0001558370-24-007862 | 20-F | XBRL Viewer

Events after the reporting period	12 Months Ended
Dec. 31, 2023
Events after the reporting period
Events after the reporting period	32. Events after the reporting period Management has evaluated subsequent events after the balance sheet date, through the issuance of these consolidated financial statements, for appropriate accounting and disclosures. Full redemption of the Company’s remaining 9.375% Senior Secured Notes Due 2025 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. The issuers elected to redeem an aggregate principal amount of $147,624 thousand of the Notes, the entire amount outstanding as of the redemption date, plus accrued and unpaid interest and call premium of $4,075 thousand. The Notes were fully redeemed from the Company’s cash and cash equivalents. Dividend payment In March 2024, the Company distributed dividends to its ordinary shareholders totaling $2,428 thousand.

Events after the reporting period

12 Months Ended

Dec. 31, 2023

32. Events after the reporting period

Management has evaluated subsequent events after the balance sheet date, through the issuance of these consolidated financial statements, for appropriate accounting and disclosures.

Full redemption of the Company’s remaining 9.375% Senior Secured Notes Due 2025

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. The issuers elected to redeem an aggregate principal amount of $147,624 thousand of the Notes, the entire amount outstanding as of the redemption date, plus accrued and unpaid interest and call premium of $4,075 thousand. The Notes were fully redeemed from the Company’s cash and cash equivalents.

Dividend payment

In March 2024, the Company distributed dividends to its ordinary shareholders totaling $2,428 thousand.

Income and expenses - Finance Income and Finance Costs (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 21, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2023	Jun. 30, 2022
Finance income
Other finance income		$ 5,422	$ 2,274	$ 253
Finance income		5,422	2,274	253
Other finance income, repurchase of debt		1,413
Other finance income, money market funds		1,675
Finance costs
Interest on debt instruments		24,414	40,913	42,579
Interest on loans and bank borrowings		3,794	9,482	12,584
Interest on leases		1,715	1,587	1,100
Interest on note and bill discounting		127	125	88
Other finance costs		8,743	8,908	92,838
Finance costs		38,793	$ 61,015	149,189
Refinancing charge				$ 90,800
Senior Secured Notes due in 2025 [Member]
Finance costs
Debt repurchase amount					$ 150,000	$ 19,048
Super Senior Notes due in 2025
Finance costs
Finance costs	$ 6,000
Debt repurchase amount		$ 150,000

Deferred income (Tables)

12 Months Ended

Dec. 31, 2023

Deferred income.

Schedule of Deferred income


	2023	2022
	US$'000	US$'000
Carbon dioxide emissions allowances	24,965	—
Government grants	2,015	3,842
Total	26,980	3,842

Tax matters

12 Months Ended

Dec. 31, 2023

Tax matters

Tax matters

24. Tax matters

The components of current and deferred income tax expense (benefit) are as follows:


	2023	2022	2021
	US$'000	US$'000	US$'000
Consolidated income statement
Current income tax
Current income tax charge	62,110	144,246	5,284
Adjustments in current income tax in respect of prior years	(1,533)	(5,681)	—
Total	60,577	138,565	5,284


Deferred tax
Origination and reversal of temporary differences	(3,216)	15,032	(9,954)
Impact of tax rate changes	(555)	460	—
Write-down of deferred tax assets	—	(1,448)	—
Adjustments in deferred tax in respect of prior years	734	(4,626)	108
Total	(3,037)	9,418	(9,846)
Income tax expense (benefit)	57,540	147,983	(4,562)

As the Company has significant business operations in Spain, France, South Africa and the United States, a weighted blended statutory tax rate is considered to be appropriate in estimating the Company’s effective tax rate. The following is a reconciliation of tax expense based on a weighted blended statutory income tax rate to our effective income tax expense for the years ended December 31, 2023, 2022, and 2021:


	2023	2022	2021
	US$'000	US$'000	US$'000
Accounting profit/(loss) before income tax	160,667	602,660	(119,936)
At weighted statutory tax rate of 31% (2022: 26% and 2021: 19%)	50,557	157,620	(22,650)
Non-deductible income/ (expenses)	1,429	(5,920)	(11,399)
Differing territorial tax rates	(555)	591	2,603
Adjustments in respect of prior periods	(799)	1,368	—
Other items	7,558	7,539	27,884
Elimination of effect of interest in partnerships	(1,451)	(913)	(782)
Other permanent differences	95	159	(673)
Incentives and deductions	827	(11,740)	88
U.S State taxes	(121)	(721)	367
Income tax expense (benefit)	57,540	147,983	(4,562)

Other items mainly comprise unrecognized temporary differences.

Deferred tax assets and liabilities

For the year ended December 31, 2023:


	Opening	Recognized in		Write-down of	Exchange	Closing
	Balance	P&L	OCI	Deferred Tax Assets/Liabilities	Differences	Balance
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Intangible assets	(13,978)	884	—		(488)	(13,582)
Provisions	38,011	(442)	1,500	(5,836)	869	34,102
Property, plant & equipment	(54,730)	3,195	—	5,836	294	(45,405)
Inventories	1,186	232	—	—	(2)	1,416
Hedging Instruments	—	—	(767)	—	200	(567)
Tax losses	3,259	(1,528)	—	—	—	1,731
Incentives & credits	32	(32)	—	—	—	—
Other	(2,498)	728	—	—	253	(1,517)
Total	(28,718)	3,037	733	—	1,126	(23,822)

For the year ended December 31, 2022:


	Opening	Recognized in		Write-down of	Exchange	Closing
	Balance	P&L	OCI	Deferred Tax Assets/Liabilities	Differences	Balance
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Intangible assets	(451)	(14,014)	—	496	(9)	(13,978)
Provisions	21,672	9,090	(1,416)	9,347	(682)	38,011
Property, plant & equipment	(52,231)	3,920	—	(8,089)	1,670	(54,730)
Inventories	—	480	—	708	(2)	1,186
Tax losses	6,353	(5,894)	—	2,595	205	3,259
Incentives & credits	9,333	(254)	—	(8,542)	(505)	32
Partnership interest	(8,514)	—	—	8,514	—	—
Other	5,703	(2,746)	(666)	(4,425)	(364)	(2,498)
Total	(18,135)	(9,418)	(2,082)	604	313	(28,718)

Presented in the statement of financial position as follows:


	2023	2022
	US$'000	US$'000
Deferred tax assets	37,250	44,644
Deferred tax liabilities	(61,072)	(73,362)
Offset between deferred tax assets and deferred tax liabilities	28,490	37,508
Total deferred tax assets due to temporary differences recognized in the statement of financial position	8,760	7,136
Total deferred tax liabilities due to temporary differences recognized in the statement of financial position	(32,582)	(35,854)

Unrecognized deductible temporary differences, unused tax losses and unused tax credits


	2023					2022
	Spain	USA	UK	Other	Total	Spain	USA	UK	Other	Total
Unused tax losses	201,476	235,296	143,750	56,055	636,577	183,225	252,848	102,800	48,622	587,495
Unused tax credits	—	—	—	—	—	—	6,761	—	—	6,761
Unrecognized deductible temporary differences	62,737	—	44,837	9,166	116,741	75,093	21,433	44,837	66,648	208,011
Total	264,213	235,296	188,587	65,221	753,318	258,318	281,042	147,637	115,270	802,267

In general terms, neither the unused tax losses nor the tax credits have an expiration date in the jurisdictions from which they derive.

Unused tax losses have increased in 2023 compared to 2022 due to the losses in some jurisdictions, mainly in the UK and Spain. Management has decided to record the respective deferred tax assets corresponding to the jurisdictions where taxable profit is expected to be generated in the short and medium-term. There is uncertainty and estimation involved in future taxable profits in long-term, however no material changes expected in the next financial year for the unrecognized unused tax losses.

Management of tax risks

The Company is committed to conducting its tax affairs consistent with the following objectives:

(i)

to comply with relevant laws, rules, regulations, and reporting and disclosure requirements in whichever jurisdiction it operates;

(ii)

to maintain mutual trust, transparency, and respect in its dealings with all tax authorities; and

(iii)

to adhere with best practice and comply with the Company’s internal corporate governance procedures, including but not limited to its Code of Conduct

The Group’s tax department maintains a tax risk register on a jurisdictional basis.

In the jurisdictions in which the Company operates, tax returns cannot be deemed final until they have been audited by the tax authorities or until the statute-of-limitations has expired. The number of open tax years subject to examination varies depending on the tax jurisdiction. In general, the Company has the last four years open to review. The criteria that the tax authorities might adopt in relation to the years open for review could give rise to tax liabilities which cannot be quantified. As of December 31, 2023 there are inspection procedures ongoing in Spain and France but we do not expect a material impact resulting from both procedures.

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 December 31, 2023. The main rule of the Directive (so called Income Inclusion Rule or IIR) became effective on December 31, 2023 with the backstop rule (so called Undertaxed Profits Rule or UTPR) becoming effective on or after December 31, 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 December 31, 2023. There are transitional safe harbors 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 harbor 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 harbor 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.

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity Abstract

Summary of majority shareholders


	Number of Shares	Percentage of
Name	Beneficially Owned	*Outstanding Shares ()**
Grupo Villar Mir, S.A.U.	75,265,434	40.1	%
Cooper Creek Partners Management LLC	12,986,178	6.9	%
Wolf Hill Capital Management, L.P.	10,313,097	5.5	%
Others	90,317,607	47.5	%
Shares in Treasury	(1,440,787)
Total ordinary shares outstanding	187,441,529	100.0	%
(*) 187,441,529 ordinary shares were outstanding at 31 December 2023, comprising 188,882,316 shares in issue less 1,440,787 shares held in treasury

Summary of valuation adjustments.

Valuation adjustments comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Actuarial gains	5,292	12,817
Hedging instruments	2,329	—
Deferred tax income (loss) (See Note 24)	733	(2,082)
Total	8,354	10,735

Schedule of changes in non-controlling interests


		Balance
		US$'000
Balance at January 1, 2022		106,053
Profit for the year		3,514
Dividends paid		(3,430)
Translation differences		(1,873)
Other		2,487
Balance at December 31, 2022		106,751
Profit for the year		15,816
Dividends paid		(1,470)
Translation differences		906
Other		(178)
Balance at December 31, 2023		121,825

Summary of financial information for non-controlling interests


	2023		2022		2021
	WVA	QSLP	WVA	QSLP	WVA	QSLP
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Statements of Financial Position
Non-current assets	87,698	39,543	78,992	64,291	83,176	63,088
Current assets	71,329	68,073	86,847	53,830	73,883	46,186
Non-current liabilities	6,660	11,908	7,108	18,719	8,654	19,005
Current liabilities	26,770	26,378	53,680	21,201	43,577	14,671
Income Statements
Sales	211,118	148,313	187,854	102,865	165,660	89,446
Operating profit	13,513	22,151	8,306	2,897	(4,871)	2,093
Profit before taxes	13,513	21,561	8,155	2,195	(5,062)	1,237
Net (loss) income	5,466	10,679	3,075	1,015	(3,362)	613
Cash Flow Statements
Cash flows from operating activities	18,712	31,000	(5,934)	(10,037)	11,981	8,997
Cash flows from investing activities	(13,107)	(6,725)	(8,304)	(1,525)	(3,893)	(4,956)
Cash flows from financing activities	—	—	—	905	—	—
Exchange differences on cash and cash equivalents in foreign currencies	—	—	—	10	—	31
Beginning balance of cash and cash equivalents	21,122	5,949	35,360	16,596	27,272	12,524
Ending balance of cash and cash equivalents	26,727	30,224	21,122	5,949	35,360	16,596

Other obligations

12 Months Ended

Dec. 31, 2023

Other obligations

Other obligations

22. Other obligations

Other obligations comprise the following at December 31:


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Payable to non-current asset suppliers	336	9,791	10,127	183	4,149	4,332
Guarantees and deposits	14	330	344	12	235	247
Contingent consideration	1,353	379	1,732	3,893	1,945	5,838
Tolling agreement liability	34,180	3,683	37,863	33,414	3,251	36,665
Total	35,883	14,183	50,066	37,502	9,580	47,082

Contingent consideration

On February 1, 2018, the Company acquired 100% of the outstanding ordinary shares of Kintuck (France) SAS and Kintuck AS from a wholly-owned subsidiary of Glencore International AG (“Glencore”) and obtained control of both entities. The new subsidiaries were renamed as Ferroglobe Mangan Norge AS and Ferroglobe Manganèse France SAS. The Company completed the acquisition through its wholly-owned subsidiary Ferroglobe Spain Metals (formerly Ferroatlántica). Consideration included both cash and contingent consideration.

The contingent consideration arrangement requires the Company to pay the former owners of Kintuck (France) SAS and Kintuck AS a sliding scale commission based on the silicomanganese and ferromanganese sales spreads of Ferroglobe Mangan Norge (FMN) and Ferroglobe Manganèse France (FMF), up to a maximum amount of $60,000 thousand (undiscounted). The contingent consideration applies to sales made up to eight and a half years from the date of acquisition and if it applies, the payment is on annual basis. During 2023, the total payments made amounted to $4,823 thousand ($18,931 thousand in 2022).

The potential undiscounted amount of the total payments that the Company could be required to make under the contingent consideration arrangement is up to $60,000 thousand. The accumulated payments as of December 31, 2023 amount to $27,278 thousand.

The fair value of the contingent consideration arrangement as of December 31, 2023 of $1,732 thousand (2022: $5,838 thousand) was estimated by applying the income approach based on a Monte Carlo simulation considering various scenarios of fluctuation of future manganese alloy spreads as well at the cyclicality of manganese alloy pricing. The fair value measurement is based on significant inputs that are not observable in the market, which IFRS 13 refers to as Level 3 inputs.

Key assumptions include discount rates, volumes and manganese spread. The liability has decreased primarily driven by a reduction in the manganese spread driven by higher manganese ore costs and lower selling prices combined with higher operational costs and impact of foreign exchange rates and inflation forecasts. Changes in the value of contingent consideration are presented in the consolidated income statements within “other operating expense”.

Tolling agreement liability

In August 2019, Ferroglobe Spain Metals (formerly Grupo FerroAtlántica, S.A.U). sold its 100% interest in the remainder of FerroAtlántica, S.A.U. to Kehlen Industries Management, S.L.U., an affiliate of U.S.-based TPG Sixth Street Partners. The FerroAtlántica, S.A.U. assets transferred by means of this transaction included ten hydroelectric power plants and the Cee-Dumbría ferroalloys manufacturing plant, all located in the province of A Coruña, Spain. Under the terms of the transaction, the Group became exclusive off taker of finished products produced at the smelting plant at Cee and supplier of key raw materials to that facility pursuant to a tolling agreement expiring in 2060.

In November 2020, the Tribunal Superior de Justicia de Galicia dismissed the request of separation of the Cee-Dumbria’s hydroelectric plants and the ferroalloys plants. Ferroglobe Spain Metals appealed to the Supreme Court, but in 2021 the appeal was dismissed. As of December 31, 2023, the liability recognized in relation to the tolling agreement amounts to $37,863 thousand ($36,665 thousand as of December 2022).

As of January 1, 2023, the Company reclassified its tolling agreement liability to a lease liability in accordance with IFRS 16.

A rollforward of this lease obligation for the year ended December 31, 2023 is as follows:


		2023
		US$'000
Balance at January 1,		36,665
Additions		—
Disposals and other		—
Interest		3,484
Lease payments		(3,604)
Exchange differences		1,318
Balance at December 31,		37,863

The lease liability was discounted at the incremental borrowing rate of 9.375%.

For the year ended December 31, 2023, Ferroglobe has recorded an expense for variable lease payments of $55,574 thousand, related to the purchase of key raw materials, energy costs, personnel expenses and other overhead costs assumed by the Company as per the tolling agreement. Future variable lease payments are currently unknown as they depend on the actual production at the Cee-Dumbria plant in a given year as well as a variety of other factors including energy prices and raw material prices in future years. Assuming production levels and other factors stay constant in future years, our annual future variable lease payments are expected to remain approximately consistent.

Please refer to Note 29 for the detail, by maturity, of the non-current payment obligations under this lease as of December 31, 2023.

Equity - Share capital (Details) - USD ($)		12 Months Ended
Equity - Share capital (Details) - USD ($)	Oct. 06, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Issue of equity				$ 86,398,000
Treasury shares		1,440,787	1,448,773
Issued capital		$ 1,962,000	$ 1,962,000
Issue of equity work fee and bondholder equity stake		187,441,529
Equity		$ 869,886,000	756,813,000	$ 320,031,000	$ 365,719,000
Outstanding shares owned by main shareholders (as a percentage)		100.00%
Dividends paid to non-controlling interests		$ 1,470,000	$ 3,430,000
Number Of Unissued Shares		17,425,391
Equity Distribution Agreement With B. Riley Securities, Inc. and Cantor Fitzgerald & Co \| Maximum
Disclosure of classes of share capital [line items]
Issue of equity	$ 100,000,000
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Par value per share		$ 0.01	$ 0.01
Number of shares outstanding		187,441,529	188,882,316
Number of shares outstanding, including treasury shares		188,882,316
Issued capital		$ 1,962,000	$ 1,962,000
Outstanding shares.		187,441,529	188,882,316
Ordinary shares [member] \| Equity Distribution Agreement With B. Riley Securities, Inc. and Cantor Fitzgerald & Co
Disclosure of classes of share capital [line items]
Shares issued (in shares)		186,053
Net Proceeds From Ordinary Shares.		$ 1,400,000
Grupo Villar Mir SAU
Disclosure of classes of share capital [line items]
Issue of equity work fee and bondholder equity stake		$ 75,265,434
Outstanding shares owned by main shareholders (as a percentage)		40.10%
Cooper Creek Partners Management LLC
Disclosure of classes of share capital [line items]
Issue of equity work fee and bondholder equity stake		$ 12,986,178
Outstanding shares owned by main shareholders (as a percentage)		6.90%
Wolf Hill Capital Management, L.P. [Member]
Disclosure of classes of share capital [line items]
Issue of equity work fee and bondholder equity stake		$ 10,313,097
Outstanding shares owned by main shareholders (as a percentage)		5.50%
Others
Disclosure of classes of share capital [line items]
Issue of equity work fee and bondholder equity stake		$ 90,317,607
Outstanding shares owned by main shareholders (as a percentage)		47.50%
Shares In Treasury [Member]
Disclosure of classes of share capital [line items]
Issue of equity work fee and bondholder equity stake		$ (1,440,787)

General Information

12 Months Ended

Dec. 31, 2023

General Information

General information

1. General information

Ferroglobe PLC and its subsidiaries (collectively the “Company”, “Ferroglobe”, “we”, “our”, “us”) is among the world’s largest producers of silicon metal and silicon-based alloys, important ingredients in a variety of industrial and consumer products. The Company’s customers include major silicone chemical producers, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. Additionally, the Company operates hydroelectric plants in France.

Ferroglobe PLC (the “Parent Company” or “the Parent”) is a public limited company that was incorporated in the United Kingdom on February 5, 2015 (formerly named ‘Velonewco Limited’). The Parent’s registered office is 5 Fleet Place, London EC4M 7RD (United Kingdom).

In 2015, Ferroglobe PLC consummated the acquisition (“Business Combination”) of Ferroglobe U.S.A, Inc (formerly Globe Specialty Metals, Inc) and subsidiaries and Ferroglobe Spain Metals, S.A.U. (formerly Grupo FerroAtlántica, S.A.U.), forming Ferroglobe.

In 2023, the Company commenced a rebranding of its subsidiary corporation names to align under a “one Ferroglobe” approach.

Leases - Income statement and cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Depreciation, right-of-use assets	$ 7,918	$ 4,767
Interest expense on lease	1,715	1,587	$ 1,100
Currency translation losses on lease liabilities	(403)	750
Currency translation losses on right of use assets	69	812
Principal	9,648	10,003
Interest	$ 1,715	$ 1,587

Schedule I - Financial Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Intangible assets	$ 138,345	$ 111,797	$ 100,642
Property, plant and equipment	501,396	486,247	554,914
Total non-current assets	721,809	671,019
Current assets
Trade and other receivables	310,243	425,474
Other current assets	186,477	30,608
Cash and cash equivalents	136,470	317,935	114,391
Total current assets	1,036,961	1,286,821
Total assets	1,758,770	1,957,840
Equity.
Share capital	1,962	1,962
Other Reserves	800,662	353,454
Total equity	869,886	756,813	$ 320,031	$ 365,719
Non-current liabilities
Lease liabilities	20,304	12,942
Other non-current liabilities	199	12
Total non-current liabilities	394,882	522,530
Current liabilities
Debt instruments	5,765	12,787
Lease liabilities	8,083	8,929
Trade and other payables	183,375	219,666
Current income tax liabilities	8,351	53,234
Other current liabilities	101,203	104,563
Total current liabilities	494,002	678,497
Total equity and liabilities	$ 1,758,770	1,957,840
Percentage of restricted net assets held to disclose separate entity	25.00%
Ferroglobe PLC
Non-current assets
Investment in subsidiaries	$ 645,088	629,284
Intangible assets		522
Property, plant and equipment	462	449
Loans to group companies	54,959
Non current account receivables from subsidiaries		263,058
Total non-current assets	700,509	893,313
Current assets
Trade and other receivables	1,443	797
Trade and other receivables from subsidiaries	37,932	118,210
Other current assets	390	435
Cash and cash equivalents	227	605
Total current assets	39,992	120,047
Total assets	740,501	1,013,360
Equity.
Share capital	1,964	1,964
Other Reserves	(151,742)	(158,958)
Retained earnings	739,524	734,095
Total equity	589,746	577,101
Non-current liabilities
Lease liabilities	406	372
Loans from group companies	37,999	183,721
Other non-current liabilities	198	11
Total non-current liabilities	38,603	184,104
Current liabilities
Lease liabilities	126	550
Trade and other payables	2,365	10,634
Loans from group companies	67,903
Trade and other payables to subsidiaries	41,652	240,753
Current income tax liabilities		115
Other current liabilities	106	103
Total current liabilities	112,152	252,155
Total equity and liabilities	$ 740,501	$ 1,013,360

Accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting policies.

Goodwill

4.1 Goodwill

Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is not amortized.

When an operation to which goodwill relates is disposed of, the part of the carrying amount of goodwill that has been allocated to the respective cash-generating unit is included in calculating the gain or loss on disposal.

Intangible assets

4.2 Intangible assets

Acquired and internally generated intangible assets are recognized pursuant to IAS 38 Intangible Assets if a future economic benefit will flow to the entity from the use of the asset and the cost of the asset can be reliably determined.

Intangible assets with finite useful lives are carried at cost less accumulated amortization and accumulated impairment losses, if any. Amortization is recognized on a straight-line basis over an asset’s estimated useful life. The estimated useful life and amortization method are reviewed at each balance sheet date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets that are subject to amortization are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually or more frequently when circumstances indicate that the carrying value may not be recoverable.

The Company’s intangible assets with definite useful lives are as follows:

Development expenditures

Development expenditures are capitalized if they meet the requirements of identifiability, reliability in cost measurement and it is probable that the assets created will generate economic benefits. Developmental expenditures are amortized on a straight-line basis over the useful lives of the assets, which are between four and 10 years.

Expenditures on research activities are recognized as expenses in the years in which they are incurred.

Power supply agreements

Power supply agreements at rates below market acquired in business combinations are amortized on a straight-line basis over the term in which the agreement is effective.

Rights of use

Rights of use granted related to mining concessions are amortized on a straight-line basis over the term in which the right of use was granted from the date it is considered that use commenced. Rights of use are generally amortized over a period ranging from 10 to 20 years.

Computer software

Computer software includes the costs incurred in acquiring or developing computer software, including the related installation. Computer software is amortized on a straight-line basis from two to five years.

Computer system maintenance costs are recognized as expenses in the years in which they are incurred.

The Company’s other intangible assets with indefinite useful lives are as follows:

Carbon dioxide emissions allowances

The Company’s carbon dioxide emissions allowances (“rights held to emit greenhouse gasses”) are intangible assets that are expensed as the allowance is used. Emissions allowances received from the Government are initially measured at fair value, which is determined based on the market price of allowances traded on the platform at that date. Emissions allowances purchased on the trading platform are initially measured at cost (see Note 4.21).

Property, plant and equipment

4.3 Property, plant and equipment

Cost

Property, plant and equipment are initially recognized at acquisition or production cost and are subsequently measured at acquisition or production cost less accumulated depreciation and any accumulated impairment losses.

The costs of expansion, modernization or improvements leading to increased productivity, capacity or efficiency or to a lengthening of the useful lives of the assets are capitalized. Repair, upkeep and maintenance expenses are recognized in the consolidated income statements for the years in which they are incurred.

Mineral reserves are recorded at fair value at the date of acquisition. Depletion of mineral reserves is computed using the units-of-production method utilizing only proven and probable reserves (as adjusted for recoverability factors) in the depletion base.

