read a brief statement. Please turn to Slide 1 at this time. The statements made by management during this conference call that are forward-looking are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Ferroglobe's most recent SEC filings and the exhibits to those filings, which are available on our webpage, www.ferroglobe.com.

In addition, this discussion includes references to EBITDA, adjusted EBITDA, gross debt, net debt and adjusted diluted earnings per share, which are non-IFRS measures. Reconciliation of these non-IFRS measures may be found in our most recent SEC filings.

Next slide, please. We will first review the Q3 results, as some detail of the breakdown across our core products. Next, we will update you on the corporate initiatives, we are undertaking. And lastly, we will provide an update on the market outlook for the remainder of 2019.

I would like now to turn the call over to Javier Lopez Madrid, Executive Chairman of Ferroglobe. Next slide, please.

Javier Lopez Madrid

Thank you, Beatriz, and good morning to everyone. Today, we have with us Pedro Larrea, Chief Executive Officer; Beatriz Garcia-Cos, Chief Financial Officer; Benoist Ollivier, Chief Operating Officer and Deputy CEO; and Gaurav Mehta, Executive Vice President, Strategy and Investor Relations.

Before we get started today, I would like to take a moment to comment on a few executive management changes, which were recently announced. In October, we appointed Benoist Ollivier as Deputy CEO and Chief Operating Officer. As part of his role, Benoist oversees a number of important initiatives focused on our ongoing efforts to right side operations, generate cash and drive cost reduction.

Benoist has been with Ferroglobe and his predecessors for over 25-years and has a wealth of operational, technical and managerial experience. His knowledge of the organization and our industry, combined with his proven track record for delivering results, supports the effective management and execution of our near-term plan to navigate the current downturn.

Additionally, we're thrilled to welcome [Indecipherable] to the management team of Ferroglobe.

On October 29, Beatriz was appointed Chief Financial Officer. Beatriz has over two decades of experience as a Senior Finance Professional in multinational companies, including having spent the past seven years as a CFO of public companies in the metal and mining sector. She will lead Ferroglobe's finance and strategy and oversee the Company's financial operations.

With the creation of a new Deputy CEO and COO role, and the appointment of the CEO, CFO, we have strengthening the management team to successfully and expeditiously execute our strategy.

Our financial results clearly reflect a challenging operating environment. However, we have