Property, plant and equipment in the course of construction are transferred to property, plant and equipment in use at the end of the related development period.

Depreciation

The Company depreciates property, plant and equipment using the straight-line method at annual rates based on the following years of estimated useful life:


		Years of
		Estimated
		Useful
		Life
Buildings		25-50
Plant and machinery		8-20
Tools		12.5-15
Other fixtures and furniture		10-15
Computer hardware		4-8
Transport equipment		10-15

Depreciation begins when the asset is ready for its intended use.

Land included within property, plant and equipment is considered to be an asset with an indefinite useful life and, as such, is not depreciated, but rather it is tested for impairment annually. The Company reviews residual value, useful lives, and the depreciation method for property, plant and equipment annually.

Environment

The costs arising from the activities aimed at protecting and improving the environment are accounted for as an expense for the year in which they are incurred. When they represent additions to property, plant and equipment aimed at minimizing the environmental impact and protecting and enhancing the environment, they are capitalized to non-current assets.

Impairment of goodwill and long-lived assets (property, plant and equipment, intangible assets, right-of-use assets)

4.4 Impairment of goodwill and long-lived assets (property, plant and equipment, intangible assets, right-of-use assets)

The Company completes its impairment testing for goodwill at least annually or as impairment indicators arise throughout the year. The Company completes its impairment testing for long-lived assets as impairment indicators arise. When necessary, we record impairments of goodwill and long-lived assets for the amount by which the recoverable amount is less than the carrying value of these assets.

Where the asset itself does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

Recoverable amount is the higher of:

●

Fair value less costs of disposal: the price that would be agreed upon by two independent parties, less estimated costs to sell; and

●

Value in use: the present value of the future cash flows that are expected to be derived from continuing use of the asset and from its ultimate disposal at the end of its useful life, discounted at a rate which reflects the time value of money and the risks specific to the business to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount, and an impairment loss is recognized as an expense under “Impairment (loss) gain” in the consolidated income statements.

Where an impairment loss subsequently reverses (not permitted in the case of goodwill), the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized as “Impairment (loss) gain” in the consolidated income statements.

The basis for depreciation is the carrying amount of the assets, deemed to be the acquisition cost less any accumulated impairment losses.

Financial instruments

4.5 Financial instruments

Financial assets and financial liabilities are recognized in the Company’s consolidated statements of financial position when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at

fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss on the consolidated income statements.

Financial assets

The Company classifies its financial assets into the following categories: (i) those measured subsequently at fair value through profit or loss or (ii) those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

Financial assets measured at fair value through profit or loss.

Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortized cost or at fair value through other comprehensive income. Such assets are carried on the consolidated statements of financial position at fair value with gains or losses recognized in the consolidated income statements.

Financial assets measured at amortized cost

Financial assets are classified as measured at amortized cost when they are held in a business model whose objective is to collect contractual cash flows and the contractual terms of the financial asset give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Such assets are carried at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired and when interest is recognized using the effective interest method. This category of financial assets includes trade receivables, receivables from related parties and cash and cash equivalents.

Derecognition of financial assets

The Company derecognizes a financial asset when:

●

the rights to receive cash flows from the asset have expired; or

●

the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

If the Company retains substantially all of the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

Impairment of financial assets

The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortized cost and debt instruments held at fair value through other comprehensive income. The loss allowance for the financial asset is measured at an amount equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognized in profit and loss. For trade and other receivables, a simplified impairment approach is applied recognizing expected lifetime losses from initial

recognition. For this purpose, the Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

The Company writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, such as when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over two years past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Company’s recovery procedures, considering legal advice where appropriate. Any recoveries made are recognized in profit or loss.

Accounts receivable factoring

As part of its regular operations and in case of immediate cash needs, the Company can sell its trade receivables (i.e., invoices) to a third party (factor) at a discount. The Company analyzes whether these transactions are with recourse or without recourse and applies the derecognition criteria in IFRS 9 to assess whether the arrangement transfers substantially all risks and rewards to the factor. For arrangements with recourse, where substantially all risks and rewards have not been transferred, the cash received from the factor is accounted for as a secured borrowing. In the case of arrangements with recourse, the transferred assets are not derecognized.

For those recorded as with recourse, the borrowings from the receivable factoring facility are short-term in nature and therefore their carrying amount is considered to approximate their fair value. For those considered without recourse, the Company derecognizes the trade receivable and does not record a related borrowing.

Cash flows from factoring with recourse of accounts receivable are classified as financing cash flows within the consolidated statements of cash flows.

Cash flows from factoring without recourse of accounts receivable are classified as operating cash flows within the consolidated statements of cash flows.

Financial liabilities

The subsequent measurement of financial liabilities depends on their classification, as described below:

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss are carried on the consolidated statements of financial position at fair value with gains or losses recognized in the consolidated income statements. This category includes contingent consideration and derivatives, other than those designated as hedging instruments in an effective hedge.

Financial liabilities measured at amortized cost

This category comprises all other financial liabilities, including bank borrowings, debt instruments, financial loans from government agencies, payables to related parties and trade and other payables.

After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by considering any issue costs and any discount or premium on settlement.

Derecognition of financial liabilities

The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss in the consolidated income statements. When the Company exchanges with the existing lender one debt instrument with another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the

Company accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between the carrying amount of the liability before the modification and the present value of the cash flows after modification are recognized in profit or loss as a modification gain or loss.

Derivative financial instruments and hedging activities

4.6 Derivative financial instruments and hedging activities

In order to mitigate the economic effects of exchange rate and interest rate fluctuations to which it is exposed as well as variability in the price of power, the Company uses derivative financial instruments, such as cross currency swaps, interest rate swaps and power purchase agreements.

The Company’s derivative financial instruments are detailed in Note 20 to these consolidated financial statements and the Company’s financial risk management policies are detailed in Note 29.

Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognized in the consolidated income statements immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of profit or loss depends on the nature of the hedge relationship. As of December 31, 2023 and 2022, the Company had no derivative instruments that were not classified as hedging instruments, respectively.

Derivatives are recorded as either “other financial assets” or “other financial liabilities” depending on their respective fair value positions at each balance sheet date. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the date of the statements of financial position and it is not expected to be realized or settled within 12 months.

Hedge accounting

The Company designates certain derivatives as cash flow hedges. For further details, see Note 20.

At the inception of the hedging relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking the hedge transaction. Effectiveness of the hedging relationship needs to be assessed on an ongoing basis. Effectiveness tests are performed prospectively at inception and at each reporting date. The Company reviews to ensure that:

•

there is an economic relationship between the hedged item and the hedging instrument;

•

the effect of credit risk does not dominate the value changes that result from that economic relationship; and

•

the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company uses to hedge that quantity of hedged item.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the consolidated statements of other comprehensive income (loss). The gain or loss relating to any ineffective portion is recognized immediately in consolidated income statements and is included in “Raw materials and energy consumption for production”.

Amounts previously recognized in other comprehensive income and accumulated in equity in the valuation adjustments reserve are reclassified to the consolidated income statements in the periods when the hedged item is recognized in profit or loss, in the same line of the income statement as the recognized hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income at that time is accumulated in equity and is recognized when the forecast transaction is ultimately recognized in the consolidated income statements. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in the consolidated income statements.

Fair value measurement

4.7 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) in the principal market for the asset or liability or (ii) in the absence of a principal market, in the most advantageous market for the asset or liability.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

●

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

●

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

●

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For those assets and liabilities measured at fair value at the balance sheet date, further information on fair value measurement is provided in Note 30.

Inventories

4.8 Inventories

Inventories comprise assets (goods) which:

●

Are held for sale in the ordinary course of business (finished goods); or

●

Are in the process of production for such sale (work in progress); or

●

Will be consumed in the production process or in the rendering of services (raw materials and spare parts).

Inventories are stated at the lower of cost and net realizable value. The cost of each inventory item is generally calculated as follows:

●

Raw materials, spare parts and other consumables and replacement parts: the lower of weighted average acquisition cost and net realizable value.

●

Work in progress, finished goods and semi-finished goods: the lower of production cost (which includes the cost of materials, labor costs, direct and indirect manufacturing expenses) or net realizable value in the market.

Obsolete, defective or slow-moving inventories have been reduced to net realizable value.

Net realizable value is the estimated selling price less all the estimated costs of selling and distribution.

The amount of any write-down of inventories (as a result of damage, obsolescence or decrease in the selling price) to their net realizable value and all losses of inventories are recognized as expenses in the year in which the write-down or loss occurs. Any subsequent reversals are recognized as income in the year in which they arise.

The consumption of inventories is recognized as an expense in “Raw Materials and energy consumption for production” in the consolidated income statements in the period in which the revenue from their sale is recognized.

Raw materials and energy consumption for production

4.9 Raw materials and energy consumption for production

Raw materials and energy consumption for production comprise raw materials, energy, other direct costs, inventory write-downs and changes in inventory.

Cash and cash equivalents

4.10 Cash and cash equivalents

The Company classifies under “Cash and cash equivalents” any liquid financial assets, such as for example cash on hand and at banks, deposits and liquid investments, that can be converted into known amounts of cash within three months and are subject to an insignificant risk of changes in value.

Restricted cash and cash equivalents

4.11 Restricted cash and cash equivalents

The Company classifies under “restricted cash and cash equivalents” any liquid financial assets, which meet the definition of cash and cash equivalents but the use or withdrawal is restricted by financial agreements.

Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements and/or contracts entered into with others; however, time deposits and short-term certificates of deposit are not included in legally restricted deposits. In cases where compensating balance arrangements exist but are not agreements which legally restrict the use of cash amounts shown on the consolidated statements of financial position, those arrangements and the amount involved are disclosed in the notes. Compensating balances that are maintained under an agreement to assure future credit availability are also disclosed in the notes.

As discussed in Note 31, certain of the Company´s credit agreements restrict the transfer of assets in the form of loans or

dividends to other affiliates. The amount of cash and cash equivalents in subsidiaries subject to such restrictions amounted to $90,955 as of December 31, 2023 ($253,085 as of December 31, 2022) and is not presented as Restricted cash and equivalents in the balance sheet because it can be withdrawn or used except for transfers to affiliates.

Provisions and contingencies

4.12 Provisions and contingencies

When preparing the consolidated financial statements, the Company distinguishes between:

●

Provisions: present obligations, either legal, contractual, constructive or assumed by the Company, arising from past events, the settlement of which is expected to give rise to an outflow of economic benefits the amount or timing of which are uncertain; and

●

Contingent liabilities: possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the Company, or present obligations arising from past events the amount of which cannot be estimated reliably or whose settlement is not likely to give rise to an outflow of economic benefits.

Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

The consolidated financial statements include all the material provisions with respect to which it is considered that it is probable that the obligation will have to be settled. Contingent liabilities are not recognized in the consolidated financial statements, but rather are disclosed in accordance with IAS 37 (see Note 26).

Provisions are classified as current when there is not an unconditional right to defer settlement for at least 12 months after the reporting date. They are recognized when the liability or obligation giving rise to the indemnity or payment arises, to the extent that its amount can be estimated reliably.

“Provisions” include (i) the provisions for pension and similar obligations assumed; (ii) provisions for contingencies and charges, such as for example those of an environmental nature and those arising from litigation in progress or from outstanding indemnity payments or obligations, and collateral and other similar guarantees provided by the Company; (iii) provisions for medium- and long-term employee incentives; and (iv) provisions for taxes.

Contingent assets are not recognized, but are disclosed where an inflow of economic benefits is probable. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated financial statements in the period in which the change occurs.

Defined contribution plans

Certain employees have defined contribution plans which are applicable to local regulations. The main features of these plans are as follows:

●

They are mixed plans covering the benefits for retirement, disability and death of the participants.

●

The sponsor undertakes to make monthly contributions of certain percentages of current employees’ salaries to external pension funds.

The annual cost of these plans is recognized within “Staff costs” on the consolidated income statements.

Defined benefit plans

IAS 19 Employee Benefits requires defined benefit plans to be accounted for:

●

Using actuarial techniques to make a reliable estimate of the amount of benefits that employees have earned in return for their service in the current and prior periods;

●

Discounting those benefits in order to determine the present value of the obligation;

●

Determining the fair value of any plan assets; and

●

Determining the total amount of actuarial gains and losses and the amount of those actuarial gains and losses that must be recognized.

The amount recognized as a benefit liability arising from a defined benefit plan is the total net result of:

●

The present value of the obligations.

●

Minus the fair value of plan assets (if any) out of which the obligations are to be settled directly.

The Company recognizes provisions for these benefits as the related rights vest and on the basis of actuarial studies. These amounts are recognized under “Provisions” in the consolidated statements of financial position on the basis of their expected payment due dates.

Environmental provisions

Provisions for environmental obligations are estimated by analyzing each case separately and observing the relevant legal provisions. The best possible estimate is made on the basis of the information available and a provision is recognized provided that the aforementioned information suggests that it is probable that the loss or expense will arise and it can be estimated in a sufficiently reliable manner.

The balance of provisions and disclosures disclosed in Note 15 reflects management’s best estimation of the potential exposure as of the date of preparation of these consolidated financial statements.

Leases

4.13 Leases

The Company assesses if a contract is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use asset and a lease liability at the commencement date.

The estimated lease term by right-of-use asset categories are as follows:


		Years of
		Estimated
		Useful
		Life
Leased Land and Buildings		5-50
Leased Plant and Machinery		1-37

The lease liability is initially measured at the present value of the minimum future lease payments, discounted using the interest rate implicit in the lease, or, if not readily determinable, the incremental borrowing rate. Lease payments include fixed payments, variable payments that depend on an index or rate, as well as any extension or purchase options, if the Company is reasonably certain to exercise these options. The lease liability is subsequently measured at amortized cost using the effective interest method and remeasured with a corresponding adjustment to the related right-of-use asset when there is a change in future lease payments.

The right-of-use asset comprises, at inception, the initial lease liability, any initial direct costs and, when applicable, the obligations to refurbish the asset, less any incentives granted by the lessors. The right-of-use asset is subsequently depreciated, on a straight-line basis, over the lease term or, if the lease transfers the ownership of the underlying asset to the Company at the end of the lease term or, if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, over the estimated useful life of the underlying asset. Right-of-use assets are also subject to testing for impairment if there is an indicator for impairment.

Variable lease payments not included in the measurement of the lease liabilities are expensed to the consolidated income statements in the period in which the events or conditions which trigger those payments occur.

In the consolidated statements of financial position, right-of-use assets and lease liabilities are classified, respectively, as part of property, plant and equipment and current and current and non-current lease liabilities.

Current assets and liabilities

4.14 Current assets and liabilities

In general, assets and liabilities that are expected to be settled or fall due within 12 months from the end of the reporting period are classified as current items and those which fall due or will be settled after more than 12 months are classified as non-current items.

Income taxes

4.15 Income taxes

Income tax expense represents the sum of current tax and deferred tax. Income tax is recognized in the consolidated income statements except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive income or directly in equity.

The current income tax expense is based on domestic and international statutory income tax rates in the tax jurisdictions where the Company operates related to taxable profit for the period. The taxable profit differs from net profit as reported in the consolidated income statements because it is determined in accordance with the rules established by the applicable tax authorities which includes temporary differences, permanent differences, and available credits and incentives.

The Company’s deferred tax assets and liabilities are provided on temporary differences at the balance sheet date between financial reporting and the tax basis of assets and liabilities, then applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized for deductible temporary differences, including carry-forward of unused tax credits and losses, to the extent that it is probable, that taxable profit will be available against which the deductible temporary difference and carryforwards of unused tax credits and losses can be utilized.

The deferred tax assets and liabilities that have been recognized are reassessed at the end of each closing period in order to ascertain whether they still exist, and adjustments are made on the basis of the findings of the analyses performed.

Income tax payable is the result of applying the relevant tax rate in force to each tax-paying entity, in accordance with the tax laws in force in the country in which the entity is registered. Additionally, tax deductions and credits are available to certain entities, primarily relating to inter-company trades and tax treaties between various countries to prevent double taxation.

Deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or either the same taxable entity or different taxable entities where there is an intention to settle the current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities simultaneously.

Foreign currency transactions

4.16 Foreign currency transactions

Foreign currency transactions are initially recognized in the functional currency of the subsidiary by applying the exchange rates prevailing at the date of the transaction.

Subsequently, at each reporting date, assets and liabilities denominated in foreign currencies are translated to dollars at the rates prevailing on that date.

Any exchange differences arising on settlement or translation at the closing rates of monetary items are recognized in the consolidated income statements for the related years.

Note 4.6 details the Company’s accounting policies for derivative financial instruments. Also, Note 29 to these consolidated financial statements details the Company’s financial risk policies.

Revenue recognition

4.17 Revenue recognition

The Company recognizes sales revenue related to the transfer of promised goods or services when control of the goods or services passes to the customer. The amount of revenue recognized reflects the consideration to which the Company is or expects to be entitled in exchange for those goods or services.

In the Company’s electrometallurgy business, revenue is principally generated from the sale of goods, including silicon metal and silicon- and manganese-based specialty alloys. The Company mainly satisfies its performance obligations at a

point in time; the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. The point in time at which control is transferred to the buyer is determined based on the agreed delivery terms, which follow Incoterms 2023 issued by International Chamber of Commerce.

In most instances, control passes and sales revenue is recognized when the product is delivered to the vessel or vehicle on which it will be transported, the destination port or the customer’s premises. There may be circumstances when judgment is required based on the five indicators of control below.

●

The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the goods or service.

●

The customer has a present obligation to pay in accordance with the terms of the sales contract.

●

The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to the terms specified in the sales contract, but this does not impact the passing of control. Specification adjustments have been immaterial historically.

●

The customer has legal title to the asset. The Company may retain legal title until payment is received but this is for credit risk purposes only.

●

The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an asset prior to obtaining physical possession, which may be the case for goods in transit.

Where the Company sells on ‘C’ terms (e.g., Cost, Insurance and Freight or CIF, Carriage and Insurance Paid to or CIP, Cost and Freight or CFR and Carriage Paid to or CPT), the Company is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at which control of goods passes to the customer at the loading point. The Company therefore has separate performance obligations for freight and insurance services that are provided solely to facilitate sale of the commodities it produces. Revenue attributable to freight and insurance services is not material.

Where the Company sells on ‘D’ terms (e.g., Delivered Duty Paid or DDP, Delivered at Place or DAP and Delivered at Terminal or DAT), the Company arranges and pays for the carriage and retains the risk of the goods until delivery at an agreed destination, where ownership and control is transferred.

Where the Company sells on ‘F’ terms (e.g., Free Carrier or FCA and FOB or Free on Board), the customer arranges and pays for the main transportation. Risk and control are transferred to the customer when the goods are handed to the carrier engaged by the customer.

The Company’s products are sold to customers under contracts which vary in tenure and pricing mechanisms. The majority of pricing terms are either fixed or index-based for monthly, quarterly or annual periods, with a smaller proportion of volumes being sold on the spot market.

Within each sales contract, each unit of product shipped is a separate performance obligation. Revenue is generally recognized at the contracted price as this reflects the stand-alone selling price. Sales revenue excludes any applicable sales taxes.

Expense recognition

4.18 Expense recognition

Expenses are recognized on an accrual basis, i.e. when the actual flow of the related goods and services occurs, regardless of when the resulting monetary or financial flow arises.

An expense is recognized in the consolidated income statements when there is a decrease in the future economic benefits related to a reduction of an asset, or an increase in a liability, which can be measured reliably. This means that an expense

is recognized simultaneously with the recognition of the increase in a liability or the reduction of an asset. Additionally, an expense is recognized immediately in the consolidated income statements when a disbursement does not give rise to future economic benefits or when the requirements for recognition as an asset are not met. Also, an expense is recognized when a liability is incurred and no asset is recognized, as in the case of a liability relating to a guarantee.

Grants

4.19 Grants

The Company has received government grants from time to time to support operations. Grants are recorded at their fair value in the consolidated income statements within “Other operating income” when there is reasonable assurance that the Company will satisfy the underlying grant conditions and the grants will be received. To the extent required, grants are deferred and recognized on a systematic basis over the periods in which the Company expects to recognize the related expenses for which the grants are intended to compensate. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.

When the grant relates to compensations for the indirect carbon dioxide emissions costs included in the energy bills, the income is recorded in “Raw Materials and energy consumption for production” in the consolidated income statements.

Termination benefits

4.20 Termination benefits

Under current labor legislation, the Company is required to pay termination benefits to employees whose employment relationship is terminated under certain conditions. The cost of providing employee benefits is recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable.

Carbon dioxide emission allowances

4.21 Carbon dioxide emission allowances

The Company recognizes emission rights (allowances) received, whether allocated by government or purchased, as intangible assets. The intangible asset is initially measured and recognized on the date of acquisition at fair value, being the consideration paid (if purchased on the open market) or the current market value (if granted for less than fair value).

When allowances are granted for less than fair value, the difference between the fair value and the nominal amount paid is recognized as a government grant. The grant is initially recognized as deferred income in the consolidated statements of financial position and subsequently recognized as “other operating income” on a systematic basis on the proportion of the carbon dioxide emitted over total carbon dioxide expected to be emitted for the compliance period on the consolidated income statements. In the case that a better estimate of the expected carbon dioxide emissions for the compliance period is available, the deferred income to be recognized in the consolidated statements of financial position is adjusted prospectively.

As the Company emits carbon dioxide, it recognizes a provision for its obligation to deliver the carbon dioxide allowances at the end of the compliance period. The provision is remeasured and recorded as an expense at the end of each reporting period at historical cost for the emission rights (allowances) received and at acquisition cost for the carbon dioxide purchased and at fair value for the carbon dioxide pending to be purchased.

Intangible assets recognized for emissions allowances are not amortized and remain valued at historical cost until either sold or surrendered in satisfaction of the Company’s obligation to deliver the allowances to the relevant authority.

Sale of emission rights

When the Company has determined to sell its emission rights, the emission rights sold would be derecognized from the consolidated statements of financial position against the cash received. In those cases, where the price per emission right is different to the fair value per emission right at the time they were granted, a gain or a loss on the disposal of assets will be recognized. The deferred income originally recognized for the free emission rights granted at the beginning of the compliance period that still remain in the consolidated statements of financial position at the time of sale will be derecognized.

Share-based compensation

4.22 Share-based compensation

The Company operates a share-based compensation plan with certain equity and cash-settlement options. The Company recognizes share-based compensation expense based on the estimated grant date fair value of share-based awards using a Black-Scholes option pricing model. Prior to vesting, cumulative compensation cost equals the proportionate amount of the award earned to date. The Company has elected to treat each award as a single award and recognize compensation cost on a straight-line basis over the requisite service period of the entire award. If the terms of an award are modified in a manner that affects both the fair value and vesting of the award, the total amount of remaining unrecognized compensation cost (based on the grant-date fair value) and the incremental fair value of the modified award are recognized over the amended vesting period. The Company´s liability for cash-settled awards is immaterial.

Other income

4.23 Other income

Interest income is recognized as the interest accrues using the effective interest rate, the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset.

Dividend income from investments is recognized when the shareholders’ right to receive the payment is established.

Assets and disposal groups classified as held for sale, liabilities associated with assets held for sale and discontinued operations

4.24 Assets and disposal groups classified as held for sale, liabilities associated with assets held for sale and discontinued operations

Assets and disposal groups classified as held for sale include the carrying amount of individual items, disposal groups or items forming part of a business unit earmarked for disposal (discontinued operations), whose sale in their present condition is highly likely to be completed within one year from the reporting date. Therefore, the carrying amount of these items, which may or may not be of a financial nature, will likely be recovered through the proceeds from their disposal.

Liabilities associated with non-current assets held for sale include the balances payable arising from the assets held for sale or disposal groups and from discontinued operations.

Assets and disposal groups classified as held for sale are measured at the lower of fair value less costs to sell and their carrying amount at the date of classification in this category. Non-Current assets held for sale are not depreciated as long as they remain in this category.

Consolidated statement of cash flows

4.25 Consolidated statements of cash flows

The following terms are used in the consolidated statements of cash flows, prepared using the indirect method, with the meanings specified as follows:

Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are subject to an insignificant risk of changes in value.

Operating activities: activities constituting the object of the subsidiaries forming part of the consolidated Company and other activities that are not investing or financing activities.

Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of the equity and borrowings of the Company that are not operating or investing activities. Interest payments and principal payments are presented separately.

Organization and Subsidiaries

12 Months Ended

Dec. 31, 2023

Organization and Subsidiaries

Organization and Subsidiaries

2. Organization and Subsidiaries

Ferroglobe has a diversified production base consisting of production facilities across North America, Europe, South America, South Africa and Asia.

The subsidiaries of Ferroglobe PLC as of December 31, 2023 and 2022, classified by reporting segments, were as follows:

2023 Subsidiaries


	Percentage of Ownership
	Direct	Total	Reporting Segment	Registered
ARL Services, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Core Metals Group Holdings, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Cuarzos Industriales de Venezuela, S.A.	—	100.0	Other segments	Venezuela
Emix, S.A.S.	—	100.0	Other segments	France
Ferroatlántica de México, S.A. de C.V.	—	100.0	Other segments	Nueva León - Mexico
Ferroatlántica de Venezuela (FerroVen), S.A.	—	99.9	Other segments	Venezuela
Ferroatlántica Deutschland, GmbH	—	100.0	Other segments	Germany
Ferroatlántica do Brasil Mineraçao Ltda.	—	70.0	Other segments	Brazil
Ferroglobe Advanced Materials II, S.L.	—	100.0	Other segments	Spain
Ferroglobe Advanced Materials, S.L. (formerly Ferrosolar OPCO Group S.L. )	—	100.0	Other segments	Spain
Ferroglobe Argentina, S.R.L (formerly Globe Metales S.R.L)	—	100.0	Other segments	Argentina
Ferroglobe Canada ULC (formerly QSIP Canada ULC )	—	100.0	North America – Silicon Metal	Canada
Ferroglobe Corporate Services, S.L.U. (formerly Grupo FerroAtlántica de Servicios, S.L.U.)	—	100.0	Other segments	Madrid - Spain
Ferroglobe Cuarzos Industriales Mining, S.A.U. (formerly Cuarzos Industriales, S.A.U.)	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Ferroglobe de Participaciones, S.L.U.	—	100.0	Other segments	Madrid - Spain
Ferroglobe Finance Company, PLC	—	100.0	Other segments	United Kingdom
Ferroglobe France SAS (formerly FerroPem, S.A.S.)	—	100.0	Europe – Silicon Metal and Alloys	France
Ferroglobe Holding Company, LTD	100	100.0	Other segments	United Kingdom
Ferroglobe Innovation, S.L.	—	100.0	Other segments	Spain
Ferroglobe Mangan Norge A.S.	—	100.0	Europe – Manganese	Norway
Ferroglobe Manganese France S.A.S.	—	100.0	Europe – Manganese	France
Ferroglobe Monzón, S.L. (formerly Ferroatlántica del Cinca, S.L.)	—	99.9	Europe – Manganese	Madrid - Spain
Ferroglobe Netherlands, B.V. (formerly GSM Netherlands, B.V.)	—	100.0	Other segments	Netherlands
Ferroglobe RAMSA Mining, S.A. (formerly Rocas, Arcillas y Minerales, S.A.)	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Ferroglobe South Africa (Pty) Ltd (formerly Silicon Smelters (Pty.), Ltd.)	—	100.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Ferroglobe Spain Metals, S.A.U. (formerly Grupo FerroAtlántica, S.A.U.)	—	100.0	Europe – Manganese and Silicon Metal	Madrid - Spain
Ferroglobe U.S.A Alloys I, Inc (formerly GSM Alloys I, Inc.)	—	100.0	North America – Silicon Metal	Delaware - U.S.A
Ferroglobe U.S.A ARLR, LLC (formerly ARL Resources, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A BG, LLC (formerly Globe BG, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Bridgeport, LLC (formerly Tennessee Alloys Company, LLC)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A ECPI, Inc. (formerly ECPI, Inc.)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A Financial, Inc. (formerly GSM Financial, Inc.)	—	100.0	Other segments	Delaware - U.S.A
Ferroglobe U.S.A GBG Financial (formerly GBG Financial LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A LF Resources, Inc (formerly LF Resources, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A LFR, IN (formerly Laurel Ford Resources, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Metallurgical, Inc. (formerly Globe Metallurgical Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Metals, LLC. (formerly Core Metals Group, LLC)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A Mining Sales, LLC (formerly Alden Sales Corporation, LLC )	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Mining Services, LLC (formerly Gatliff Services, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Mining, LLC (formerly Alden Resources, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A MPM, LLC (formerly Metallurgical Process Materials, LLC)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A Quartz, Inc. (formerly Alabama Sand and Gravel, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Sales, Inc. (formerly GSM Sales, Inc.)	—	100.0	North America – Silicon Metal	Delaware - U.S.A
Ferroglobe U.S.A, Inc (formerly Globe Specialty Metals, Inc.)	—	100.0	Other segments	Delaware - U.S.A
Ferroglobe USA Silica Fume Sales, Inc. (formerly Norchem, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Florida - U.S.A
FerroManganese Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferroquartz Holdings, Ltd. (Hong Kong)	—	100.0	Other segments	Hong Kong
FerroQuartz Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferrosolar R&D S.L.	—	50.0	Other segments	Spain
FerroTambao, S.A.R.L.	—	90.0	Other segments	Burkina Faso
GBG Holdings, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe Metals Enterprises, Inc.	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
GSM Alloys II, Inc. (formerly Ferroglobe U.S.A Alloys II, Inc.)	—	100.0	North America – Silicon Metal	Delaware - U.S.A
GSM Enterprises Holdings, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GSM Enterprises, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Kintuck (France) S.A.S.	—	100.0	Europe – Manganese	France
Kintuck A.S.	—	100.0	Europe – Manganese	Norway
Mangshi FerroAtlántica Mining Industry Service Company Limited	—	100.0	Other segments	Mangshi, Dehong -Yunnan -China
Ningxia Yonvey Coal Industrial Co., Ltd.	—	98.0	Other segments	China
Quebec Silicon General Partner	—	51.0	North America – Silicon Metal	Canada
Quebec Silicon Limited Partnership	—	51.0	North America – Silicon Metal	Canada
Rebone Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Silicon Technology (Pty.), Ltd.	—	100.0	South Africa – Silicon Metal and Alloys	South Africa
Solsil, Inc.	—	92.4	Other segments	Delaware - U.S.A
Thaba Chueu Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Ultracore Energy S.A.	—	100.0	Other segments	Argentina
West Virginia Alloys, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
WVA Manufacturing, LLC	—	51.0	North America – Silicon Metal	Delaware - U.S.A

2022 Subsidiaries


	Percentage of Ownership
	Direct	Total	Reporting Segment	Registered
Alabama Sand and Gravel, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Alden Resources, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Alden Sales Corporation, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
ARL Resources, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
ARL Services, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Core Metals Group Holdings, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Core Metals Group, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
ECPI, Inc.	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Gatliff Services, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe BG, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GBG Financial LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GBG Holdings, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe Metallurgical Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe Metals Enterprises, Inc.	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
GSM Alloys I, Inc.	—	100.0	North America – Silicon Metal	Delaware - U.S.A
GSM Alloys II, Inc.	—	100.0	North America – Silicon Metal	Delaware - U.S.A
GSM Enterprises Holdings, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GSM Enterprises, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GSM Sales, Inc.	—	100.0	North America – Silicon Metal	Delaware - U.S.A
Laurel Ford Resources, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
LF Resources, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Metallurgical Process Materials, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Norchem, Inc.	—	100.0	North America – Silicon Metal and Alloys	Florida - U.S.A
QSIP Canada ULC	—	100.0	North America – Silicon Metal	Canada
Quebec Silicon General Partner	—	51.0	North America – Silicon Metal	Canada
Quebec Silicon Limited Partnership	—	51.0	North America – Silicon Metal	Canada
Tennessee Alloys Company, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
West Virginia Alloys, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
WVA Manufacturing, LLC	—	51.0	North America – Silicon Metal	Delaware - U.S.A
Cuarzos Industriales, S.A.U.	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Ferroatlántica del Cinca, S.L.	—	99.9	Europe – Manganese	Madrid - Spain
Ferroglobe Mangan Norge A.S.	—	100.0	Europe – Manganese	Norway
Ferroglobe Manganese France S.A.S.	—	100.0	Europe – Manganese	France
FerroPem, S.A.S.	—	100.0	Europe – Silicon Metal and Alloys	France
Grupo FerroAtlántica, S.A.U.	—	100.0	Europe – Manganese and Silicon Metal	Madrid - Spain
Grupo FerroAtlántica de Servicios, S.L.U.	—	100.0	Other segments	Madrid - Spain
Kintuck (France) S.A.S.	—	100.0	Europe – Manganese	France
Kintuck A.S.	—	100.0	Europe – Manganese	Norway
Rocas, Arcillas y Minerales, S.A.	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Rebone Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Silicon Smelters (Pty.), Ltd.	—	100.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Silicon Technology (Pty.), Ltd.	—	100.0	South Africa – Silicon Metal and Alloys	South Africa
Thaba Chueu Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Cuarzos Industriales de Venezuela, S.A.	—	100.0	Other segments	Venezuela
Emix, S.A.S.	—	100.0	Other segments	France
Ferroatlántica de México, S.A. de C.V.	—	100.0	Other segments	Nueva León - Mexico
Ferroatlántica de Venezuela (FerroVen), S.A.	—	99.9	Other segments	Venezuela
Ferroatlántica Deutschland, GmbH	—	100.0	Other segments	Germany
Ferroatlántica do Brasil Mineraçao Ltda.	—	70.0	Other segments	Brazil
Ferroglobe Holding Company, LTD	100	100.0	Other segments	United Kingdom
Ferroglobe Finance Company, PLC	—	100.0	Other segments	United Kingdom
FerroManganese Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferroquartz Holdings, Ltd. (Hong Kong)	—	100.0	Other segments	Hong Kong
FerroQuartz Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferrosolar OPCO Group S.L.	—	100.0	Other segments	Spain
Ferrosolar R&D S.L.	—	50.0	Other segments	Spain
FerroTambao, S.A.R.L.	—	90.0	Other segments	Burkina Faso
Globe Metales S.R.L.	—	100.0	Other segments	Argentina
Globe Specialty Metals, Inc.	—	100.0	Other segments	Delaware - U.S.A
GSM Financial, Inc.	—	100.0	Other segments	Delaware - U.S.A
GSM Netherlands, B.V.	—	100.0	Other segments	Netherlands
Hidroelectricité de Saint Beron, S.A.S.	—	100.0	Other segments	France
Mangshi FerroAtlántica Mining Industry Service Company Limited	—	100.0	Other segments	Mangshi, Dehong -Yunnan -China
Ningxia Yonvey Coal Industrial Co., Ltd.	—	98.0	Other segments	China
Photosil Industries, S.A.S.	—	100.0	Other segments	France
Ferroglobe Innovation, S.L.U	—	100.0	Other segments	Spain
Solsil, Inc.	—	92.4	Other segments	Delaware - U.S.A
Ultracore Energy S.A.	—	100.0	Other segments	Argentina

Subsidiaries are all companies over which Ferroglobe has control.

Control is achieved when the Company:

●

has power over the investee;

●

is exposed, or has rights, to variable returns from its involvement with the investee; and

●

has the ability to use its power over the investee to affect the amount of the investor’s returns.

The Company has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

●

the total voting rights held by the Company relative to the size and dispersion of holdings of the other vote holders;

●

potential voting rights held by the Company, other vote holders or other parties;

●

rights arising from other contractual arrangements; and

●

any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time these decisions need to be made, including voting patterns at previous shareholders’ meetings.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.

The Company uses the acquisition method to account for the acquisition of subsidiaries. According to this method, the consideration transferred for the acquisition of a subsidiary corresponds to the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration transferred by the Company is recognized at fair value at the date of acquisition. Subsequent changes in the fair value of the contingent consideration classified as an asset or a liability are recognized in accordance with IFRS 9 in the consolidated income statements. The costs related to the acquisition are recognized as expenses in the years incurred. The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are initially recognized at their fair value at the date of acquisition.

Non-controlling interests in the subsidiaries’ equity and results are shown separately in the consolidated statements of financial position, consolidated income statements, consolidated statements of comprehensive income and consolidated statements of changes in equity. Additionally, the Company attributes total comprehensive income (loss) to the Parent of the Company and to the non-controlling interests even if the profit or loss of the non-controlling interests gives rise to a balance receivable.

Accounting policies of subsidiaries are consistent with the policies adopted by the Company. Should differences arise, an adjustment is performed in the consolidation process. All assets and liabilities, equity, income, expenses and cash flows relating to transactions between subsidiaries are eliminated in full in consolidation.

Other liabilities - Other Current and Non-current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other liabilities
Remuneration payable - current	$ 63,091	$ 55,791
Remuneration payable	63,091	55,791
Tax payables - current	27,960	37,628
Tax payables	27,960	37,628
Other liabilities - non-current	199	12
Other liabilities - current	10,152	11,113
Other liabilities	10,351	11,125
Total other non current liabilities	199	12
Total other current liabilities	101,203	104,563
Total	$ 101,402	$ 104,544

Financial risk management - Power risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item € / MWh GWh	Dec. 31, 2022 GWh
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total power consumption \| GWh	5,834	6,431
Total Volume \| item	130
Power Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of reasonably possible increase in risk variable	10.00%
Increase or (decrease) in energy expenditures \| $	$ 22,333
Power Purchase Agreement (PPA) \| Minimum
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fixed energy price	50
Power Purchase Agreement (PPA) \| Maximum
Disclosure of nature and extent of risks arising from financial instruments [line items]
Fixed energy price	77

Income and expenses - Impairment Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impairment losses
Impairment of intangible assets			$ (1,153)
Impairment of property, plant and equipment	$ (25,768)	$ (56,999)	1,663
Impairment of non-current financial assets	478		(373)
Impairment loss (gain)	$ (25,290)	$ (56,999)	$ 137

Leases - A rollforward of our lease obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Weighted average discount rate	7.40%
Movement In Lease Liabilities [Roll Forward]
Balance	$ (21,871)	$ (18,358)
Additions	(16,707)	(14,979)
Disposals and other	946	713
Interest	1,715	1,587
Lease Payments	11,363	11,590
Exchange differences	(403)	750
Balance	$ (28,387)	$ (21,871)

Schedule I - Notes to Appendix (Details) € in Millions		12 Months Ended
Schedule I - Notes to Appendix (Details) € in Millions	Jul. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Nov. 30, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2021	Dec. 31, 2017 USD ($)	Feb. 15, 2017 USD ($)
Senior Notes due 2022
Debt Instruments
Principal amount								$ 350,000,000	$ 350,000,000
Fixed Interest Rate							9.375%	9.375%	9.375%
Secured Reinstated Senior Notes
Debt Instruments
Fixed Interest Rate	9.375%
Exchange percentage	98.588%
Conversion Price	$ 1,000
Cash fee	$ 51,611,000
Ferroglobe PLC guarantor obligation		$ 345,000,000
Debt repurchase amount		27,390,000		$ 2,000,000
Secured Reinstated Senior Notes \| UK Issuer [member]
Debt Instruments
Debt repurchase amount		150,000,000.0
Sociedad Estatal de Participaciones Industriales loan
Debt Instruments
Principal amount					$ 38,300,000	€ 34.5
Ferroglobe PLC guarantor obligation		38,300,000	€ 34.5
NMTC Program \| Maximum
Debt Instruments
Ferroglobe PLC guarantor obligation		7,000,000
Revolving Credit Facility
Debt Instruments
Ferroglobe PLC intercompany long-term obligations		32,300,000
Loan Facility due June 2025
Debt Instruments
Ferroglobe PLC intercompany long-term obligations		$ 10,300,000

Segment reporting - Non-current assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	$ 713,049	$ 663,883
USA
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	213,663	231,565
United Kingdom
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	462	946
Europe
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	360,819	299,278
Spain
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	151,200	109,759
France
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	151,880	133,684
Other EU Countries
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	57,739	55,835
Rest of World
Disclosure of operating segments [line items]
Non-Current Assets Segment Reporting	$ 138,105	$ 132,094

Provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
Non-current provisions	$ 19,970	$ 22,124
Current provisions	122,757	145,327
Provisions	142,727	167,451	$ 157,165
Environment provision [member]
Disclosure of other provisions [line items]
Non-current provisions	174	168
Current provisions	1,909	1,396
Provisions	2,083	1,564	3,695
Provisions for litigation [member]
Disclosure of other provisions [line items]
Current provisions	7,913	23,142
Provisions	7,913	23,142	1,952
Provisions for third-party liability
Disclosure of other provisions [line items]
Non-current provisions	10,596	5,960
Provisions	10,596	5,960	8,905
Provisions for C02 emissions allowances [Member]
Disclosure of other provisions [line items]
Non-current provisions		7,956
Current provisions	90,471	94,800
Provisions	90,471	102,756	110,246
Restructuring provision [member]
Disclosure of other provisions [line items]
Current provisions	15,243	21,539
Provisions	15,243	21,539	22,350
Other provisions [member]
Disclosure of other provisions [line items]
Non-current provisions	9,200	8,040
Current provisions	7,221	4,450
Provisions	$ 16,421	$ 12,490	$ 10,017

Bank borrowings - Borrowing detail by currency - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Borrowings [abstract]
Non-Current Amount	$ 14,913	$ 15,774
Current Amount	31,635	62,059
Total	46,548	77,833
US Dollars
Borrowings [abstract]
Non-Current Amount	13,230	13,230
Current Amount		170
Total	13,230	13,400
Euros
Borrowings [abstract]
Non-Current Amount	1,683	2,544
Current Amount	31,635	61,889
Total	$ 33,318	$ 64,433

Earnings (loss) per ordinary share - Antidilutive (Details) - shares	12 Months Ended	24 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Earnings (loss) per ordinary share
Potential ordinary shares excluded from calculation of diluted (loss) earnings per share because their effect would be anti-dilutive	4,359,436	0

Other financial Liabilities (Details) € in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Feb. 28, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2016 USD ($) installment	Dec. 31, 2023 EUR (€)	Jan. 01, 2023	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2016 EUR (€) installment
Categories of financial liabilities [abstract]
Non-Current	$ 65,231				$ 65,231				$ 38,279
Current	16,052				16,052				60,382
Total	81,283				81,283				98,661
Non-current Reindus Loan	23,630				23,630
Current Reindus Loan	10,797				10,797				58,651
CurrentAndNonCurrentReindusLoan	34,427				34,427				58,651
Non-current SEPI Loan	36,147				36,147				33,657
Current SEPI Loan	1,899				1,899				1,018
Current and Non-current SEPI Loan	38,046				38,046				34,675
Miscellaneous Other Non-current Financial Liabilities	3,913				3,913				4,622
Miscellaneous Other current Financial Liabilities	1,056				1,056				713
Miscellaneous Other current and Non-current Financial Liabilities	4,969				4,969				5,335
Derivative financial instruments Non -current	1,541				1,541
Derivative financial instruments, current	2,300				2,300
Derivative financial instruments (Note 20)	3,841				3,841
Financial Loans With Governments Agencies [Abstract]
Government grant	$ 2,015				$ 2,015				$ 3,842
Sociedad Estatal de Participaciones Industriales loan
Financial Loans With Governments Agencies [Abstract]
Principal amount										$ 38,300	€ 34,500
Financial Loans With Governments Agencies
Financial Loans With Governments Agencies [Abstract]
Interest rate (as a percent)	3.75%				3.75%		3.75%
Ferroatlantica, S.A.U. \| Financial Loans With Governments Agencies
Financial Loans With Governments Agencies [Abstract]
Loans received						$ 50,223						€ 44,999
Number of loan installments \| installment						7						7
Borrowings term						10 years
Grace period at start of loan						3 years
Default interest rate (as a percent)								4.06%	3.55%
Grupo FerroAtlantica, S.A.U \| Sociedad Estatal de Participaciones Industriales loan
Financial Loans With Governments Agencies [Abstract]
Principal amount										$ 38,300
Grupo Villar Mir SAU \| Sociedad Estatal de Participaciones Industriales loan
Financial Loans With Governments Agencies [Abstract]
Percentage of ownership interest ceases to hold					35.00%
Grupo FerroAtlantica de Servicios, S.A.U \| Sociedad Estatal de Participaciones Industriales loan
Financial Loans With Governments Agencies [Abstract]
Percentage of ownership interest ceases to hold					100.00%
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan
Financial Loans With Governments Agencies [Abstract]
Amortized cost	$ 38,046				$ 38,046
Principal amount \| €											€ 34,500
Additional interest rate payable										1.00%	1.00%
Government grant										$ 4,236	€ 3,807
Intercompany net commercial balances	20,000				20,000
Debt instrument threshold amount of default on payment obligations	2,700				2,700		€ 2,500
Debt Instrument, Threshold Amount of Default on Payment Obligations on Commercial Non Financial Nature	2,700				2,700		2,500
Debt Instrument, Threshold Amount of Default on Payment Obligations with Creditors	5,500				5,500		€ 5,000
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan \| Level 2 of fair value hierarchy \| Discounted cash flow [member]
Financial Loans With Governments Agencies [Abstract]
Financial liabilities, at fair value										$ 34,149	€ 30,693
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan \| Loan with fixed interest rate
Financial Loans With Governments Agencies [Abstract]
Interest rate (as a percent)										2.00%	2.00%
Principal amount										$ 18,800	€ 16,900
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan \| Loan With Variable Interest Rate [Member]
Financial Loans With Governments Agencies [Abstract]
Principal amount										$ 19,500	€ 17,600
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan \| LIBOR \| Interest rate spread, first year
Financial Loans With Governments Agencies [Abstract]
Applicable margin (as a percent)										2.50%	2.50%
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan \| LIBOR \| Interest rate spread, second and third years
Financial Loans With Governments Agencies [Abstract]
Applicable margin (as a percent)										3.50%	3.50%
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan \| LIBOR \| Interest Rate Spread, Fourth Year [Member]
Financial Loans With Governments Agencies [Abstract]
Applicable margin (as a percent)										5.00%	5.00%
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Loan maturing in February 2025
Financial Loans With Governments Agencies [Abstract]
Principal amount										$ 19,150	€ 17,250
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Loan maturing in June 2025
Financial Loans With Governments Agencies [Abstract]
Principal amount										$ 19,150	€ 17,250
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| REINDUS Loan
Financial Loans With Governments Agencies [Abstract]
Early repayment of debt	4,000	€ 3,600	$ 17,400	€ 16,300
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| REINDUS Loan \| Level 2 of fair value hierarchy
Financial Loans With Governments Agencies [Abstract]
Financial liabilities, at fair value	$ 25,490				$ 25,490				$ 48,066
Ferroglobe Plc interest in Groupo FerroAtlantica and Grupo FerroAtlantica de Servicios [member] \| Sociedad Estatal de Participaciones Industriales loan
Financial Loans With Governments Agencies [Abstract]
Percentage of ownership interest ceases to hold					51.00%

Other liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other liabilities

Schedule of other liabilities


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Remuneration payable	—	63,091	63,091	—	55,791	55,791
Tax payables	—	27,960	27,960	—	37,628	37,628
Other liabilities	199	10,152	10,351	12	11,113	11,125
Total	199	101,203	101,402	12	104,532	104,544

Schedule of tax payables


	As of year ended December 31
	2023	2022
	US$'000	US$'000
VAT	17,384	20,905
Accrued social security taxes payable	6,444	6,195
Personal income tax withholding payable	927	896
Other	3,205	9,632
Total	27,960	37,628

Other obligations - Narratives (Details) $ in Thousands			12 Months Ended
Other obligations - Narratives (Details) $ in Thousands	Aug. 30, 2019 item	Feb. 01, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Tolling agreement liability			$ 37,863	$ 36,665
Incremental borrowing rate			9.375%
Variable Lease Payments			$ 55,574
Ferroatlantica, S.A.U.
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of hydroelectric power plants transferred. \| item	10
Percentage of interest in subsidiary sold	100.00%
Tolling Agreement with Cee-Dumbria Ferroalloys Plant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Tolling agreement liability			37,863	36,665
Kintuk
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of equity interests acquired		100.00%
Payment of contingent consideration			4,823	18,931
Accumulated payments			27,278
Contingent consideration			$ 1,732	$ 5,838
Ferroglobe Mangan Norge and Ferroglobe Manganese France
Disclosure of terms and conditions of share-based payment arrangement [line items]
Period for contingent consideration		8 years 6 months
Ferroglobe Mangan Norge and Ferroglobe Manganese France \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Contingent consideration arrangements		$ 60,000

Financial risk management - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net undiscounted cash flows
Payable to non-current asset suppliers	$ 10,127	$ 4,332
Liquidity risk
Net undiscounted cash flows
Bank borrowings	46,548	77,833
Leases	38,489	23,166
Debt instruments	188,397	455,674
Financial loans from government agencies	84,926	110,163
Payables to related parties	2,198	1,790
Payable to non-current asset suppliers	10,127	4,332
Contingent consideration	2,060	7,132
Tolling agreement liability	136,270	135,089
Trade and other payables	183,375	219,666
Contractual undiscounted payments	692,389	1,034,845
Not later than one year \| Liquidity risk
Net undiscounted cash flows
Bank borrowings	31,635	62,059
Leases	9,240	8,928
Debt instruments	19,692	32,439
Financial loans from government agencies	14,653	61,796
Payables to related parties	2,198	1,790
Payable to non-current asset suppliers	9,791	4,149
Contingent consideration	400	1,945
Tolling agreement liability	3,683	3,555
Trade and other payables	183,375	219,666
Contractual undiscounted payments	274,667	396,327
Later than one year and not later than two years \| Liquidity risk
Net undiscounted cash flows
Leases	6,413	7,349
Debt instruments	168,705	423,235
Financial loans from government agencies	51,243	4,336
Payable to non-current asset suppliers	336	183
Contingent consideration	983	3,930
Tolling agreement liability	7,366	7,110
Contractual undiscounted payments	235,045	446,143
Later than two years and not later than five years [member] \| Liquidity risk
Net undiscounted cash flows
Bank borrowings	1,683	2,544
Leases	10,897	6,888
Financial loans from government agencies	15,444	41,239
Contingent consideration	677	1,257
Tolling agreement liability	11,049	10,665
Contractual undiscounted payments	39,750	62,593
Later than five years \| Liquidity risk
Net undiscounted cash flows
Bank borrowings	13,230	13,230
Leases	11,939
Financial loans from government agencies	3,586	2,792
Tolling agreement liability	114,172	113,759
Contractual undiscounted payments	$ 142,927	$ 129,781

Financial assets and other receivables - Trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade and other current receivables [abstract]
Trade receivables, net	$ 220,330	$ 294,491
Financial assets	472,116	766,881
Tax receivables(1)	26,779	36,852
Government grant receivables	62,417	88,092
Other receivables	717	6,039
Trade and other receivables	310,243	425,474
Gross carrying amount
Trade and other current receivables [abstract]
Trade receivables, net	223,236	295,678
Accumulated impairment
Trade and other current receivables [abstract]
Trade receivables, net	(2,906)	(1,187)
Financial assets	$ (2,906)	$ (1,187)	$ (1,006)

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Bank borrowings - Borrowing detail by maturity - (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Borrowings [abstract]
Maturity of bank borrowings	$ 46,548
Not later than one year
Borrowings [abstract]
Maturity of bank borrowings	31,635
Later than two years and not later than three years
Borrowings [abstract]
Maturity of bank borrowings	1,683
Later Than Five Years And Not Later Than Six Years
Borrowings [abstract]
Maturity of bank borrowings	13,230
Receivable Factoring Facility
Borrowings [abstract]
Maturity of bank borrowings	30,683
Receivable Factoring Facility \| Not later than one year
Borrowings [abstract]
Maturity of bank borrowings	30,683
Other Loans
Borrowings [abstract]
Maturity of bank borrowings	15,865
Other Loans \| Not later than one year
Borrowings [abstract]
Maturity of bank borrowings	952
Other Loans \| Later than two years and not later than three years
Borrowings [abstract]
Maturity of bank borrowings	1,683
Other Loans \| Later Than Five Years And Not Later Than Six Years
Borrowings [abstract]
Maturity of bank borrowings	$ 13,230

Goodwill - Changes in carrying amount and impairment testing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	$ 29,702	$ 29,702
Impairment	0	0
Exchange differences	0	0
Goodwill at end of period	29,702	29,702
U.S. Silicon Metal
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	17,230	17,230
Impairment	0	0
Exchange differences	0	0
Goodwill at end of period	17,230	17,230
U.S. Silicon Based Alloys
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	12,472	12,472
Impairment	0	0
Exchange differences	0	0
Goodwill at end of period	$ 12,472	$ 12,472

Other financial Liabilities

12 Months Ended

Dec. 31, 2023

Fair value measurement

Other financial liabilities

19. Other financial liabilities

Other financial liabilities comprise the following at December 31:


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Financial loans from government agencies:
Reindus loan	23,630	10,797	34,427	—	58,651	58,651
SEPI loan	36,147	1,899	38,046	33,657	1,018	34,675
Other financial liabilities	3,913	1,056	4,969	4,622	713	5,335
Derivative financial instruments (Note 20)	1,541	2,300	3,841	—	—	—
Total	65,231	16,052	81,283	38,279	60,382	98,661

Financial loans from government agencies

Reindus Loan

In 2016, a Company subsidiary entered into a loan agreement with the Spanish Ministry of Industry, Tourism and Commerce (the “Ministry”), as lender, under which the Ministry made available to the borrower a loan in aggregate principal amount of €44,999 thousand ($50,223 thousand) in connection with industrial development projects relating to a silicon purification project. The loan is contractually due to be repaid in seven installments over a 10-year period with the first three years as a grace period. Interest on outstanding amounts under the loan accrues at an annual rate of 3.75%. Default interests were calculated at an annual rate of 3.55% until December 31, 2022 and at 4.06% starting on January 1, 2023. In 2021, the Company received a decision from the Administration under which it was agreed to extend the grace period until 2023 and the term of loan, and with completion by 2030.

The agreement governing the loan contains the following limitations on the use of the proceeds of the outstanding loan:

●

The investment of the proceeds must occur between January 1, 2016 and February 24, 2019;

●

The allocation of the proceeds must adhere to certain approved budget categories;

●

If the final investment cost is lower than the budgeted amount, the borrower must reimburse the Ministry proportionally; and

●

The borrower must comply with certain statutory restrictions regarding related party transactions and the procurement of goods and services.

In January 25, 2022, the Ministry opened a procedure to accelerate the potential reimbursement of the loan. The company presented its defense on February 15, 2022. As a result, in January 2023, a new resolution was signed by the Ministry terminating the total reimbursement procedure initiated in January 2022. Once that procedure was definitively closed, the company decided to proceed with the foreseen partial early repayment of €16.3 million ($17.4 million) in February 2023, in addition to €3.6 million ($4.0 million) paid in December 2023 per the repayment schedule.

The Reindus loan fair value as of December 31, 2023 and 2022, based on discounted cash flows at a market interest rate (Level 2), amounts to $25,490 thousand and $48,066 thousand respectively.

SEPI Loan

In March, 2022, Ferroglobe Spain Metals, S.A.U. (also “FG Spain”, formerly Grupo FerroAtlántica, S.A.U.) and Ferroglobe Corporate Services (also “FG Corporate”, formerly Grupo FerroAtlántica de Servicios) (together the “Beneficiaries”) and the Sociedad Estatal de Participaciones Industriales (“SEPI”), a Spanish state-owned industrial holding company affiliated with the Ministry of Finance and Administration, entered into a loan agreement of €34.5 million ($38.3 million). This loan is part of the SEPI fund intended to provide assistance to non-financial companies operating in strategically important sectors within Spain as a result of the COVID-19 pandemic.

The €34.5 million ($38.3 million) was funded using a dual-tranche loan, with €17.25 million ($19.15 million) maturing in February 2025 and the second €17.25 million ($19.15 million) maturing in June 2025. €16.9 million ($18.8 million) of the loan carries a fixed interest rate of 2% per annum, and interest on the remaining €17.6 million ($19.5 million) is calculated as IBOR plus a spread of 2.5% in the first year, 3.5% in the second and third years and 5.0% in the fourth year, plus an additional 1.0% payable if the Company reports a positive result before income taxes. The loans are secured by corporate joint guarantees from Ferroglobe, Ferroglobe Holding Company and Ferroglobe Finance Company and certain share pledges, bank account pledges, intercompany receivables pledges, inventory pledges and security over certain real property, and other assets from Ferroglobe Spain Metals and certain of its subsidiaries. These loans are granted at rates that are considered to be below-market rates. The company has calculated the fair value of the loans liability, based on discounted cash flows at a market interest rate (Level 2), resulting in €30,693 thousand ($34,149 thousand) as of the grant date. The difference between the fair value and the proceeds received, amounting to €3,807 thousand ($4,236 thousand), was recorded as a government grant. As of December 31, 2023, the amortized cost of the SEPI loans was $38,046 thousand.

Until the loans have been fully repaid, the Beneficiaries are subject to several restrictions, including the following prohibited payments:

●

payment of dividends;

●

payment of management fee;

●

repayment of intra-group loans;

●

payment of intercompany net commercial balances as of June 30, 2021 (denominated “legacy”), with the exception of $20.0 million of those balances (intercompany commercial balances generated after Jun-21 are permitted); and

●

payment of interest on intercompany loans corresponding to the years 2021 and 2022, respectively;

If the Company fails to make the payments to which it is obliged, FASEE shall have the option (but never the obligation) to convert all or part of the Participating Loan into share capital of FG Spain.

The loan contains a change of control clause stating that it will be considered change of control and therefore will suppose an early repayment event of the loan: with respect to FG Spain, (i) if Ferroglobe Plc ceases to hold, directly or indirectly, an interest of at least 51% of the voting share capital or, (ii) if Grupo Villar Mir, S.A.U. ceases to hold a stake of at least 35% of the voting share capital of Ferroglobe Plc, or loses the rights to which it is entitled as holder of such stake or more by virtue of the shareholders’ agreement of Ferroglobe Plc or (iii) if FG Spain ceases to be the holder, directly or indirectly, of one hundred percent (100%) shareholding in FG Corporate.

Finally, the loan contains a cross-default clause meaning that (A) if any of FG Spain or FG Corporate: (i) defaults on any payment obligation arising from Indebtedness contracted with any other entity for amounts exceeding, during a fiscal year, €2.5 million ($2.7 million) or (ii) defaults on due and payable payment obligations of a commercial (non-financial) nature assumed with third parties for an individual or cumulative amount exceeding €2.5 million ($2.7 million) unless such defaults are below the average of the customary commercial defaults that the Beneficiaries or Guarantors have had between fiscal years 2016 to 2019 or (B) if any creditor that has granted Indebtedness to FG Spain or FG Corporate for an amount equal to or greater than €5.0 million ($5.5 million), is entitled to declare it liquid, due and payable before its ordinary maturity date.

Financial risk management (Details) € in Thousands				1 Months Ended			12 Months Ended
Financial risk management (Details) € in Thousands	Jul. 31, 2023 USD ($)	Jul. 21, 2022	Jul. 30, 2021 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2022	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2016 USD ($) installment	Nov. 30, 2023 USD ($)	Jun. 30, 2023	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2017 USD ($)	Feb. 15, 2017 USD ($)	Dec. 31, 2016 EUR (€) installment
Financial risk management
Debt instruments							$ 154,780,000	$ 343,442,000
Percentage of sensitivity of currency, appreciation or depreciation							10.00%
Sensitivity depreciation or depreciation impact on on increase (decrease) the net profit before tax							$ 16,502,000	62,764,000
Bank borrowings							46,548,000	77,833,000
Restricted cash and cash equivalents							1,179,000	5,008,000	$ 2,272,000
Repayment of debt							456,506,000	919,932,000	671,467,000
Long-term power purchase commitments							434,507,000	526,841,000
Outstanding balance							$ 46,548,000	77,833,000
France
Financial risk management
Principal amount										$ 5,300,000
Notes in Restructuring [member] \| Ordinary shares [member]
Financial risk management
Proceeds from issuing shares									$ 40,000,000
ABL Revolver
Financial risk management
Term of loan						5 years
Maximum borrowing capacity						$ 100,000,000
Credit facility term						5 years
Sociedad Estatal de Participaciones Industriales loan
Financial risk management
Principal amount														$ 38,300,000	€ 34,500
Financial Loans With Governments Agencies
Financial risk management
Fixed Interest Rate							3.75%
Secured Reinstated Senior Notes [Member]
Financial risk management
Exchange percentage			98.588%
Fixed Interest Rate			9.375%
Conversion Price			$ 1,000
Debt repurchase amount							$ 27,390,000					$ 2,000,000
Accrued Interest On Senior Notes Repurchased.						$ 641,000	256,000					$ 31,000
Senior Notes due 2022
Financial risk management
Principal amount																	$ 350,000,000	$ 350,000,000
Fixed Interest Rate									9.375%								9.375%	9.375%
Senior Notes due 2022 \| Notes in Restructuring [member]
Financial risk management
Exchange percentage									98.60%
Senior Secured Notes due in 2025 [Member]
Financial risk management
Fixed Interest Rate													9.375%
Potential redemption of notes as a percentage of aggregate principal amount	102.3475%
Debt repurchase amount	$ 150,000,000.0			$ 150,000,000.0		$ 19,048,000
Accrued Interest On Senior Notes Repurchased.	$ 14,000,000.0			$ 14,000,000.0
Senior Secured Notes due in 2025 [Member] \| Notes in Restructuring [member]
Financial risk management
Fixed Interest Rate									9.375%
Conversion Price									$ 1,000
Senior Secured Notes due in 2025 [Member] \| Notes in Restructuring [member] \| Ordinary shares [member]
Financial risk management
Proceeds from issuing shares									51,611,000
Super Senior Notes due in 2025 [Member]
Financial risk management
Potential redemption of notes as a percentage of aggregate principal amount		100.00%
Debt repurchase amount							150,000,000.0
Super Senior Notes due in 2025 [Member] \| Notes in Restructuring [member]
Financial risk management
Principal amount									$ 60,000,000
Fixed Interest Rate									9.00%
Interest rate risk
Financial risk management
Debt instruments							154,780,000	343,442,000
Additional borrowing cost if 1% increase in floating interest rate							604,000	812,000
Bank borrowings							46,548,000	77,833,000
Outstanding balance							$ 46,548,000	77,833,000
Interest rate risk \| Percentage One Member [Member]
Financial risk management
Increase in floating interest rate, Percentage							1.00%
Foreign currency risk \| Secured Super Senior Notes [Member]
Financial risk management
Principal amount			60,000,000
Foreign currency risk \| Senior Notes due 2022
Financial risk management
Principal amount			$ 350,000,000
Liquidity risk
Financial risk management
Bank borrowings							$ 310,998,000
Restricted cash and cash equivalents							137,649,000	322,943,000
Current amount drawn down							61,535,000
Non-current amount drawn down							249,463,000
Outstanding balance							310,998,000
Liquidity risk \| ABL Revolver \| Bank of Montreal [member]
Financial risk management
Term of loan						5 years
Maximum borrowing capacity						$ 100,000,000
Credit facility term						5 years
Liquidity risk \| Loan with BNP Paribas \| France
Financial risk management
Principal amount										$ 5,300,000						€ 4,500
Fee										0.50%						0.50%
Liquidity risk \| Senior Notes due 2022 \| Notes in Restructuring [member]
Financial risk management
Principal amount									$ 350,000,000
Exchange percentage									98.60%
Fixed Interest Rate									9.375%
Liquidity risk \| Senior Secured Notes due in 2025 [Member] \| Notes in Restructuring [member]
Financial risk management
Principal amount									$ 1,000
Fixed Interest Rate	9.375%			9.375%					9.375%
Conversion Price									$ 1,000
Redemption price of notes at change of control					100.00%
Potential redemption of notes as a percentage of aggregate principal amount				102.34375%
Debt repurchase amount	$ 150,000,000.0			$ 150,000,000.0
Accrued Interest On Senior Notes Repurchased.	$ 14,000,000.0			$ 14,000,000.0
Liquidity risk \| Senior Secured Notes due in 2025 [Member] \| Notes in Restructuring [member] \| Ordinary shares [member]
Financial risk management
Proceeds from issuing shares									51,600,000
Liquidity risk \| Super Senior Notes due in 2025 [Member] \| Notes in Restructuring [member]
Financial risk management
Principal amount									$ 60,000,000.0
Fixed Interest Rate									9.00%
Liquidity risk \| Ministry [Member]
Financial risk management
Fixed Interest Rate											3.60%								3.60%
Loans received											$ 50,200,000								€ 44,900
Number of loan installments \| installment											7								7
Liquidity risk \| Loan with Investissement Quebec [Member] \| Canda
Financial risk management
Principal amount										$ 7,000,000.0
Repayment term										7 years
Payment deferral period										3 years
Factoring of receivables \| Liquidity risk
Financial risk management
Bank borrowings							30,683,000	56,157,000
Upfront cash consideration							431,274,000	835,388,000
Repayment of debt							454,576,000	863,192,000
Outstanding balance							$ 30,683,000	$ 56,157,000
Ferroatlantica, S.A.U. \| Financial Loans With Governments Agencies
Financial risk management
Loans received											$ 50,223,000								€ 44,999
Number of loan installments \| installment											7								7
Borrowings term											10 years
Grace period at start of loan											3 years
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Sociedad Estatal de Participaciones Industriales loan
Financial risk management
Principal amount \| €															34,500
Grupo Ferroatlntica, S.A.U. and Grupo Ferrotlantica de Servicios, S.L.U., \| Liquidity risk \| Sociedad Estatal de Participaciones Industriales loan \| Spain
Financial risk management
Principal amount														$ 38,300,000	€ 34,500

Other assets (Tables)

12 Months Ended

Dec. 31, 2023

Other assets abstract

Schedule of other non current and current assets


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Guarantees and deposits	21,530	420	21,950	17,492	293	17,785
Prepayments and accrued income	11	5,694	5,705	37	5,925	5,962
Advances to suppliers	—	11,296	11,296	—	—	—
Other assets	615	169,067	169,682	689	24,390	25,079
Total	22,156	186,477	208,633	18,218	30,608	48,826

Derivative financial instruments - Unrealized and realized gains (losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Derivative financial instruments
Cash flow hedge accounting	$ 2,245
Arising from cash flow hedges	(83)	$ 922
PPA Adelanta
Derivative financial instruments
Cash flow hedge accounting	4,582
PPA EnergyaVM
Derivative financial instruments
Cash flow hedge accounting	(2,337)
Arising from cash flow hedges	$ (83)

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories.

Schedule of Inventory


	2023	2022
	US$'000	US$'000
Finished goods	162,962	169,956
Raw materials in progress and industrial supplies	182,612	266,348
Other inventories	38,267	44,257
Advances to suppliers	—	19,519
Total	383,841	500,080

Inventories - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Write-downs (reversals of write-downs) of inventories [abstract]
Balance at beginning of period	$ (500,080)
Inventory write-down	13,687	$ 29,865
Inventory write-down finished goods	11,495	17,523	$ 1,095
Inventory write-down raw materials	2,192	12,342
Balance at end of period	(383,841)	(500,080)
Purchase Commitments And Collateral [Abstract]
Inventories pledged as collateral	$ 314,681	$ 435,347

Related party transactions and balances (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of balances with related parties


	2023
	Receivables		Payables
	Non-Current	Current	Non-Current	Current
	US$'000	US$'000	US$'000	US$'000
Inmobiliaria Espacio, S.A.	—	2,772	—	—
Enérgya VM Gestión de la Energía, S.L.	1,658	—	—	2,429
Total	1,658	2,772	—	2,429


	2022
	Receivables		Payables
	Non-Current	Current	Non-Current	Current
	US$'000	US$'000	US$'000	US$'000
Inmobiliaria Espacio, S.A.	—	2,675	—	—
Villar Mir Energía, S.L.U.	1,600	—	—	(10)
Enérgya VM Gestión de la Energía, S.L.	—	—	—	1,800
Total	1,600	2,675	—	1,790

Schedule of transactions with related parties and other related parties


	2023
	Raw materials	Other
	and energy	Operating
	consumption for production	Expenses
	US$'000	US$'000
Villar Mir Energía, S.L.U.	(18)	1
Enérgya VM Gestión de la Energía, S.L.	35,980	1,137
Other related parties	—	55
Total	35,962	1,193


	2022
	Raw materials	Other
	and energy	Operating
	consumption for production	Expenses
	US$'000	US$'000
Villar Mir Energía, S.L.U.	128,211	1,612
Espacio Information Technology, S.A.U.	—	1,008
Enérgya VM Gestión de la Energía, S.L.	4,506	646
Other related parties	—	101
Total	132,717	3,367


	2021
	Raw materials	Other
	and energy	Operating
	consumption for production	Expenses
	US$'000	US$'000
Villar Mir Energía, S.L.U.	132,566	1,365
Espacio Information Technology, S.A.U.	—	3,266
Enérgya VM Gestión de la Energía, S.L.	—	120
Aurinka	—	111
Other related parties	—	68
Total	132,566	4,930

Derivative financial instruments - Net value in the consolidated statements of financial position (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Derivative financial instruments
Derivative financial instruments Non -current	$ (1,541)
Derivative financial instruments, current	(2,300)
Derivative financial liabilities	(3,841)
Other financial liabilities
Derivative financial instruments
Derivative financial instruments Non -current	(1,541)
Derivative financial instruments, current	(2,300)
Derivative financial liabilities	(3,841)
Other financial liabilities \| PPA Adelanta
Derivative financial instruments
Derivative financial instruments, current	(1,418)
Derivative financial liabilities	(1,418)
Other financial liabilities \| PPA EnergyaVM
Derivative financial instruments
Derivative financial instruments Non -current	(1,541)
Derivative financial instruments, current	(882)
Derivative financial liabilities	(2,423)
Other financial asset.
Derivative financial instruments
Noncurrent derivative financial assets	5,722
Derivative financial assets	5,722
Other financial asset. \| PPA Adelanta
Derivative financial instruments
Noncurrent derivative financial assets	5,722
Derivative financial assets	$ 5,722

Income and expenses - Staff Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Staff costs
Wages, salaries and similar expenses	$ 220,293	$ 232,880	$ 214,374
Pension plan contributions	7,978	7,977	7,571
Employee benefit costs	77,588	73,953	58,972
Staff costs	$ 305,859	$ 314,810	$ 280,917

Tax matters - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets and liabilities
Opening Balance	$ (28,718)	$ (18,135)
Recognized in P&L	3,037	(9,418)
Recognized in OCI	733	(2,082)
Write-down of Deferred Tax Assets		604
Exchange Differences	1,126	313
Closing Balance	(23,822)	(28,718)
Intangible assets
Deferred tax assets and liabilities
Opening Balance	(13,978)	(451)
Recognized in P&L	884	(14,014)
Write-down of Deferred Tax Assets		496
Exchange Differences	(488)	(9)
Closing Balance	(13,582)	(13,978)
Other Provision
Deferred tax assets and liabilities
Opening Balance	38,011	21,672
Recognized in P&L	(442)	9,090
Recognized in OCI	1,500	(1,416)
Write-down of Deferred Tax Assets	(5,836)	9,347
Exchange Differences	869	(682)
Closing Balance	34,102	38,011
Property, plant & equipment
Deferred tax assets and liabilities
Opening Balance	(54,730)	(52,231)
Recognized in P&L	3,195	3,920
Write-down of Deferred Tax Assets	5,836	(8,089)
Exchange Differences	294	1,670
Closing Balance	(45,405)	(54,730)
Inventories.
Deferred tax assets and liabilities
Opening Balance	1,186
Recognized in P&L	232	480
Write-down of Deferred Tax Assets		708
Exchange Differences	(2)	(2)
Closing Balance	1,416	1,186
Hedging instruments
Deferred tax assets and liabilities
Recognized in OCI	(767)
Exchange Differences	200
Closing Balance	(567)
Tax losses
Deferred tax assets and liabilities
Opening Balance	3,259	6,353
Recognized in P&L	(1,528)	(5,894)
Write-down of Deferred Tax Assets		2,595
Exchange Differences		205
Closing Balance	1,731	3,259
Incentives and credits
Deferred tax assets and liabilities
Opening Balance	32	9,333
Recognized in P&L	(32)	(254)
Write-down of Deferred Tax Assets		(8,542)
Exchange Differences		(505)
Closing Balance		32
Partnership Interest
Deferred tax assets and liabilities
Opening Balance		(8,514)
Write-down of Deferred Tax Assets		8,514
Other
Deferred tax assets and liabilities
Opening Balance	(2,498)	5,703
Recognized in P&L	728	(2,746)
Recognized in OCI		(666)
Write-down of Deferred Tax Assets		(4,425)
Exchange Differences	253	(364)
Closing Balance	$ (1,517)	$ (2,498)

Financial risk management (Tables)

12 Months Ended

Dec. 31, 2023

Financial risk management

Schedule of interest bearing financial liabilities


	2023
	Fixed rate	Floating rate	Total
	U.S.$'000	U.S.$'000	U.S.$'000
Bank borrowings (Note 16)	15,865	30,683	46,548
Obligations under leases (Note 17)	—	28,387	28,387
Tolling agreement lease liability (Note 22)	37,863	—	37,863
Debt instruments (Note 18)	154,780	—	154,780
Other financial liabilities (Note 19)	57,218	20,224	77,442
	265,726	79,294	345,020


	2022
	Fixed rate	Floating rate	Total
	U.S.$'000	U.S.$'000	U.S.$'000
Bank borrowings (Note 16)	16,857	60,976	77,833
Obligations under leases (Note 17)	—	21,871	21,871
Debt instruments (Note 18)	343,442	—	343,442
Other financial liabilities (Note 19)	80,388	18,273	98,661
	440,687	101,120	541,807

Schedule of undiscounted cash flow maturities


	2023
	Less than 1 year	Between 1-2 years	Between 2-5 years	After 5 years	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings	31,635	—	1,683	13,230	46,548
Leases	9,240	6,413	10,897	11,939	38,489
Debt instruments	19,692	168,705	—	—	188,397
Financial loans from government agencies	14,653	51,243	15,444	3,586	84,926
Payables to related parties	2,198	—	—	—	2,198
Payable to non-current asset suppliers	9,791	336	—	—	10,127
Contingent consideration	400	983	677	—	2,060
Tolling agreement liability	3,683	7,366	11,049	114,172	136,270
Trade and other payables	183,375	—	—	—	183,375
	274,667	235,045	39,750	142,927	692,389


	2022
		Less than 1 year	Between 1-2 years	Between 2-5 years	After 5 years	Total
		US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings		62,059	—	2,544	13,230	77,833
Leases		8,928	7,349	6,888	—	23,166
Debt instruments		32,439	423,235	—	—	455,674
Financial loans from government agencies		61,796	4,336	41,239	2,792	110,163
Payables to related parties		1,790	—	—	—	1,790
Payable to non-current asset suppliers		4,149	183	—	—	4,332
Contingent consideration		1,945	3,930	1,257	—	7,132
Tolling agreement liability		3,555	7,110	10,665	113,759	135,089
Trade and other payables		219,666	—	—	—	219,666
		396,327	446,143	62,593	129,781	1,034,845

Schedule of changes in liabilities arising from financing activities


	January 1, 2023	Changes from financing cash flows	Effect of changes in foreign exchange rates	Interest expenses	Other changes	December 31, 2023
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings (Note 16)	77,833	(26,798)	1,716	2,568	(8,771)	46,548
Obligations under leases (Note 17)	21,871	(11,363)	403	1,715	15,761	28,387
Debt instruments(Note 18)	343,442	(209,245)	—	22,989	(2,406)	154,780
Financial loans from government agencies (Note 19)	98,661	(23,740)	2,565	4,847	(4,891)	77,442
Tolling agreement lease liability (Note 22)	36,665	(3,604)	1,318	3,484	—	37,863
Total liabilities from financing activities	578,472	(274,750)	6,002	35,603	(307)	345,020
Other amounts paid due to net financing activities		(7,397)
Net cash (used) in financing activities		(282,147)


	January 1, 2022	Changes from financing cash flows	Effect of changes in foreign exchange rates	Changes in fair values	Interest expenses	Other changes	December 31, 2022
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings (Note 16)	98,967	(24,529)	(5,991)	—	3,185	6,201	77,833
Obligations under leases (Note 17)	18,358	(11,590)	(750)	—	1,587	14,266	21,871
Debt instruments(Note 18)	440,297	(136,260)	—	190	34,404	4,811	343,442
Financial loans from government agencies (Note 19)	67,013	35,924	(5,289)	—	5,239	(4,226)	98,661
Total liabilities from financing activities	624,635	(136,455)	(12,030)	190	44,415	21,052	541,807
Other amounts paid due to net financing activities		(4,003)
Net cash (used) in financing activities		(140,458)

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill.

Goodwill

6. Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2023 and 2022, are as follows:


	January 1,	Impairment	Exchange	December 31,	Impairment	Exchange	December 31,
	2022	(Note 27.8)	differences	2022	(Note 27.8)	differences	2023
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
U.S. Silicon Metal cash generating units	17,230	—	—	17,230	—	—	17,230
U.S. Silicon Based Alloys cash generating units	12,472	—	—	12,472	—	—	12,472
Total	29,702	—	—	29,702	—	—	29,702

The Company recorded the excess of the cost of acquisition over the Company’s interest in the fair value of the identifiable assets and liabilities assumed at the date of acquisition as goodwill.

For the years ended December 31, 2023 and December 31, 2022, in connection with our annual goodwill impairment test, the Company did not recognize an impairment charge.

Ferroglobe operates in a cyclical market, and silicon and silicon-based alloy index pricing and foreign import pressure into the U.S. markets impact the future projected cash flows used in our impairment analysis. Recoverable value was estimated based on discounted cash flows. Estimates under the Company’s discounted income-based approach involve numerous variables including anticipated sales price and volumes, cost structure, discount rates and long-term growth, and therefore could impact the recoverable values in the future.

Key assumptions used in the determination of recoverable value

Goodwill is allocated to its respective cash-generating units or groups of cash-generating units and tested annually for impairment. The Company has determined that the lowest level within the Company that goodwill is monitored for internal management purposes comprises four individual US CGUs aggregated into two groups of cash-generating units for review. In accordance with the requirements of IAS 36, an impairment loss is recorded when the recoverable amount is below the carrying amount of the net assets of a cash-generating unit (including the goodwill allocated to it). A CGU’s or group of CGU’s recoverable amount is the higher of its fair value less costs of disposal and its value in use. As of the reporting year, the recoverable amount for all groups of cash-generating units to which goodwill has been allocated is determined based on value in use.

Management makes estimates, assumptions and judgements on uncertain matters. For each group of cash-generating units to which goodwill has been allocated, the value in use is determined based on economic assumptions and forecasted operating conditions as follows:


	2023		2022		2021
	U.S.		U.S.		U.S.
Discount rate	14.1	%	14.6	%	13.2	%
Long-term growth rate	2.3	%	2.0	%	2.3	%

Discount rate

The discount rate, applied to discount the related cash flows, is the weighted average cost of capital (WACC), determined by the weighted average cost of equity and cost of debt according to the finance structure determined for each group of CGUs.

This rate is calculated using the capital asset pricing model (CAPM), which considers the asset’s systemic risk, and the impact of those risks not already considered on cash flows, such as country risk, business-specific credit risk, currency risk and price risk specific to the financial asset, constantly monitoring the fluctuations of the financial markets.

The main underlying data used in these calculations are obtained from independent and renowned external information sources.

Long-term growth rate

Cash flow projections from the sixth year are calculated using an expected constant growth rate (g), considering projected CPI data collected from a variety of third party, external sources.

These assumptions have been used in the impairment test for each of the two groups of cash-generating units to which goodwill has been allocated.

Our approach in determining the recoverable amount utilizes a discounted cash flow methodology, which necessarily involves making numerous estimates and assumptions regarding, operating costs, appropriate discount rates and working capital requirements. The key assumptions used for estimating cash flow projections in the Group’s impairment testing are those relating to discount rate, revenue, and EBITDA for the subsequent five-year period (2024-2028) and perpetuity beyond this point. The average operating profit margin is 24.1% (Silicon Metal) and 32.3% (Silicon-Based Alloys) and a Compound Annual Growth Rate of 6.0% (Silicon Metal) and 11.8% (Silicon-Based Alloys).

These estimates will likely differ from future actual results of operations and cash flows, and it is possible that these differences could be material. In addition, judgements are applied in determining the level of CGU groups identified for impairment testing and the criteria used to determine which assets should be aggregated. Changes in our business activities or structure may also result in additional changes to the level of testing in future periods. Further, future events could cause the Group to conclude that impairment indicators exist and that the asset values associated with a given operation have become impaired.

Sensitivity to changes in assumptions

Changing management’s assumptions could significantly affect the evaluation of the value in use of our groups of cash-generating units and, therefore, the impairment result. As of December 31, 2023 there is a $378,206 thousand headroom between the carrying value of our U.S. groups of cash generating units including goodwill and their recoverable value.

The following changes to the assumptions used in the impairment test lead to the following changes in recoverable value:

Excess of

Sensitivity on

recoverable

discount rate

long-term growth rate

EBITDA

value over

Decrease

Increase

Decrease

Increase

Decrease

Increase

Goodwill

carrying vale

by 10%

U.S. Silicon Metal cash generating unit

17,230

87,454

57,487

(45,666)

(3,749)

3,937

(75,506)

75,506

U.S. Silicon Based Alloys cash generating unit

12,472

290,752

85,147

(68,244)

(7,283)

7,648

(102,254)

102,254

29,702

378,206

The sensitivity analysis revealed that no reasonable possible changes in any of the key assumptions would result in the carrying amount of either of the CGU groups exceeding their recoverable amount as of December 31, 2023.

Income and expenses - Sale by Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales by Geographical Area
Sales	$ 1,650,034	$ 2,597,916	$ 1,778,908
Spain
Sales by Geographical Area
Sales	169,390	282,387	251,528
Germany
Sales by Geographical Area
Sales	276,333	442,331	292,774
Other EU Countries
Sales by Geographical Area
Sales	199,789	423,002	383,578
USA
Sales by Geographical Area
Sales	670,854	966,161	515,095
Rest of World
Sales by Geographical Area
Sales	$ 333,668	$ 484,035	$ 335,933

Property, plant and equipment - Impairment, disposals and pledged as security (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets	$ 25,768	$ 56,999
Growth rate used to extrapolate cash flow projections	2.30%
Property, plant and equipment pledged as security for outstanding bank loans and other payables	$ 284,012	278,796
Minimum
Disclosure of impairment loss and reversal of impairment loss [abstract]
EBITDA Margin	3.00%
Maximum
Disclosure of impairment loss and reversal of impairment loss [abstract]
EBITDA Margin	27.00%
Puertollano silicon metal project
Disclosure of impairment loss and reversal of impairment loss [abstract]
Carrying value of facility before impairment analysis	$ 30,039
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets		5,515
Puertollano silicon metal project \| Accumulated impairment
Disclosure of impairment loss and reversal of impairment loss [abstract]
Recoverable amount of asset or cash-generating unit	$ 56,100
Polokwane facility
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets		(5,017)
Discount rate	23.10%
Cee Facility
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets	$ 3,619	20,034
Boo Facility
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets	1,570	11,559
Moi Rana Facility
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets		15,749
Monzon Facility
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets		5,915
Chateau Feuillet Facility
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment charges		5,994
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets		5,994
Selma [Member]
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets	21,008
Thaba [Member]
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets		$ (2,750)
Other [Member]
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment Loss Reversal Of Impairment Loss Recognized In Profit Or Loss Excluding Non Current Financial Assets	$ (429)

Financial assets and other receivables - Government Grants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial assets and other receivables
Income from government grants	$ 84,047	$ 72,251

Accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting policies.

Schedule of useful lives of property, plant and equipment


		Years of
		Estimated
		Useful
		Life
Buildings		25-50
Plant and machinery		8-20
Tools		12.5-15
Other fixtures and furniture		10-15
Computer hardware		4-8
Transport equipment		10-15

Schedule of lease term by right-of-use asset categories


		Years of
		Estimated
		Useful
		Life
Leased Land and Buildings		5-50
Leased Plant and Machinery		1-37

Goodwill - Key assumptions used in the determination of recoverable value (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Growth rate used to extrapolate cash flow projections	2.30%
Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Discount rate	14.10%	14.60%	13.20%
Long-term Growth Rate [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Growth rate used to extrapolate cash flow projections	2.30%	2.00%	2.30%
Silicon Metal [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Average Operating Profit Margin	24.10%
Compound Annual Growth Rate	6.00%
Silicon Based Alloys [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Average Operating Profit Margin	32.30%
Compound Annual Growth Rate	11.80%

Debt instruments (Tables)

12 Months Ended

Dec. 31, 2023

Bank borrowings

Schedule of debt instruments

Debt instruments comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Notes carried at amortized cost (financial liability)
Secured Reinstated Senior Notes	150,010	349,704
Accrued coupon interest	5,805	13,569

Notes carried at amortized cost (financial asset)
Secured Reinstated Senior Notes	995	19,048
Accrued coupon interest	40	783

Total net debt instruments	154,780	343,442

Amount due for settlement within 12 months	5,765	12,787
Amount due for settlement after 12 months	149,015	330,655
Total	154,780	343,442

Other Obligations - Roll-forward Lease Obligation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Other obligations
Balance at January 1	$ 36,665
Interest	3,484
Lease payments	(3,604)
Exchange differences	1,318
Balance at December 31	$ 37,863

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other payables.

Schedule of trade and other payables

Trade and other payables comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Payable to suppliers	182,949	219,020
Advances from customers	426	646
Total	183,375	219,666

Trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other payables.
Payable to suppliers	$ 182,949	$ 219,020
Advances From Customers	426	646
Total	$ 183,375	$ 219,666

Tax matters - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 37,250	$ 44,644
Deferred tax liabilities	(61,072)	(73,362)
Offset between deferred tax assets	28,490	37,508
Offset between deferred tax liabilities	28,490	37,508
Total deferred tax assets due to temporary differences recognized in the statement of financial position	8,760	7,136
Total deferred tax liabilities due to temporary differences recognized in the statement of financial position	(32,582)	(35,854)
Total	$ 753,318	802,267
Number of years open to review	4 years
Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	$ 264,213	258,318
USA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	235,296	281,042
United Kingdom
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	188,587	147,637
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	65,221	115,270
Unused tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	636,577	587,495
Unused tax losses \| Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	201,476	183,225
Unused tax losses \| USA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	235,296	252,848
Unused tax losses \| United Kingdom
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	143,750	102,800
Unused tax losses \| Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	56,055	48,622
Unused tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total		6,761
Unused tax credits \| USA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total		6,761
Unrecognized deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	116,741	208,011
Unrecognized deductible temporary differences \| Spain
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	62,737	75,093
Unrecognized deductible temporary differences \| USA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total		21,433
Unrecognized deductible temporary differences \| United Kingdom
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	44,837	44,837
Unrecognized deductible temporary differences \| Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total	$ 9,166	$ 66,648

Bank borrowings - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Borrowings [abstract]
Non-Current Amount	$ 14,913	$ 15,774
Current Amount	31,635	62,059
Total	46,548	77,833
Credit facilities
Borrowings [abstract]
Limit	100,000	100,000
Receivable Factoring Facility
Borrowings [abstract]
Limit	66,300	95,994
Current Amount	30,683	60,976
Total	30,683	60,976
Other Loans
Borrowings [abstract]
Non-Current Amount	14,913	15,774
Current Amount	952	1,083
Total	$ 15,865	$ 16,857

Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative financial instruments

Schedule of net value of the power purchase agreements in consolidated statements of financial position

The net value of the power purchase agreements as of December 31, 2023 is presented in the consolidated statements of financial position as follows:

Other financial
assets (Note 9)

Other financial
liabilities (Note 19)

Non-

Current

Total

Current

Total

Derivative financial instruments:

PPA Adelanta

5,722

—

5,722

—

(1,418)

PPA EnergyaVM

—

(1,541)

(882)

(2,423)

Total

5,722

—

5,722

(1,541)

(2,300)

(3,841)

Schedule of unrealized and realized gains (losses) related to the derivative instruments


	Unrealized gain (loss) recognized in Other comprehensive loss	Realized gain (loss) reclassed from Other comprehensive loss to profit and loss
Derivative financial instruments:
PPA Adelanta	4,582	—
PPA EnergyaVM	(2,337)	83
Total	2,245	83

Schedule of purchase commitments.


	2023
	Less than 1 year	Between 1-2 years	Between 2-5 years	After 5 years	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
PPA Adelanta	54,857	92,913	361,000	557,056	1,065,826
PPA Energya VM	30,750	30,000	45,000		105,750

Equity - Non-controlling interests financial information (Details)		12 Months Ended
	Nov. 05, 2009 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Non-current assets			$ 721,809,000	$ 671,019,000
Current assets			1,036,961,000	1,286,821,000
Non-current liabilities			394,882,000	522,530,000
Current liabilities			494,002,000	678,497,000
CONSOLIDATED INCOME STATEMENTS
Sales			1,650,034,000	2,597,916,000	$ 1,778,908,000
Operating profit			196,940,000	660,547,000	31,386,000
Profit before taxes			156,018,000	591,811,000	(119,936,000)
Total Profit (Loss) for the year			98,478,000	443,828,000	(115,374,000)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities			178,372,000	405,018,000	(1,341,000)
Cash flows from investing activities			(81,806,000)	(51,774,000)	(23,848,000)
Cash flows from financing activities			(282,147,000)	(140,458,000)	10,452,000
Exchange differences on cash and cash equivalents in foreign currencies			287,000	(6,506,000)	(157,000)
Beginning balance of cash and cash equivalents			317,935,000	114,391,000
Ending balance of cash and cash equivalents			136,470,000	317,935,000	114,391,000
Non-controlling interests			$ 121,825,000	106,751,000
Quebec Silicon General Partner
CONSOLIDATED STATEMENTS OF CASH FLOWS
Additional cost per operating agreement		$ 250
Proportion of ownership interest in subsidiary		51.00%	51.00%
WVA Manufacturing, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
Additional cost per operating agreement	$ 100
WVA Manufacturing, LLC \| Globe Specialty Metals Inc
CONSOLIDATED STATEMENTS OF CASH FLOWS
Non-controlling interests			$ 68,020,000	62,630,000
Production output sold (as a percentage)	51.00%
WVA Manufacturing, LLC \| Globe Specialty Metals Inc \| Noncontrolling interests
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Non-current assets			87,698,000	78,992,000	83,176,000
Current assets			71,329,000	86,847,000	73,883,000
Non-current liabilities			6,660,000	7,108,000	8,654,000
Current liabilities			26,770,000	53,680,000	43,577,000
CONSOLIDATED INCOME STATEMENTS
Sales			211,118,000	187,854,000	165,660,000
Operating profit			13,513,000	8,306,000	(4,871,000)
Profit before taxes			13,513,000	8,155,000	(5,062,000)
Total Profit (Loss) for the year			5,466,000	3,075,000	(3,362,000)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities			18,712,000	(5,934,000)	11,981,000
Cash flows from investing activities			(13,107,000)	(8,304,000)	(3,893,000)
Beginning balance of cash and cash equivalents			21,122,000	35,360,000	27,272,000
Ending balance of cash and cash equivalents			26,727,000	21,122,000	35,360,000
WVA Manufacturing, LLC \| Dow Corning Corporation [Member]
CONSOLIDATED STATEMENTS OF CASH FLOWS
Production output sold (as a percentage)	49.00%
WVA Manufacturing, LLC \| Dow Corning Corporation [Member] \| Globe Specialty Metals Inc
CONSOLIDATED STATEMENTS OF CASH FLOWS
Membership interest sold (as a percentage)	49.00%
Quebec Silicon Limited Partnership [Member] \| Globe Specialty Metals Inc
CONSOLIDATED STATEMENTS OF CASH FLOWS
Non-controlling interests			$ 50,786,000	39,023,000
Production output sold (as a percentage)		51.00%	51.00%
Quebec Silicon Limited Partnership [Member] \| Globe Specialty Metals Inc \| Noncontrolling interests
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Non-current assets			$ 39,543,000	64,291,000	63,088,000
Current assets			68,073,000	53,830,000	46,186,000
Non-current liabilities			11,908,000	18,719,000	19,005,000
Current liabilities			26,378,000	21,201,000	14,671,000
CONSOLIDATED INCOME STATEMENTS
Sales			148,313,000	102,865,000	89,446,000
Operating profit			22,151,000	2,897,000	2,093,000
Profit before taxes			21,561,000	2,195,000	1,237,000
Total Profit (Loss) for the year			10,679,000	1,015,000	613,000
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities			31,000,000	(10,037,000)	8,997,000
Cash flows from investing activities			(6,725,000)	(1,525,000)	(4,956,000)
Cash flows from financing activities				905,000
Exchange differences on cash and cash equivalents in foreign currencies				10,000	31,000
Beginning balance of cash and cash equivalents			5,949,000	16,596,000	12,524,000
Ending balance of cash and cash equivalents			$ 30,224,000	$ 5,949,000	$ 16,596,000
Quebec Silicon Limited Partnership [Member] \| Dow Corning Corporation [Member]
CONSOLIDATED STATEMENTS OF CASH FLOWS
Production output sold (as a percentage)		49.00%	49.00%

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill.

Schedule of changes in the carrying amount of goodwill


	January 1,	Impairment	Exchange	December 31,	Impairment	Exchange	December 31,
	2022	(Note 27.8)	differences	2022	(Note 27.8)	differences	2023
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
U.S. Silicon Metal cash generating units	17,230	—	—	17,230	—	—	17,230
U.S. Silicon Based Alloys cash generating units	12,472	—	—	12,472	—	—	12,472
Total	29,702	—	—	29,702	—	—	29,702

Schedule of key assumptions used in the determination of recoverable value


	2023		2022		2021
	U.S.		U.S.		U.S.
Discount rate	14.1	%	14.6	%	13.2	%
Long-term growth rate	2.3	%	2.0	%	2.3	%

Schedule of sensitivity to changes in assumptions affecting impairment

Excess of

Sensitivity on

recoverable

discount rate

long-term growth rate

EBITDA

value over

Decrease

Increase

Decrease

Increase

Decrease

Increase

Goodwill

carrying vale

by 10%

U.S. Silicon Metal cash generating unit

17,230

87,454

57,487

(45,666)

(3,749)

3,937

(75,506)

75,506

U.S. Silicon Based Alloys cash generating unit

12,472

290,752

85,147

(68,244)

(7,283)

7,648

(102,254)

102,254

29,702

378,206

Related party transactions and balances

12 Months Ended

Dec. 31, 2023

Related party transactions and balances

25. Related party transactions and balances

Balances with related parties at December 31 are as follows:


	2023
	Receivables		Payables
	Non-Current	Current	Non-Current	Current
	US$'000	US$'000	US$'000	US$'000
Inmobiliaria Espacio, S.A.	—	2,772	—	—
Enérgya VM Gestión de la Energía, S.L.	1,658	—	—	2,429
Total	1,658	2,772	—	2,429


	2022
	Receivables		Payables
	Non-Current	Current	Non-Current	Current
	US$'000	US$'000	US$'000	US$'000
Inmobiliaria Espacio, S.A.	—	2,675	—	—
Villar Mir Energía, S.L.U.	1,600	—	—	(10)
Enérgya VM Gestión de la Energía, S.L.	—	—	—	1,800
Total	1,600	2,675	—	1,790

The loan granted to Inmobiliaria Espacio, S.A. accrues a market interest (EURIBOR three-month rate plus 2.75%) and has a maturity in the short-term that is renewed tacitly upon maturity. Unless the parties agree to the repayment, the loan is extended automatically for one year.

The balances with the other related parties arose as a result of the commercial transactions performed with them (see explanation of main transactions below).

Transactions with related parties for the years ended December 31 2023, 2022 and 2021 are as follows:


	2023
	Raw materials	Other
	and energy	Operating
	consumption for production	Expenses
	US$'000	US$'000
Villar Mir Energía, S.L.U.	(18)	1
Enérgya VM Gestión de la Energía, S.L.	35,980	1,137
Other related parties	—	55
Total	35,962	1,193


	2022
	Raw materials	Other
	and energy	Operating
	consumption for production	Expenses
	US$'000	US$'000
Villar Mir Energía, S.L.U.	128,211	1,612
Espacio Information Technology, S.A.U.	—	1,008
Enérgya VM Gestión de la Energía, S.L.	4,506	646
Other related parties	—	101
Total	132,717	3,367


	2021
	Raw materials	Other
	and energy	Operating
	consumption for production	Expenses
	US$'000	US$'000
Villar Mir Energía, S.L.U.	132,566	1,365
Espacio Information Technology, S.A.U.	—	3,266
Enérgya VM Gestión de la Energía, S.L.	—	120
Aurinka	—	111
Other related parties	—	68
Total	132,566	4,930

“Raw Materials and energy consumption for production” of the related parties from Energya VM Gestión de Energía, SLU (“Energya VM”) relates to the purchase of energy from the latter by the Company’s Europe – Manganese Alloys and Europe – Silicon Metals & Silicon Alloys segment. The agreement was assigned from Villar Mir Energía SLU to Energya VM on October 15, 2022. The Company pays Energya VM a service charge in addition to paying for the cost of energy purchase from the market. The contracts allow for the purchase of energy from the grid at market conditions without incurring costs normally associated with operating in the complex wholesale power market, as well as to apply for fixed price arrangements in advance from Energya VM, based on the energy markets for the power, period and profile applied for. The contracts have a term of one year, which can be extended by the mutual consent of the parties to the contract. In January 2021, the contracts were renewed for two years with the possibility to extend it for additional one-year periods unless terminated with thirty days’ notice.

In December 2022, Ferroglobe Spain Metals and Energya VM entered into a Power Purchase Agreement (PPA). Under this PPA, VM Energía would supply to Sabón plant 65 GW on a pay as produced basis during 10 years from the commencement of operation of the Plants. This PPA would cover 10% of the total power consumption of the Sabón plant. The agreement was cancelled in February 2023.

In October 2023, the Company entered into an additional Purchase Price Agreement with Energya VM, effective on November 1, 2023 until June 30, 2027. Energy will be supplied at a fixed price of 77 EUR/MWh on a pay as produced basis (See Note 20).

“Other operating expenses” corresponds to the payment to Energya VM that provides the energy needs of the mining facilities operated by Ferroglobe RAMSA Mining and Ferroglobe Cuarzos Industriales mining in the wholesale power market.

Additionally, in 2022, they also corresponded to the payment to Espacio Information Technology, S.A. (“Espacio I.T.”), who provided information technology and data processing services to Ferroglobe PLC and certain of its direct and indirect subsidiaries pursuant to several contracts. In April 2022, Grupo VM sold its interest in Espacio I.T. so those transactions do not involve a Grupo VM subsidiary and therefore from that date forward should no longer be considered as related party transactions.

Property, plant and equipment - Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of joint ventures [abstract]
Capital expenditure commitments	$ 16,019	$ 16,607

Remuneration of key management personnel (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee
Disclosure of transactions between related parties [line items]
Fixed remuneration	$ 5,894	$ 5,404	$ 5,244
Variable remuneration	4,492	5,199	1,209
Contributions to pension plans and insurance policies	299	315	373
Share-based compensation	7,402	5,937	3,627
Termination benefits	262	316	119
Other remuneration	18	16	17
Total	$ 18,367	$ 17,187	$ 10,589
Key management personnel
Disclosure of transactions between related parties [line items]
Number of key management personnel \| employee	14	14	12
Loans and advances granted	$ 0	$ 0	$ 0

Intangible assets

12 Months Ended

Dec. 31, 2023

Intangible assets.

Intangible assets

7. Intangible assets

Changes in the carrying amount of intangible assets during the years ended December 31 are as follows:


					Greenhouse	Other	Accumulated
	Development	Power Supply		Computer	gasses	Intangible	Amortization	Impairment
	Expenditure	Agreements	Rights of Use	Software	(CO2)	Assets	(Note 27.6)	(Note 27.8)	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance at January 1, 2022	51,698	37,836	13,369	5,090	97,596	8,120	(96,140)	(16,927)	100,642
Additions	910	—	23	522	112,775	384	(725)	—	113,889
Disposals	—	—	—	(20)	(96,869)	—	20	—	(96,869)
Exchange differences	(2,914)	—	(153)	(62)	(5,732)	(370)	2,536	830	(5,865)
Balance at December 31, 2022	49,694	37,836	13,239	5,530	107,770	8,134	(94,309)	(16,097)	111,797
Additions	1,210	—	—	3,273	113,101	—	(663)	—	116,921
Disposals	—	—	—	—	(96,451)	—	82	—	(96,369)
Transfers from/(to) other accounts	825	—	—	1,489		(396)	(26)	261	2,153
Exchange differences	1,861	—	90	104	3,756	(358)	(1,170)	(440)	3,843
Balance at December 31, 2023	53,590	37,836	13,329	10,396	128,176	7,380	(96,086)	(16,276)	138,345

Development expenditures: For the year ended, the Company invested $1,210 thousand in Research and Development (R&D) projects. As of December 31, 2023 the total development expenditures of $53,590 thousand have accumulated amortization of $36,185 thousand and accumulated impairment of $13,990 thousand.

Power supply agreement: In 2015, the Company acquired a power supply agreement which provides favorable below-market power rates to the Alloy, West Virginia facility. The agreement terminates in 2025 but as of December 31, 2023 it is fully amortized.

Rights of use relate to mining concessions and as of December 31, 2023 are fully amortized.

Computer software: For the year ended December 31, 2023, the Company invested $3,273 thousand in the development of new IT systems and cybersecurity.

Greenhouse gas rights: As of December 31, 2023 and 2022, this class of intangible assets primarily relates to the acquisition, use and expiration of rights held to emit greenhouse gasses by certain Spanish, French, Norwegian and Canadian subsidiaries (see Note 4.21). For the year ended December 31, 2023, the Company did not purchase or sell rights to emit greenhouse gasses (2022: $25,035 thousand of purchases).

As of December 31, 2023 and 2022, the Company has certain intangible assets related to rights held to emit greenhouse gasses pledged as collateral for debt instruments (see Note 18).

Fair value measurement - Estimate of fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other financial asset
Other financial assets	$ 19,794	$ 14,189
Other financial liabilities
Derivative financial liabilities - PPA	(3,841)
Equity securities \| At fair value
Other financial asset
Other financial assets	1,080	936
Equity securities \| Level 1 of fair value hierarchy \| At fair value
Other financial asset
Other financial assets	1,080	936
Purchase Price Agreements \| At fair value
Other financial liabilities
Derivative financial assets - PPA	7,413
Derivative financial liabilities - PPA	(699)
Purchase Price Agreements \| Level 2 of fair value hierarchy \| At fair value
Other financial liabilities
Derivative financial assets - PPA	7,413
Derivative financial liabilities - PPA	(699)
Contingent consideration in a business combination [member] \| At fair value
Other liabilities
Contingent consideration in a business combination	(1,732)	(5,838)
Contingent consideration in a business combination [member] \| Level 3 of fair value hierarchy \| At fair value
Other liabilities
Contingent consideration in a business combination	$ (1,732)	$ (5,838)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Share Capital	Reserves	Share Premium	Translation Difference	Valuation Adjustments	Result for the Year	Noncontrolling interests	Total
Shares outstanding at beginning of period at Dec. 31, 2020	170,864
Equity at beginning of period at Dec. 31, 2020	$ 1,784	$ 696,774		$ (206,759)	$ 5,755	$ (246,339)	$ 114,504	$ 365,719
Comprehensive (loss) income				(20,559)	(230)	(110,624)	(2,571)	(133,984)
Issue of share capital	178		$ 86,220					86,398
Share-based compensation		3,627						3,627
Distribution of profit (loss)		(246,339)				246,339
Other changes		4,151						4,151
Equity at end of period at Dec. 31, 2021	$ 1,962	458,213	86,220	(227,318)	5,525	(110,624)	106,053	320,031
Shares outstanding at end of period at Dec. 31, 2021	188,883
Shares issued (in shares)	18,019
Comprehensive (loss) income				(15,305)	5,210	440,314	4,128	434,347
Share-based compensation		5,825						5,825
Distribution of profit (loss)		(110,624)				110,624
Other changes		40						40
Dividends recognised as distributions to non-controlling interests							3,430	3,430
Equity at end of period at Dec. 31, 2022	$ 1,962	353,454	86,220	(242,623)	10,735	440,314	106,751	756,813
Shares outstanding at end of period at Dec. 31, 2022	188,883
Comprehensive (loss) income				10,824	(2,381)	82,662	16,544	107,649
Share-based compensation		7,244						7,244
Distribution of profit (loss)		440,314				(440,314)
Other changes		(350)						(350)
Dividends recognised as distributions to non-controlling interests							1,470	1,470
Equity at end of period at Dec. 31, 2023	$ 1,962	$ 800,662	$ 86,220	$ (231,799)	$ 8,354	$ 82,662	$ 121,825	$ 869,886
Shares outstanding at end of period at Dec. 31, 2023	188,883

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Deferred income - General information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income.
Carbon Dioxide Emissions Allowances	$ 24,965
Government grant	2,015	$ 3,842
Total	$ 26,980	$ 3,842

Other assets - Non-current and current assets (Details)	3 Months Ended	12 Months Ended
Other assets - Non-current and current assets (Details)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) employee
Other assets
Guarantees and deposits given - Non-Current		$ 21,530,000	$ 17,492,000
Guarantees and deposits given - Current		420,000	293,000
Guarantees and deposits given - Total		21,950,000	17,785,000
Prepayments and accrued income - Non-Current		11,000	37,000
Prepayments and accrued income - Current		5,694,000	5,925,000
Prepayments and accrued income - Total		5,705,000	5,962,000
Advances To Suppliers Current		11,296,000
Advances To Suppliers Total		11,296,000
Other assets - Non-Current		615,000	689,000
Other assets - Current		169,067,000	24,390,000
Other assets - Total		169,682,000	25,079,000
Non-Current		22,156,000	18,218,000
Current		186,477,000	30,608,000
Total		208,633,000	48,826,000
Provisions		122,757,000	145,327,000
Proceeds From Nuclear Energy Program	$ 164,259
Increase In Other Assets		164,259
Provisions for litigation [member]
Other assets
Provisions		$ 7,913,000	$ 23,142,000
Provisions for litigation [member] \| Ferroglobe USA Metallurgical, Inc.
Other assets
Number of employees impacted \| employee			2
Provisions			$ 18,000,000

Other financial liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Fair value measurement

Schedule of other financial liabilities


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Financial loans from government agencies:
Reindus loan	23,630	10,797	34,427	—	58,651	58,651
SEPI loan	36,147	1,899	38,046	33,657	1,018	34,675
Other financial liabilities	3,913	1,056	4,969	4,622	713	5,335
Derivative financial instruments (Note 20)	1,541	2,300	3,841	—	—	—
Total	65,231	16,052	81,283	38,279	60,382	98,661

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment.

Property, plant and equipment

8. Property, plant and equipment

Property, plant and equipment, net of the related accumulated depreciation and impairment, as of December 31, 2023 and 2022 is as follows:



				Property, Plant		Other Items of	Other Items	Other Items
			Other Fixtures,	and Equipment		Property,	of Leased	of Leased	Accumulated
	Land and	Plant and	Tools and	in the Course of	Mineral	Plant and	Land and	Plant and	Depreciation	Impairment
	Buildings	Machinery	Furniture	Construction	Reserves	Equipment	Buildings	machinery	(Note 27.6)	(Note 27.8)	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance at January 1, 2022	197,214	1,202,624	7,479	113,962	59,019	33,589	17,156	27,762	(962,078)	(141,811)	554,914
Additions	3,170	15,329	2,883	59,532		131	4,714	4,624	(80,834)	(56,999)	(47,450)
Disposals and other	—	(18,544)	(122)	(595)	—	—	—	—	17,685	(90)	(1,666)
Transfers from/(to) other accounts	505	28,295	(349)	(33,485)	—	1,212	—	—	3,822	—	—
Exchange differences	(7,291)	(48,278)	(731)	(6,021)	(215)	(725)	(625)	(1,028)	42,157	4,273	(18,484)
Transfer to assets and disposal groups classified as held for sale	(18,108)	(56,571)	(470)	(320)	—	—	—	—	56,297	18,105	(1,067)
Balance at December 31, 2022	175,490	1,122,855	8,690	133,073	58,804	34,207	21,245	31,358	(922,951)	(176,522)	486,247
Additions	2,886	11,263	118	81,457	8,550	—	4,660	9,623	(72,869)	(25,768)	19,920
Disposals and other	(1,743)	(19,621)	(1,051)	(128)	—	—	(470)	(766)	12,970	4,969	(5,840)
Transfers from/(to) other accounts	1,289	69,560	(376)	(73,312)	—	61	2	767	—	(144)	(2,153)
Exchange differences	3,115	13,405	(176)	4,116	(263)	(562)	634	332	(14,276)	(3,103)	3,222
Balance at December 31, 2023	181,037	1,197,462	7,205	145,206	67,091	33,706	26,071	41,314	(997,126)	(200,568)	501,396

For the years ended December 31, 2023 and 2022, the Company invested $118,642 thousand and $90,383 thousand in its property, plant equipment. This was predominantly led by investments as follows:

Property, plant and equipment in the course of construction: For the years ended December 31, 2023 and 2022, the Company invested $81,457 thousand and $59,532 thousand in capital expenditure focused on productivity and efficiency improvements.

Other additions: The Company acquired a high purity quartz mine in October 2023. Of the $11,000 thousand purchase price, the Company allocated $2,700 thousand to land and buildings and $8,550 thousand to the mineral reserves acquisition. The Company determined that the acquisition of the high purity quartz mine did not qualify as a business combination in accordance with IFRS 3 and therefore was accounted for as an asset acquisition.

Impairment considerations:

The Company defines its CGUs for impairment testing of its property, plant and equipment to be at the individual plant or mine level. The Company deems this level to be the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflow from other assets or groups of assets. As of December 31, 2023, all cash-generating units were assessed for indicators of potential impairment.

As of December 31, 2023, we identified indicators of potential impairment in our Puertollano, Sabon, Boo, Selma and Polokwane CGUs.

The recoverable amount for the Puertollano CGU with a carrying value of $30,039 thousand was determined based on the estimated fair value less cost of disposal of real estate based on recent comparable transactions and industrial products based on the replacement cost method considering their current state. If the fair value were to fall by 10%, there would still remain sufficient headroom in the CGU. No reasonably possible changes in individual assumptions used in the valuation would result in a material impairment during the next financial year. However, it is reasonably possible that, in aggregate with the Polokwane CGU as discussed below, different outcomes within the next financial year could result in a material decrease in the aggregate carrying amount of the CGUs.

The recoverable amounts for the Sabon, Boo, Selma and Polokwane CGUs were determined based on their respective values in use. As of December 31, 2023, the Company’s Sabon and Boo CGU recoverable values were not sensitive to

changes in the underlying assumptions. The Company’s Selma plant has been idled for the foreseeable future and thus the carrying value of its associated assets has been fully impaired based on a negative estimated recoverable amount. For the Polokwane CGU, the significant assumptions used to estimate its value in use were as follows: (i) pre-tax discount rate of 23.1%; (ii) EBITDA margin (EBITDA divided by sales) throughout the forecast and long-term growth periods of between 3% and 27%; and (iii) long-term growth rate of 2.3%.

Sensitivity to changes in assumptions

Changing management’s assumptions could affect the evaluation of the value in use of our Polokwane cash-generating unit and, therefore, the impairment result. As of December 31, 2023 there is $9,213 thousand in headroom between the carrying value of our Polokwane cash generating unit and its recoverable value.

The following reasonably possible changes to the assumptions used in the impairment test lead to the following changes in recoverable value, noting that sensitivities in EBITDA could indicate a reduction in carrying value. All other sensitivities retain sufficient headroom:

Excess of

Sensitivity on

recoverable

discount rate

long-term growth rate

EBITDA

Carrying

value over

Decrease

Increase

Decrease

Increase

Decrease

Increase

Value

carrying vale

by 10%

Polokwane

13,582

9,213

8,955

(7,135)

822

(850)

(15,022)

15,022

The Company’s approach to the determination of its discount and long-term growth rates are discussed in Note 7. For EBITDA margin, the Company determines its projected sales and cost of sales through a combination of analysis of prior year actuals and budgeted pricing and volumes. Where applicable, the Company relies on third party sources to derive key inputs. Internally, the Company reviews contracted amounts as well as forecasts. Finally, corporate overheads are allocated using an internal key based on projected volumes.

The below table details the Company’s impairment write downs/(reversals) as of December 31, 2023 and 2022, respectively:


	2023	2022
	US$'000	US$'000
Puertollano	—	5,515
Boo	1,570	11,559
Monzon	—	5,915
Selma	21,008	—
Moi Rana	—	15,749
Polokwane	—	(5,017)
Thaba	—	(2,750)
Chateau Feuillet	—	5,994
Cee-Dumbria	3,619	20,034
Others	(429)	—
Total	25,768	56,999

As of December 31, 2023, the accumulated impairment balance primarily relates to full impairments recorded in our Venezuela, Cee-Dumbria, Selma, Moi Rana, Monzon and Boo cash-generating units, as well as approximately $56.1 million recorded in recent years for the Puertollano CGU.

As of December 31, 2022, assets related to Chateau Feuillet facility in France were transferred to asset held for sale. The assets were measured at the lower of carrying amount and fair value less costs to sell, and were presented separately as an asset held for sale in the current position of the financial statements. As fair value was lower than the carrying amount, the company recognized an impairment of $5,994 thousand.

As of December 31, 2023 and 2022, the Company has property, plant and equipment ($284,012 thousand in 2023 and $278,796 thousand in 2022) pledged as security for debt instruments in Canada, France, Norway, Spain and U.S.A (see Note 18).

Commitments

As of December 31, 2023 and 2022, the Company has capital expenditure commitments totaling $16,019 thousand and $16,607 thousand, respectively, primarily related to improvement works at plants.

Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	$ 111,797	$ 100,642
Additions	116,921	113,889
Disposals	(96,369)	(96,869)
Transfers from/(to) other accounts	2,153
Exchange differences	3,843	(5,865)
Other intangible assets at end of the year	138,345	111,797	$ 100,642
Impairment charge related to intangible assets			1,153
Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at end of the year	53,590
Accumulated Amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	(94,309)	(96,140)
Additions	(663)	(725)
Disposals	82	20
Transfers from/(to) other accounts	(26)
Exchange differences	(1,170)	2,536
Other intangible assets at end of the year	(96,086)	(94,309)	(96,140)
Impairment
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	(16,097)	(16,927)
Transfers from/(to) other accounts	261
Exchange differences	(440)	830
Other intangible assets at end of the year	(16,276)	(16,097)	(16,927)
Development Expenditure \| Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	49,694	51,698
Additions	1,210	910
Transfers from/(to) other accounts	825
Exchange differences	1,861	(2,914)
Other intangible assets at end of the year	53,590	49,694	51,698
Development Expenditure \| Accumulated Amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at end of the year	(36,185)
Development Expenditure \| Impairment
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at end of the year	(13,990)
Power Supply Agreements \| Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	37,836	37,836
Other intangible assets at end of the year	37,836	37,836	37,836
Rights of Use \| Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	13,239	13,369
Additions		23
Exchange differences	90	(153)
Other intangible assets at end of the year	13,329	13,239	13,369
Computer Software \| Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	5,530	5,090
Additions	3,273	522
Disposals		(20)
Transfers from/(to) other accounts	1,489
Exchange differences	104	(62)
Other intangible assets at end of the year	10,396	5,530	5,090
Greenhouse Gasses (CO2) [member]
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	107,770	97,596
Additions	113,101	112,775
Disposals		(96,869)
Disposal Intangible Assets before accumulated amortization	(96,451)
Exchange differences	3,756	(5,732)
Other intangible assets at end of the year	128,176	107,770	97,596
Greenhouse Gasses Purchase Rights		25,035
Other Intangible Assets \| Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Other intangible assets at beginning of the year	8,134	8,120
Additions		384
Transfers from/(to) other accounts	(396)
Exchange differences	(358)	(370)
Other intangible assets at end of the year	$ 7,380	$ 8,134	$ 8,120

Property, plant and equipment - Detail net of accumulated depreciation and impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	$ 486,247	$ 554,914
Additions	19,920	47,450
Disposals and other	(5,840)	(1,666)
Transfers from/(to) other accounts	(2,153)
Exchange differences	3,222	(18,484)
Transfer to assets and disposal groups classified as held for sale		(1,067)
Property, plant and equipment at end of the year	501,396	486,247
High Purity Quartz Purchase Price Allocated To Land And Buildings	2,700
Total High Purity Quartz Purchase Price	11,000
Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Additions	118,642	90,383
Gross carrying amount \| Land and Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	175,490	197,214
Additions	2,886	3,170
Disposals and other	(1,743)
Transfers from/(to) other accounts	1,289	505
Exchange differences	3,115	(7,291)
Transfer to assets and disposal groups classified as held for sale		(18,108)
Property, plant and equipment at end of the year	181,037	175,490
Gross carrying amount \| Plant and Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	1,122,855	1,202,624
Additions	11,263	15,329
Disposals and other	(19,621)	(18,544)
Transfers from/(to) other accounts	69,560	28,295
Exchange differences	13,405	(48,278)
Transfer to assets and disposal groups classified as held for sale		(56,571)
Property, plant and equipment at end of the year	1,197,462	1,122,855
Gross carrying amount \| Other Fixtures, Tools and Furniture
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	8,690	7,479
Additions	118	2,883
Disposals and other	(1,051)	(122)
Transfers from/(to) other accounts	(376)	(349)
Exchange differences	(176)	(731)
Transfer to assets and disposal groups classified as held for sale		(470)
Property, plant and equipment at end of the year	7,205	8,690
Gross carrying amount \| Property, Plant and Equipment in the Course of Construction
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	133,073	113,962
Additions	81,457	59,532
Disposals and other	(128)	(595)
Transfers from/(to) other accounts	(73,312)	(33,485)
Exchange differences	4,116	(6,021)
Transfer to assets and disposal groups classified as held for sale		(320)
Property, plant and equipment at end of the year	145,206	133,073
Gross carrying amount \| Mineral Reserves
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	58,804	59,019
Additions	8,550
Exchange differences	(263)	(215)
Property, plant and equipment at end of the year	67,091	58,804
Gross carrying amount \| Other Items of Property, Plant and Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	34,207	33,589
Additions		131
Transfers from/(to) other accounts	61	1,212
Exchange differences	(562)	(725)
Property, plant and equipment at end of the year	33,706	34,207
Gross carrying amount \| Other Items of Leased Plant and machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	31,358	27,762
Additions	9,623	4,624
Disposals and other	(766)
Transfers from/(to) other accounts	767
Exchange differences	332	(1,028)
Property, plant and equipment at end of the year	41,314	31,358
Gross carrying amount \| Other Items of Leased Land and Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	21,245	17,156
Additions	4,660	4,714
Disposals and other	(470)
Transfers from/(to) other accounts	2
Exchange differences	634	(625)
Property, plant and equipment at end of the year	26,071	21,245
Accumulated Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	(922,951)	(962,078)
Additions	(72,869)	(80,834)
Disposals and other	12,970	17,685
Transfers from/(to) other accounts		3,822
Exchange differences	(14,276)	42,157
Transfer to assets and disposal groups classified as held for sale		56,297
Property, plant and equipment at end of the year	(997,126)	(922,951)
Impairment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of the year	(176,522)	(141,811)
Additions	(25,768)	(56,999)
Disposals and other	4,969	90
Transfers from/(to) other accounts	(144)
Exchange differences	(3,103)	4,273
Transfer to assets and disposal groups classified as held for sale		18,105
Property, plant and equipment at end of the year	$ (200,568)	$ (176,522)

Provisions - Other provisions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other provisions [abstract]
Provisions	$ 142,727	$ 167,451	$ 157,165
Other Provisions Provisions For Taxes
Other provisions [abstract]
Provisions	5,215	1,998
Other Provisions for Reclaiming Land
Other provisions [abstract]
Provisions	$ 8,285	$ 7,551

Schedule I - Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Profit (Loss) for the year	$ 98,478	$ 443,828	$ (115,374)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax expense	57,540	147,983	(4,562)
Depreciation and amortization charges	73,532	81,559	97,328
Finance costs	38,793	61,015	149,189
Exchange differences	7,551	9,995	2,386
Impairment loss (gain)	25,290	56,999	(137)
Share-based compensation	7,402	5,836	3,627
Changes in operating assets and liabilities:
Other changes in operating assets and liabilities	(9,770)	(34,993)	24,327
Net cash provided by (used in) operating activities	178,372	405,018	(1,341)
Payments due to investments:
Intangible assets	(2,787)	(1,147)
Net cash used in investing activities	(81,806)	(51,774)	(23,848)
Cash flows from financing activities:
Proceeds from equity issuance			40,000
Borrowings	432,274	898,586	659,083
Repayment of debt instruments	(179,075)	(84,823)
Payments for lease liabilities	(14,967)	(11,590)	(11,232)
Interest paid	(42,207)	(60,822)	(22,177)
Net cash (used in) provided by financing activities	(282,147)	(140,458)	10,452
Total net (decrease) increase in cash and cash equivalents	(185,581)	212,786	(14,737)
Beginning balance of cash and cash equivalents	322,943	116,663	131,557
Exchange differences on cash and cash equivalents in foreign currencies	287	(6,506)	(157)
Ending balance of cash and cash equivalents	137,649	322,943	116,663
Separate
Cash flows from operating activities:
Profit (Loss) for the year	5,429	(40,436)	(44,490)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax expense	(115)
Depreciation and amortization charges	123	104	109
Finance income	(31,982)	(4,029)	(77,232)
Finance costs	19,638	26,444	96,581
Exchange differences	(86)	2,005	15,227
Impairment loss (gain)	(429)
Share-based compensation		5,836	3,627
Changes in operating assets and liabilities:
(Increase) decrease in trade and other receivables	53,052	7,138	1,431
Increase (decrease) in trade and other payables	(13,680)	5,205	(22,169)
Other changes in operating assets and liabilities	(8,276)	(492)	(548)
Net cash provided by (used in) operating activities	23,674	1,775	(27,464)
Payments due to investments:
Intangible assets		(522)
Proceeds from loans to group companies.	(3,250)
Proceeds from loans to group companies.	120,510
Net cash used in investing activities	117,260	(522)
Cash flows from financing activities:
Payment for equity issuance costs			(6,647)
Proceeds from equity issuance			41,440
Borrowings			218
Repayment of debt instruments		(2,181)
Payments for lease liabilities	(149)	(123)	(111)
Proceeds from group companies loans	6,770
Repayments from group companies loans	(147,882)
Interest paid			(7,031)
Net cash (used in) provided by financing activities	(141,261)	(2,304)	27,869
Total net (decrease) increase in cash and cash equivalents	(327)	(1,051)	405
Beginning balance of cash and cash equivalents	605	1,311	1,065
Exchange differences on cash and cash equivalents in foreign currencies	(51)	345	(159)
Ending balance of cash and cash equivalents	$ 227	$ 605	$ 1,311

Tax matters (Tables)

12 Months Ended

Dec. 31, 2023

Tax matters

Schedule of income taxes


	2023	2022	2021
	US$'000	US$'000	US$'000
Consolidated income statement
Current income tax
Current income tax charge	62,110	144,246	5,284
Adjustments in current income tax in respect of prior years	(1,533)	(5,681)	—
Total	60,577	138,565	5,284


Deferred tax
Origination and reversal of temporary differences	(3,216)	15,032	(9,954)
Impact of tax rate changes	(555)	460	—
Write-down of deferred tax assets	—	(1,448)	—
Adjustments in deferred tax in respect of prior years	734	(4,626)	108
Total	(3,037)	9,418	(9,846)
Income tax expense (benefit)	57,540	147,983	(4,562)

Schedule of statutory income tax rate


	2023	2022	2021
	US$'000	US$'000	US$'000
Accounting profit/(loss) before income tax	160,667	602,660	(119,936)
At weighted statutory tax rate of 31% (2022: 26% and 2021: 19%)	50,557	157,620	(22,650)
Non-deductible income/ (expenses)	1,429	(5,920)	(11,399)
Differing territorial tax rates	(555)	591	2,603
Adjustments in respect of prior periods	(799)	1,368	—
Other items	7,558	7,539	27,884
Elimination of effect of interest in partnerships	(1,451)	(913)	(782)
Other permanent differences	95	159	(673)
Incentives and deductions	827	(11,740)	88
U.S State taxes	(121)	(721)	367
Income tax expense (benefit)	57,540	147,983	(4,562)

Schedule of changes in deferred tax assets and liabilities

For the year ended December 31, 2023:


	Opening	Recognized in		Write-down of	Exchange	Closing
	Balance	P&L	OCI	Deferred Tax Assets/Liabilities	Differences	Balance
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Intangible assets	(13,978)	884	—		(488)	(13,582)
Provisions	38,011	(442)	1,500	(5,836)	869	34,102
Property, plant & equipment	(54,730)	3,195	—	5,836	294	(45,405)
Inventories	1,186	232	—	—	(2)	1,416
Hedging Instruments	—	—	(767)	—	200	(567)
Tax losses	3,259	(1,528)	—	—	—	1,731
Incentives & credits	32	(32)	—	—	—	—
Other	(2,498)	728	—	—	253	(1,517)
Total	(28,718)	3,037	733	—	1,126	(23,822)

For the year ended December 31, 2022:


	Opening	Recognized in		Write-down of	Exchange	Closing
	Balance	P&L	OCI	Deferred Tax Assets/Liabilities	Differences	Balance
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Intangible assets	(451)	(14,014)	—	496	(9)	(13,978)
Provisions	21,672	9,090	(1,416)	9,347	(682)	38,011
Property, plant & equipment	(52,231)	3,920	—	(8,089)	1,670	(54,730)
Inventories	—	480	—	708	(2)	1,186
Tax losses	6,353	(5,894)	—	2,595	205	3,259
Incentives & credits	9,333	(254)	—	(8,542)	(505)	32
Partnership interest	(8,514)	—	—	8,514	—	—
Other	5,703	(2,746)	(666)	(4,425)	(364)	(2,498)
Total	(18,135)	(9,418)	(2,082)	604	313	(28,718)

Presented in the statement of financial position as follows:


	2023	2022
	US$'000	US$'000
Deferred tax assets	37,250	44,644
Deferred tax liabilities	(61,072)	(73,362)
Offset between deferred tax assets and deferred tax liabilities	28,490	37,508
Total deferred tax assets due to temporary differences recognized in the statement of financial position	8,760	7,136
Total deferred tax liabilities due to temporary differences recognized in the statement of financial position	(32,582)	(35,854)

Schedule of unrecognized deductible temporary differences, unused tax losses and unused tax credits


	2023					2022
	Spain	USA	UK	Other	Total	Spain	USA	UK	Other	Total
Unused tax losses	201,476	235,296	143,750	56,055	636,577	183,225	252,848	102,800	48,622	587,495
Unused tax credits	—	—	—	—	—	—	6,761	—	—	6,761
Unrecognized deductible temporary differences	62,737	—	44,837	9,166	116,741	75,093	21,433	44,837	66,648	208,011
Total	264,213	235,296	188,587	65,221	753,318	258,318	281,042	147,637	115,270	802,267

Remuneration of key management personnel

12 Months Ended

Dec. 31, 2023

Remuneration of key management personnel

Remuneration of key management personnel

28. Remuneration of key management personnel

The remuneration of the key management personnel (14, 14 and 12 employees for the years ended December 31, 2023, 2022 and 2021 respectively), which comprises the Company’s management committee, during the years ended December 31 is as follows:


	2023	2022	2021
	US$'000	US$'000	US$'000
Fixed remuneration	5,894	5,404	5,244
Variable remuneration	4,492	5,199	1,209
Contributions to pension plans and insurance policies	299	315	373
Share-based compensation	7,402	5,937	3,627
Termination benefits	262	316	119
Other remuneration	18	16	17
Total	18,367	17,187	10,589

During 2023, 2022 and 2021, no loans and advances have been granted to key management personnel.

Income and expenses - Raw materials and energy consumption for production (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Purchases of raw materials, supplies and goods	$ 732,661,000	$ 793,014,000	$ 581,991,000
Change In Inventories	83,033,000	(163,430,000)	(74,361,000)
Energy	(28,651,000)	324,218,000	351,083,000
Others	78,556,000	301,419,000	325,088,000
Write-down of raw materials	2,192,000	12,342,000
Write-down of finished goods	11,495,000	17,523,000	1,095,000
Total cost	879,286,000	$ 1,285,086,000	$ 1,184,896,000
Energy costs offset	$ 186,211

Income and expenses - Share-based payment arrangements (Details) - Ferroglobe PLC Equity Incentive Plan												12 Months Ended
	May 30, 2023 USD ($) $ / shares	Sep. 22, 2022 USD ($) Y $ / shares	Sep. 09, 2021 USD ($) $ / shares	Dec. 16, 2020 USD ($) $ / shares	Mar. 13, 2019 USD ($) $ / shares	Jun. 14, 2018 USD ($) $ / shares	Mar. 21, 2018 USD ($) $ / shares	Jun. 20, 2017 USD ($) $ / shares	Jun. 01, 2017 USD ($) $ / shares	Nov. 24, 2016 USD ($) $ / shares	May 29, 2016 $ / shares	Dec. 31, 2023 USD ($) Y EquityInstruments shares $ / shares	Dec. 31, 2022 USD ($) Y EquityInstruments shares $ / shares	Dec. 31, 2021 USD ($) Y shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												4,560,593	3,801,706
Outstanding at end of the period \| shares												4,560,593	3,801,706	4,359,436
Percentage of cumulative earnings before interest and tax (EBIT)												40.00%
Percentage of net cash flow												40.00%
Percentage of total shareholder return (TSR) relative to a comparator group, vesting condition												20.00%
Number of options with no performance obligations												44,650	44,650	71,608
Number of options with performance conditions												4,515,944	3,757,056	4,287,828
Weighted average fair value of share options granted												$ 6.64	$ 8.53	$ 8.83
Grant date share price \| $ / shares	$ 4.50	$ 5.76	$ 8.57
Exercise price \| $ / shares	$ 0.01	$ 0.01									$ 0			$ 0.01
Expected volatility	87.70%	94.28%												104.75%
Option life \| Y		3.00										8.52	8.33	8.37
Risk-free interest rate	4.13%	4.12%	0.28%
Performance period remaining at grant date	3 years	3 years	2 years 3 months									3 years
Company TSR at grant date	0.64%	(27.20%)
Median comparator group TSR at grant date	10.50%	10.50%
Share based compensation expense												$ 7,402,000	$ 5,836,000	$ 3,627,000
Weighted average share price at the date of exercise for stock options exercised \| $ / shares												$ 4.92	$ 6.46	$ 5.28
Grand date of May 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												1,044,449
Weighted average fair value of share options granted	$ 6.64
Exercise price \| $ / shares	$ 0.01
Grand date of September 22, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												571,134	848,710
Weighted average fair value of share options granted		$ 8.53
Exercise price \| $ / shares		$ 0.01
Grant date of September 9, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												1,255,824	1,255,824
Weighted average fair value of share options granted			$ 8.83
Exercise price \| $ / shares			$ 0.01
Grant date of December 16, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												1,352,788	1,352,788
Weighted average fair value of share options granted				$ 1.23
Exercise price \| $ / shares				$ 0
Grant date of March 13, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												129,824	136,682
Weighted average fair value of share options granted					$ 2.69
Exercise price \| $ / shares					$ 0
Grant date of June 14, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												44,650	44,650
Weighted average fair value of share options granted						$ 9.34
Exercise price \| $ / shares						$ 0
Grant date of March 21, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												51,690	52,819
Weighted average fair value of share options granted							$ 22.56
Exercise price \| $ / shares							$ 0
Grant date of June 20, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value of share options granted								$ 15.90
Exercise price \| $ / shares								$ 0
Grant date of June 1, 2017 two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value of share options granted									$ 10.96
Exercise price \| $ / shares									$ 0
Grant date of June 1, 2017 one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												77,712	77,712
Weighted average fair value of share options granted									$ 16.77
Exercise price \| $ / shares									$ 0
Grant date of November 24, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of instruments granted \| EquityInstruments												32,522	32,521
Weighted average fair value of share options granted										$ 16.66
Exercise price \| $ / shares										$ 0
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options receivable by participant depending on financial performance of the Company, as a percent												0.00%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Options receivable by participant depending on financial performance of the Company, as a percent												200.00%

Financial assets and other receivables - Cash and cash equivalents and Restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets and other receivables
Cash and cash equivalents	$ 136,470	$ 317,935	$ 114,391
Non Current restricted cash presented as Cash.		2,133
Restricted cash and cash equivalents	1,179	2,875
Total	$ 137,649	$ 322,943	$ 116,663	$ 131,557

Basis of presentation

12 Months Ended

Dec. 31, 2023

Basis of presentation

Basis of presentation

3. Basis of presentation

3.1 Basis of presentation

Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were approved for issue by the Board of Directors on April 30, 2024.

All accounting policies and measurement bases with effect on the consolidated financial statements were applied in their preparation.

The information set out in these consolidated financial statements does not constitute the Company’s statutory accounts for the years ended December 31, 2023 and 2022, respectively. The accounts for 2022 have been reported on by the Company’s auditors: their reports were unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. The accounts for 2022 have been delivered to the Registrar of Companies and those for 2023 will be delivered in due course.

Basis of measurement

The consolidated financial statements were prepared on a historical cost basis, with the exceptions disclosed in the notes to the consolidated financial statements, where applicable, and in those situations where IFRS requires that financial assets and financial liabilities are valued at fair value.

3.2 Accounting policies, new standards, interpretations and amendments adopted by the Company

There are no new IFRS standards, amendments or interpretations that are mandatory as of January 1, 2023 that are materially relevant to the Company. Additionally, the Company has not adopted any standard, interpretation or amendment that has been issued but is not yet effective. Such standards are not currently expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

3.3 Functional and reporting currency

Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which each entity operates (“the functional currency”). The Company’s consolidated financial statements are presented in US Dollars, which is the Parent Company’s functional currency and the Company’s reporting currency.

Foreign currency transactions are initially recorded by each of the Company’s entities at their respective functional currency spot rates at the date the transaction is recognized. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the functional currency spot rates at the end of each reporting period are recognized in the consolidated income statements. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss.

The results of operations and financial position of the Company’s entities that have a functional currency different from the Company’s reporting currency are translated into the reporting currency as follows:

●

Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of the consolidated statement of financial position;

●

Income and expenses for each income statement are translated at average exchange rates; and

●

All differences arising from the aforementioned translation are recognized in equity under “Translation differences.”

The Parent Company changed its functional currency from the Euro to USD on October 1, 2021. The change in functional currency coincided with management’s review of a growing number of transactions denominated in USD instead of Euros.

The change in functional currency was implemented prospectively starting October 1, 2021 in accordance with IAS 21 The effect of changes in foreign exchange rates.

Upon the disposal of a foreign operation, the translation differences relating to that operation deferred as a separate component of consolidated equity are recognized in the consolidated income statements when the gain or loss on disposal is recognized.

3.4 Critical accounting estimates, assumptions and judgments

The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make estimates, assumptions and judgments that affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses, and the accompanying disclosures at the date of the consolidated financial statements. Critical estimates, assumptions and judgments, by definition, will seldom equal the actual results and are continually evaluated to reflect changing expectations about future events. Management also needs to exercise judgment in applying the Company’s accounting policies.

This note provides an overview of the areas that involve a higher degree of judgment or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong due to their uncertainty. Detailed information about each of these estimates, assumptions and judgments is included in other notes together with information about the basis of calculation for each affected item in the financial statements.

Certain estimates, assumptions and judgments that were made by management in the preparation of these consolidated financial statements, include:

●

the impairment analysis on property, plant and equipment, including the assumptions used to determine estimated recoverable amount, determined by value in use or by fair value less cost of disposal methods, see Note 8;

●

income taxes, including the recoverability of deferred tax assets; see Note 24;

The Company based its estimates, assumptions and judgments on historical experience, known or expected trends and other factors that are believed to be reasonable under the circumstances. Actual results may differ materially from these estimates as we are subject to risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in prices. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

There may be circumstances when judgment is required, such as to determine when control of the goods or services passes to the customer for revenue recognition, see Note 4.17. We have also applied judgment in our determination that we have control of our QSLP and WVA partnerships. See Note 12.

As of the date of these consolidated financial statements, no material events have occurred which impact the Company’s estimates, assumptions or judgements used in determining our accounting considerations.

3.5 Basis of consolidation

The annual closing date of the financial statements for each consolidated subsidiary is December 31. The Company fully consolidates subsidiaries financial statements that it is deemed to control into these consolidated financial statements. All intercompany transactions have been eliminated.

Non-controlling interests are presented in “Equity – Non-controlling interests” in the consolidated statements of financial position, separately from the consolidated equity attributable to the Parent. The share of non-controlling interests in the profit or loss for the year is presented under “Profit (loss) attributable to non-controlling interests” in the consolidated income statements.

When necessary, adjustments are made to the financial statements of subsidiaries to align the accounting policies used to the accounting policies of the Company.

Provisions - Employee obligations - Canada plan assets (Details) - CANADA - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in net defined benefit liability (asset) [abstract]
Obligations at beginning of year	$ 23,763	$ 33,918
Service cost	315	463
Borrowing costs	1,230	1,044
Actuarial differences	1,264	(8,814)
Benefits paid	(1,168)	(1,032)
Exchange differences	534	(1,816)
Obligations at end of year	$ 25,938	$ 23,763
Disclosure of fair value of plan assets [abstract]
Equity Mutual Funds	30.00%	31.00%
Fixed Income Securities	17.00%	14.00%
Assets held by insurance company	53.00%	55.00%
Total	100.00%	100.00%
Pension Plans
Changes in net defined benefit liability (asset) [abstract]
Obligations at beginning of year	$ 18,266	$ 25,349
Service cost	110	162
Borrowing costs	943	773
Actuarial differences	1,449	(5,774)
Benefits paid	(985)	(870)
Exchange differences	413	(1,374)
Obligations at end of year	20,196	18,266
Post Retirement Plans
Changes in net defined benefit liability (asset) [abstract]
Obligations at beginning of year	5,497	8,569
Service cost	205	301
Borrowing costs	287	271
Actuarial differences	(185)	(3,040)
Benefits paid	(183)	(162)
Exchange differences	121	(442)
Obligations at end of year	5,742	5,497
Plan assets [member]
Ifrs Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the year	17,777	22,417
Interest income on assets	927	690
Benefits paid	(985)	(870)
Actuarial return on plan assets	803	(3,496)
Exchange Differences	397	(1,269)
Other	312	305
Fair value of plan assets at the end of the year	$ 19,231	$ 17,777

Leases - Obligations and Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Non-current	$ 20,304	$ 12,942
Current	8,083	8,929
Total lease liabilities	28,387	21,871	$ 18,358
Miscellaneous Non-current other leases	28,387
Other leases
Lease liabilities [abstract]
Miscellaneous Non-current other leases	20,304	12,942
Miscellaneous current other leases	8,083	8,929
Miscellaneous Current and Non-current Other leases	28,387	$ 21,871
Not later than one year
Lease liabilities [abstract]
Miscellaneous Non-current other leases	8,083
Later than one year and not later than two years
Lease liabilities [abstract]
Miscellaneous Non-current other leases	5,226
Later than two years and not later than three years
Lease liabilities [abstract]
Miscellaneous Non-current other leases	3,111
Later than three years and not later than four years
Lease liabilities [abstract]
Miscellaneous Non-current other leases	2,563
Later than four years and not later than five years
Lease liabilities [abstract]
Miscellaneous Non-current other leases	2,087
Later than five years
Lease liabilities [abstract]
Miscellaneous Non-current other leases	$ 7,317

Schedule I

12 Months Ended

Dec. 31, 2023

Schedule I

Schedule I

Appendix I

Schedule I has been provided pursuant to the requirements of Rule 12-04(a) of Regulation S-X, of the US Securities and Exchange Commission (SEC) which require condensed financial information as to the financial position, cash flows and results of operations of Ferroglobe PLC, as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplementary information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements.

Basis of Presentation.

The presentation of Ferroglobe PLC separate condensed financial statements have been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that, in the separate condensed financial statements the investments in subsidiaries are being recorded at historic cost.

SCHEDULE I - FERROGLOBE PLC (Parent company)

CONDENSED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2023 AND 2022

(in USD Thousands)


	2023	2022
ASSETS
Non-current assets
Investment in subsidiaries	645,088	629,284
Intangible assets	—	522
Property, plant and equipment	462	449
Loans to group companies	54,959	—
Trade and other receivables from subsidiaries	—	263,058
Total non-current assets	700,509	893,313

Current assets
Trade and other receivables	1,443	797
Trade and other receivables from subsidiaries	37,932	118,210
Other current assets	390	435
Cash and cash equivalents	227	605
Total current assets	39,992	120,047
Total assets	740,501	1,013,360
EQUITY AND LIABILITIES
Equity
Share capital	1,964	1,964
Other Reserves	(151,742)	(158,958)
Retained earnings	739,524	734,095
Total equity	589,746	577,101

Non-current liabilities
Lease liabilities	406	372
Loans from group companies	37,999	183,721
Other non-current liabilities	198	11
Total non-current liabilities	38,603	184,104
Current liabilities
Lease liabilities	126	550
Trade and other payables	2,365	10,634
Loans from group companies	67,903	—
Trade and other payables to subsidiaries	41,652	240,753
Current income tax liabilities	—	115
Other current liabilities	106	103
Total current liabilities	112,152	252,155
Total equity and liabilities	740,501	1,013,360

The accompanying notes are an integral part of these Condensed Financial Statements.

SCHEDULE I - FERROGLOBE PLC (Parent company)

CONDENSED INCOME STATEMENT FOR THE PERIODS ENDING DECEMBER 31, 2023, 2022 and 2021

(in USD Thousands)


	2023	2022	2021

Other operating income	28,799	41,816	32,037
Staff costs	—	(5,864)	(4,983)
Other operating expense	(36,221)	(51,864)	(36,859)
Depreciation and amortization charges	(123)	(104)	(109)
Finance income	31,982	4,029	77,232
Finance costs	(19,638)	(26,444)	(96,581)
Exchange differences	86	(2,005)	(15,227)
Impairment (loss) gain	429	—	—
(Loss) before tax	5,314	(40,436)	(44,490)
Income tax benefit (expense)	115	—	—
Total (Loss) profit for the year	5,429	(40,436)	(44,490)

The accompanying notes are an integral part of these Condensed Financial Statements.

SCHEDULE I - FERROGLOBE PLC (Parent company)

CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIODS ENDING DECEMBER 31 2023, 2022 and 2021

Thousand of US dollars


	2023	2022	2021

Cash flows from operating activities:
(Loss) for the year	5,429	(40,436)	(44,490)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax expense	(115)	—	—
Depreciation and amortization charges	123	104	109
Finance income	(31,982)	(4,029)	(77,232)
Finance costs	19,638	26,444	96,581
Exchange differences	(86)	2,005	15,227
Impairment (gain) loss	(429)	—	—
Share-based compensation	—	5,836	3,627
Changes in operating assets and liabilities:
(Increase) decrease in trade and other receivables	53,052	7,138	1,431
Increase (decrease) in trade and other payables	(13,680)	5,205	(22,169)
Other changes in operating assets and liabilities	(8,276)	(492)	(548)
Net used cash provided (used) by operating activities	23,674	1,775	(27,464)
Cash flows from investing activities:
Other intangible assets	—	(522)	—
Loans to group companies	(3,250)	—	—
Proceeds from loans to group companies	120,510	—	—
Net cash provided (used) by investing activities	117,260	(522)	—
Cash flows from financing activities:
Payment for equity issuance costs	—	—	(6,647)
Proceeds from equity issuance	—	—	41,440
Bank borrowings	—	—	218
Repayment of debt instruments	—	(2,181)	—
Amounts paid due to leases	(149)	(123)	(111)
Proceeds from loans from group companies	6,770	—	—
Repayments of loans from group companies	(147,882)	—	—
Interest paid	—	—	(7,031)
Net cash provided (used) by financing activities	(141,261)	(2,304)	27,869
Total net cash flows for the year	(327)	(1,051)	405
Beginning balance of cash and cash equivalents	605	1,311	1,065
Exchange differences on cash and cash equivalents in foreign currencies	(51)	345	(159)
Ending balance of cash and cash equivalents	227	605	1,311

The accompanying notes are an integral part of these Condensed Financial Statements.

SCHEDULE I - FERROGLOBE PLC (Parent company only)

Notes to Condensed Financial Statements

1. Basis for presentation

The Parent Company prepared these unconsolidated financial statements in accordance with International Accounting Standards 27, “Separate Financial Statements”, as issued by the International Accounting Standards Board, except that detailed note disclosures have been omitted with the exception of disclosures regarding material contingencies, long-term obligations and guarantees as permitted by Rule 12-04(a) of Regulation S-X.

In 2023, we have made certain reclassifications between receivables from subsidiaries and payables to subsidiaries and loans to group companies. We have not updated comparative figures for these changes.

2. Commitments, long term obligations and contingencies

Commitments and long term obligations

On February 15, 2017, Ferroglobe PLC and Globe (together, the “Issuers”) co-issued $350,000 thousand aggregate principal amount of 9.375% senior unsecured notes due March 1, 2022 (the “Notes”). On March 27, 2021, Ferroglobe PLC and Globe and certain other members of the group entered into the Lock-Up Agreement with the Ad Hoc Group Noteholders, Grupo VM and affiliates of Tyrus Capital that set forth a plan to implement a debt restructuring plan. On July 30, 2021, the Group completed the exchange of 98.588% of the 9⅜% Senior Notes due 2022 (the “Stub Notes”) issued by the Ferroglobe PLC and Globe for a total consideration per $1,000 principal amount of Old Notes comprising (i) $1,000 aggregate principal amount of new 9⅜% senior secured notes due 2025 issued by Ferroglobe Finance Company, PLC and Globe (“the Issuers”) (the “Reinstated Senior Notes”) plus (ii) a fee amounting to $51,611 thousand. The Stub Notes that were not exchanged were repaid on March 1, 2022.

As of December 31, 2023, Ferroglobe PLC only has long-term obligations related to intercompany loans. These main long- term obligations are the following:

-$32.3 million to Ferroglobe Holding Company, LTD related to a revolving credit facility signed on July 27, 2021 and due in June 30, 2031.

-$10.3 million to Ferroglobe Holding Company, LTD related to a loan facility signed on May 19, 2021 and due in June 30, 2025.

Contingencies and guarantees

Ferroglobe PLC is guarantor of the following material obligations:

●

$150.0 million of the $345 million Reinstated Notes issued by the UK issuer and Globe;

●

€34.5 million ($38.3 million) in indebtedness issued by Ferroglobe Spain Metals (formerly Grupo FerroAtlántica) and Ferroglobe Corporate Services (formerly Grupo FerroAtlántica de Servicios) under the agreement with the Sociedad Estatal de Participaciones Industriales (“SEPI”), a Spanish state-owned industrial holding company affiliated with the Ministry of Finance and Administration; and

●

$7 million in connection with the New Markets Tax Credit Program in relation to our Selma, Alabama, plant and due in the event any tax credits under the Program are disallowed or recaptured.

As of December 31, 2023, 2022 and 2021, Ferroglobe PLC has no material contingencies.

3.Dividends from subsidiaries

For the years ending December 31, 2023, 2022 and 2021 Ferroglobe PLC did not receive cash dividends from its subsidiaries.

Financial risk management - Changes in liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial risk management
Beginning of period	$ 541,807	$ 624,635
Liabilities Arising From Financing Activities Excluding Tolling Agreement Lease Liability		578,472
Changes from financing cash flows	(274,750)	(136,455)
Effect of changes in foreign exchange rates	6,002	(12,030)
Changes in fair value		190
Interest expense	35,603	44,415
Other changes	(307)	21,052
End of period	345,020	541,807	$ 624,635
Other amounts paid due to net financing activities	(7,397)	(4,003)
Cash flows from (used in) financing activities	(282,147)	(140,458)	10,452
Proceeds from debt issuance			60,000
Proceeds from equity issuance			40,000
Bank borrowings.
Financial risk management
Beginning of period	77,833	98,967
Changes from financing cash flows	(26,798)	(24,529)
Effect of changes in foreign exchange rates	1,716	(5,991)
Interest expense	2,568	3,185
Other changes	(8,771)	6,201
End of period	46,548	77,833	98,967
Obligations under leases
Financial risk management
Beginning of period	21,871	18,358
Changes from financing cash flows	(11,363)	(11,590)
Effect of changes in foreign exchange rates	403	(750)
Interest expense	1,715	1,587
Other changes	15,761	14,266
End of period	28,387	21,871	18,358
Debt instruments
Financial risk management
Beginning of period	343,442	440,297
Changes from financing cash flows	(209,245)	(136,260)
Changes in fair value		190
Interest expense	22,989	34,404
Other changes	(2,406)	4,811
End of period	154,780	343,442	440,297
Financial loans from government agencies
Financial risk management
Beginning of period	98,661	67,013
Changes from financing cash flows	(23,740)	35,924
Effect of changes in foreign exchange rates	2,565	(5,289)
Interest expense	4,847	5,239
Other changes	(4,891)	(4,226)
End of period	77,442	98,661	$ 67,013
Tolling agreement lease liability
Financial risk management
Beginning of period	36,665
Changes from financing cash flows	(3,604)
Effect of changes in foreign exchange rates	1,318
Interest expense	3,484
End of period	$ 37,863	$ 36,665

Bank borrowings - Credit facilities - (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Bank Borrowings
Borrowings		$ 46,548	$ 77,833
Minimum \| SOFR
Bank Borrowings
Applicable margin (as a percent)	1.50%
Maximum \| SOFR
Bank Borrowings
Applicable margin (as a percent)	1.75%
ABL Revolver
Bank Borrowings
Maximum borrowing capacity	$ 100,000
Credit facility term	5 years
Threshold of capital leases		$ 7,500
Fixed charge coverage ratio (as a percent)		1.00%

Income and expenses - Plan Awards (Details) - Ferroglobe PLC Equity Incentive Plan - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Term of service condition	3 years	3 years		4 years	3 years	3 years	3 years
Outstanding at beginning of the period	3,801,706	4,359,436	3,411,974
Granted during the period	1,044,449	848,710	1,307,934
Exercised during the period	(7,986)	(208,076)	(309,462)
Expired/forfeited during the period	277,576	1,198,364	51,010
Outstanding at end of the period	4,560,593	3,801,706	4,359,436	3,411,974
Exercisable as of December 31, 2023	336,399

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets.

Schedule of changes in the carrying amount of other intangible assets


					Greenhouse	Other	Accumulated
	Development	Power Supply		Computer	gasses	Intangible	Amortization	Impairment
	Expenditure	Agreements	Rights of Use	Software	(CO2)	Assets	(Note 27.6)	(Note 27.8)	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance at January 1, 2022	51,698	37,836	13,369	5,090	97,596	8,120	(96,140)	(16,927)	100,642
Additions	910	—	23	522	112,775	384	(725)	—	113,889
Disposals	—	—	—	(20)	(96,869)	—	20	—	(96,869)
Exchange differences	(2,914)	—	(153)	(62)	(5,732)	(370)	2,536	830	(5,865)
Balance at December 31, 2022	49,694	37,836	13,239	5,530	107,770	8,134	(94,309)	(16,097)	111,797
Additions	1,210	—	—	3,273	113,101	—	(663)	—	116,921
Disposals	—	—	—	—	(96,451)	—	82	—	(96,369)
Transfers from/(to) other accounts	825	—	—	1,489		(396)	(26)	261	2,153
Exchange differences	1,861	—	90	104	3,756	(358)	(1,170)	(440)	3,843
Balance at December 31, 2023	53,590	37,836	13,329	10,396	128,176	7,380	(96,086)	(16,276)	138,345

Debt instruments

12 Months Ended

Dec. 31, 2023

Bank borrowings

Debt instruments

18. Debt instruments

Debt instruments comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Notes carried at amortized cost (financial liability)
Secured Reinstated Senior Notes	150,010	349,704
Accrued coupon interest	5,805	13,569

Notes carried at amortized cost (financial asset)
Secured Reinstated Senior Notes	995	19,048
Accrued coupon interest	40	783

Total net debt instruments	154,780	343,442

Amount due for settlement within 12 months	5,765	12,787
Amount due for settlement after 12 months	149,015	330,655
Total	154,780	343,442

In 2017, the Company issued $350,000 thousand of 9.375% senior unsecured notes due in March 2022 (the “Notes”). Interest was payable semi-annually. In 2021, the Company effected a restructuring of these Notes, with the following terms:

●

The Company exchanged 98.6% of the Notes due in 2022 (the “Old Notes”) for total consideration of $1,000 of principal amount, which is comprised of (i) $1,000 aggregate principal amount of the new 9.375% senior secured notes due in 2025 (the “Reinstated Senior Notes”) plus (ii) a fee amounting to $51,611 thousand, which the Company’s Parent applied as cash consideration for a subscription of new ordinary shares of the Company.

●

The Company issued $60,000 thousand in new 9% senior secured notes due in 2025 (“Super Senior Notes”).

In tandem with this restructuring, the Company issued new ordinary shares for total gross proceeds of $40,000 thousand.

At the completion of the comprehensive refinancing, we recognized a charge of $90,800 thousand. This related to all the advisory fees and expenses, including equity granted to the noteholders, incurred during the refinancing of the prior 9.375% Notes due 2022, which were deemed to be extinguished at closing and replaced with new 9.375% Reinstated Senior Notes due 2025.

For accounting purposes the refinancing of the Notes was considered a debt extinguishment. As a consequence:

(i) The Company recognized a finance expense amounting to $31,700 thousand related to the advisory fees incurred in the exchange of the notes in 2021;

(ii) Similarly to the transaction fees, the shares issued to the bondholders and the work fee were recognized as a one-off expense, amounting $51.6 million at market value.; and

(iii) Outstanding upfront fees that had been capitalized at the issuance of the original notes totaling $1,000 thousand were recorded in the consolidated income statements. Additionally, the gross carrying amount of the amortized cost of the Reinstated Senior Notes was adjusted to reflect actual and revised estimated contractual cash flows.

The gross carrying amount of the Reinstated Senior Notes was recalculated as the present value of the estimated future contractual cash flows that are discounted at the effective interest rate of 9.096%. The adjustment recorded was $6,462 thousand and it was recognized as a finance expense in the consolidated income statements. After the exchange, the Notes were accounted under the amortized cost method.

In June 2022, the Company repurchased $19,048 thousand of the Reinstated Senior Notes and the corresponding accrued interest coupon amounting to $641 thousand as of the purchase date. The fair value of the Notes at the purchase date was $19,121 million and the purchase price was $1.01 per bond. As the Company has a legally enforceable right to offset the financial liability and the financial asset, and had the intention to settle these financial instruments on a net basis, the Company elected to offset these financial instruments and presents the net amount on the consolidated statements of financial position.

During 2023, the Company via its subsidiary issuers repurchased $27,390 thousand of Reinstated Senior notes with corresponding accrued interest of $256 thousand as of the respective purchase dates. The purchase prices ranged from 1.015 to 1.025 throughout the year. In June 2023, the Company settled the financial liability and the financial asset for the 9.375% Senior Notes owned by the Company for a total amount of $46,438 thousand.

In July 2023, the Company via its subsidiary issuers of the Reinstated Senior Secured Notes partially redeemed such Notes at 102.3475% of the principal amount plus accrued interest. The issuers elect to redeem an aggregate principal amount of $150.0 million of the Notes plus accrued and unpaid interest of $14.0 million.

In November 2023, the Company repurchased an additional $2,000 thousand of Reinstated Senior Notes with corresponding accrued interest of $31 thousand at a par value of 0.497 at a purchase price of 1.02.

The fair value as of December 31, 2023, of the Reinstated Senior Notes maturing on December 31, 2025, determined by reference to the closing market price on the last trading day of the year (Level 1), was $152,598 thousand.

Reinstated Senior Notes

Pursuant to the Exchange Offer, Ferroglobe PLC, the UK Issuer and Globe offered to eligible holders of the Old Notes the opportunity to exchange any and all of the Old Notes for new 9.375% senior secured notes due 2025 issued by the UK Issuer and Globe.

The Reinstated Notes are governed by an indenture (the “Reinstated Notes Indenture”) entered into by, among others, Ferroglobe Finance Company PLC and Globe, as issuers, GLAS Trustees Limited, as trustee, Global Loan Agency Services Limited, as paying agent, GLAS Trust Corporation Limited, as security agent, and the guarantors named therein. The Reinstated Notes are guaranteed on a senior basis by Ferroglobe and each subsidiary of Ferroglobe that guarantees the UK Issuer’s obligations under the Super Senior Notes (other than Globe) (the “Reinstated Notes Guarantors”). The Reinstated Notes mature on December 31, 2025 and are secured by the same collateral that secures the Super Senior Notes.

The Reinstated Notes, and the guarantees thereof, are general secured, senior obligations of Ferroglobe Finance Company PLC and Globe and the Reinstated Notes Guarantors, as applicable, and will rank senior in right of payment to any and all of the existing and future indebtedness of Ferroglobe, Globe and the Reinstated Notes Guarantors, as applicable, that is expressly subordinated in right of payment to the Reinstated Notes and such guarantees, as applicable.

The Reinstated Notes Indenture require us to offer to repurchase all or any part of each holder’s Reinstated Notes upon the occurrence of a change of control, as defined in the Reinstated Notes Indenture, at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest thereon, to the date of purchase.

The Reinstated Notes Indenture restricts, among other things, the ability of Ferroglobe and its restricted subsidiaries to:

●

borrow or guarantee additional indebtedness;

●

pay dividends, repurchase shares and make distributions of certain other payments;

●

make certain investments;

●

create certain liens;

●

merge or consolidate with other entities;

●

enter into certain transactions with affiliates;

●

sell, lease or transfer certain assets, including shares of any restricted subsidiary of Ferroglobe; and

●

guarantee certain types of other indebtedness of Ferroglobe and its restricted subsidiaries without also guaranteeing the Reinstated Notes.

Compared to the Old Notes Indenture (prior to certain amendments on July 29, 2021) the Reinstated Notes Indenture have generally more stringent restrictive covenants. Some of these differences include, among others, the following:

●

the elimination of baskets or a reduction of basket sizes in the debt covenant, restricted payment covenant, permitted investments,

●

permitted liens and asset disposition;

●

the addition of a net leverage test in the debt covenant and reduced flexibility in financial calculations;

●

requirement to apply certain excess proceeds to repay debt in accordance with the applicable intercreditor agreement;

●

lower event of default thresholds; and

●

a 90% guarantor coverage test.

Super Senior Notes

In May 2021, Ferroglobe Finance Company, PLC (“UK issuer”) issued a tranche of Super Senior Notes, comprising an initial $40 million of a maximum possible $60 million 9.0% senior secured notes due in 2025. Additional Super Senior Notes were issued in July 2021 such that a total of $60 million in aggregate principal amount was outstanding on such date.

The Super Senior Notes were governed by an indenture (the “Super Senior Notes Indenture”) entered into by, among others, the UK Issuer, GLAS Trustees Limited, as trustee, Global Loan Agency Services Limited, as paying agent, GLAS Trust Corporation Limited, as security agent, and the guarantors named therein (the “Super Senior Notes Guarantors”). The Super Senior Notes were to mature on June 30, 2025 and were secured by certain share pledges, bank account pledges, intercompany receivables pledges, inventory pledges and security over certain mine concessions, real property, leases and other assets.

Amongst other conditions, the Super Senior Notes Indenture restricted, among other things, the ability the Company to:

●

borrow or guarantee additional indebtedness;

●

pay dividends, repurchase shares and make distributions of certain other payments;

●

make certain investments;

●

create certain liens;

●

merge or consolidate with other entities;

●

enter into certain transactions with affiliates;

●

sell, lease or transfer certain assets, including shares of any restricted subsidiary of Ferroglobe; and

●

guarantee certain types of other indebtedness of Ferroglobe and its restricted subsidiaries without also guaranteeing the Super Senior Notes.

In July 2022, the Super Senior Notes maturing on June 30, 2025 were redeemed at 100% of the principal amount thereof plus accrued interest. The remaining unamortized issuance cost amounting to $6.0 million were recognized as a finance expense in the consolidated income statements.

Stub Notes

The Stub Notes were senior unsecured obligations of the Issuers and were guaranteed on a senior basis by certain subsidiaries of Ferroglobe. The Company fully settled these notes in Q1 2022.

Income and expenses - Other operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Carbon dioxide credit	$ 81,870	$ 100,220	$ 129,267
Services of independent professionals	40,687	74,552	40,891
Freight cost	51,415	78,245	56,941
Insurance premiums	15,506	14,963	11,019
Tax	11,280	15,919	12,892
Other operating expenses	69,332	62,353	45,799
Total	$ 270,090	$ 346,252	$ 296,809

Provisions

12 Months Ended

Dec. 31, 2023

Provisions

Provisions

15. Provisions

Provisions comprise the following as of December 31:


	2023			2022
	Non- Current	Current	Total	Non- Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Environmental provision	174	1,909	2,083	168	1,396	1,564
Provisions for litigation	—	7,913	7,913	—	23,142	23,142
Provisions for third-party liability	10,596	—	10,596	5,960	—	5,960
Provisions for Carbon dioxide emissions allowances	—	90,471	90,471	7,956	94,800	102,756
Provision for restructuring cost	—	15,243	15,243	—	21,539	21,539
Other provisions	9,200	7,221	16,421	8,040	4,450	12,490
Total	19,970	122,757	142,727	22,124	145,327	167,451

The changes in the various line items of provisions in 2023 and 2022 were as follows:


		Provisions for	Provisions for	Provisions for	Provisions for
	Environmental	Litigation	Third	Carbon Dioxide Emissions	Restructuring	Other
	Provision	in Progress	Party Liability	Allowances	Cost	Provisions	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance at January 1, 2022	3,695	1,952	8,905	110,246	22,350	10,017	157,165
Charges for the year	13	22,134	454	114,185	9,092	7,022	152,900
Provisions reversed with a credit to income	—	(48)	—	(2,435)	(591)	(890)	(3,964)
Amounts used	(345)	(798)	(2,863)	(112,485)	(8,012)	(2,516)	(127,019)
Transfers from/(to) other accounts	(1,510)	—	—	—	—	(666)	(2,176)
Exchange differences and others	(289)	(98)	(536)	(6,755)	(1,300)	(477)	(9,455)
Balance at December 31, 2022	1,564	23,142	5,960	102,756	21,539	12,490	167,451
Charges for the year	1,292	7,142	267	81,424	—	6,914	97,039
Provisions reversed with a credit to income	—	(487)	—	(3,036)	—	(2,850)	(6,373)
Amounts used	(727)	(22,029)	(215)	(93,471)	(6,977)	(118)	(123,537)
Remeasurement through other comprehensive income (loss)	—	—	4,367	—	—	—	4,367
Exchange differences and others	(46)	145	217	2,798	681	(15)	3,780
Balance at December 31, 2023	2,083	7,913	10,596	90,471	15,243	16,421	142,727

Environmental provision

Environmental provisions related to $174 thousand of non-current environmental rehabilitation obligations as of December 31, 2023 (2022: $168 thousand) and $1,909 thousand of current environmental rehabilitation obligations as of December 31, 2023 (2022: $1,396 thousand). A majority of these provisions relates to residues disposal, such as the remediation costs required to comply with government regulations.

Provisions for litigation in progress

The timing and amounts potential liabilities arising from such exposures is uncertain. The provision reflects the Company’s best estimate of the expenditure required to meet resulting obligations.

Certain employees of Ferroglobe France (formerly FerroPem, SAS and then known as Pechiney Electrometallurgie, S.A), may have been exposed to asbestos at its plants in France in the decades prior to our acquisition. The Company has recognized a provision of $611 thousand during the year ended December 31, 2023 as part of the current portion of Provisions for litigation (2022: $955 thousand). See Note 26 for further information.

In 2022, Ferroglobe France sent dismissal letters to several employees of Château-Feuillet. As of December 31, 2023, numerous claims have been received from the affected individuals challenging the terminations and seeking substantial financial compensation. The Company has recorded a provision of $5,574 thousand for these claims.

In 2022, a provision of $18,000 thousand was recognized at Ferroglobe USA Metallurgical Inc (formerly Globe Metallurgical Inc.) with respect to civil lawsuits arising out of a 2018 incident at its Selma, Alabama, facility in which two employees were injured and one of whom later died. At the time, Ferroglobe USA Metallurgical Inc also recorded an expected reimbursement from the Company’s insurer as other assets for the same amount (see Note 11). In the first quarter of 2023, the Company reached full and final settlements of the lawsuits and all amounts were paid directly by the insurer.

Provisions for third-party liability

Provisions for third-party liability presented as non-current obligations of $10,596 thousand relate to health costs for retired employees (2022: $5,960 thousand) in the Company’s subsidiary, Ferroglobe France.

Provisions for carbon dioxide emissions allowances

As of December 31, 2023 the provision for carbon dioxide emission allowances amounting to $90,471 thousand (2022: $102,756 thousand) corresponds to the obligation to deliver the carbon dioxide allowances at the end of the compliance period.

Provisions for restructuring costs

As of December 31, 2023, the restructuring provision corresponds to the restructuring process in Château-Feuillet facility in France amounting to $15,243 thousand (2022: $21,539 thousand).

Other provisions

Included in other provisions are current obligations arising from past actions that involve a probable outflow of resources that can be reliably estimated. Other provisions include taxes of $5,215 thousand (2022: $1,998 thousand) and $8,285 thousand related to the accrued estimated costs of reclaiming the land after it has been mined for gravel or coal (2022: $7,551 thousand).

15.1 Provisions for pensions

France

The Company maintains a pension plan covering employees of Ferroglobe France, which is accounted for as a defined benefit plan.

These relate to various obligations assumed by our French subsidiaries with various groups of employees related to long-service benefits, medical insurance supplements and retirement obligations, all of which are defined unfunded benefit obligations, whose changes in 2023, 2022 and 2021 were as follows:


	2023	2022	2021
	US$'000	US$'000	US$'000
Obligations at the beginning of year	16,338	25,950	34,496
Service cost	733	(1,159)	1,082
Borrowing costs	596	310	212
Actuarial differences	2,039	(4,821)	(3,003)
Benefits paid	(1,200)	(1,181)	(995)
Exchange differences	616	(1,253)	(2,412)
Others	—	(1,508)	(3,430)
Obligations at the end of year	19,122	16,338	25,950

At December 31, 2023 and 2022 the effect of a 1% change in discount rate would have resulted in a change to the provision of $2,216 thousand and $1,695 thousand, respectively.

The weighted average duration of defined benefit obligation as of December 31, 2023 is 14.2 years (14.9 years in 2022).

Canada

Defined Benefit Retirement and Post-retirement Plans

Quebec Silicon Limited partnership (“QSLP”) sponsors two defined benefit pension plans and postretirement benefit plans for certain employees, based on length of service and remuneration. Post-retirement benefits consist of a group insurance plan covering plan members for life insurance, hospital, medical, and dental benefits. The defined benefit pension plans were closed to new participants effective October 1, 2010. Contributions from participants to the pension plan for union

employees ceased on December 31, 2023, and pension benefit accruals under that plan are calculated based on a reduced rate for service after that date. On December 27, 2013, the Communications, Energy and Paper Workers Union of Canada (“CEP”) ratified a new collective bargaining agreement, which resulted in a curtailment pertaining to the closure of the postretirement benefit plan for union employees retiring after January 31, 2016. The Company’s funding policy has been to fund the pension plans in accordance with the minimum funding requirements of the applicable pension legislation and professional actuarial standards.

The net provision for the defined benefit plan is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets. Estimates are used in determining the assumptions incorporated in the calculation of the pension obligations, which is supported by input from independent actuaries. The defined benefit obligation is calculated annually with the assistance of an independent actuary using the projected unit credit method, which reflects services rendered by employees to the date of valuation, incorporates assumptions concerning employees’ projected salaries and pension increases as well as discount rates of high quality corporate bonds that have terms to maturity approximating the terms of the related liability.

To the extent that the fair value of the plan assets is greater than the present value of the defined benefit obligation as calculated by our independent actuary, the Company accounts for the effect of the asset ceiling test under IAS 19.

Re-measurements of the net defined benefit liability, which comprise actuarial gains and losses and the return on plan assets (excluding interest) are recognized immediately in the consolidated statements of other comprehensive income (loss). Past service costs, including curtailment gains or losses, are recognized immediately in our consolidated income statements within operating profit (loss). Settlement gains or losses are recognized within operating (loss) profit in our consolidated income statements.

Benefit Obligations and Funded Status – The following provides a reconciliation of the benefit obligations, plan assets and funded status of the Canadian plans as of December 31, 2023 and 2022:

2023

2022

Canada

Post-

Pension

retirement

Pension

retirement

Plans

Total

Plans

Total

US$'000

Benefit obligation

20,196

5,742

25,938

18,266

5,497

23,763

Fair value of plan assets

(19,231)

—

(19,231)

(17,777)

—

(17,777)

Provision for pensions

965

5,742

6,707

489

5,497

5,986

All Canadian pension and post-retirement plans are underfunded. At December 31, 2023 and 2022, the accumulated benefit obligation was $20,196 thousand and $18,266 thousand for the defined pension plan and $5,742 thousand and $5,497 thousand for the post-retirement plans, respectively.

The assumptions used to determine benefit obligations as of December 31, 2023 and 2022 for the Canadian plans are as follows:


	Canada - 2023		Canada - 2022
	Pension	Postretirement	Pension	Postretirement
	Plan	Plan	Plan	Plan
Salary increase	2.75% - 3.00%	N/A	2.75% - 3.00%	N/A
Discount rate	4.65%	4.65%	5.25%	5.25%
Mortality	CPM2014-Private Scale CPM-B	CPM2014-Private Scale CPM-B	CPM2014-Private Scale CPM-B	CPM2014-Private Scale CPM-B
Retirement age	58-60	58-60	58-60	58-60

The discount rate used in calculating the present value of our pension plan obligations is developed based on the BPS&M Pension Discount Curve for 2023 and 2022 and the Mercer Proprietary Yield Curve for 2023 and 2022 for QSLP Pension and post-retirement benefit plans and the expected cash flows of the benefit payments.

The Company expects to make discretionary contributions of $601 thousand to the defined benefit pension and post-retirement plans for the year ending December 31, 2024.

The pension plans exposes the Company to the following risks:

(i) Investment risk: The defined benefit obligation is calculated using a discount rate. If the return on plan assets is below this rate, a plan deficit occurs.

(ii) Interest rate risk: Variation in bond rates will affect the value of the defined benefit obligation.

(iii) Inflation risk: The defined benefit obligation is calculated assuming a certain level of inflation. An actual inflation higher than expected will have the effect of increasing the value of the defined benefit obligation.

The accumulated non-pension post-retirement benefit obligation has been determined by application of the provisions of the Company’s health care and life insurance plans including established maximums, relevant actuarial assumptions and health care cost trend rates projected at 5.0% for 2023 and decreasing to an ultimate rate of 4.0% in fiscal 2040. As of December 31, 2023 and 2022, the effect of a 1% increase on the health care cost trend rate on the non-pension post-retirement benefit obligation is $926 thousand and $848 thousand, respectively. As of December 31, 2023 and 2022 the effect of a 1% decrease in health care cost trend rate on the non-pension post-retirement benefit obligation is ($747) thousand and ($689) thousand.

The weighted average duration of defined benefit obligation as of December 31, 2023 is 12.46 years (12.42 years in 2022).

The changes to these obligations in the year ended December 31, 2023 and 2022 were as follows:


	2023			2022
	Canada			Canada
	Pension	Post-retirement		Pension	Post-retirement
	Plans	Plans	Total	Plans	Plans	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Obligations at the beginning of year	18,266	5,497	23,763	25,349	8,569	33,918
Service cost	110	205	315	162	301	463
Borrowing cost	943	287	1,230	773	271	1,044
Actuarial differences	1,449	(185)	1,264	(5,774)	(3,040)	(8,814)
Benefits paid	(985)	(183)	(1,168)	(870)	(162)	(1,032)
Exchange differences	413	121	534	(1,374)	(442)	(1,816)
Obligations at the end of year	20,196	5,742	25,938	18,266	5,497	23,763

The plan assets of the defined benefit and retirement and post-retirement plans in Canada are comprised of assets that have quoted market prices in an active market. The breakdown as of December 31, 2023 and 2022 of the assets by class are:


	2023		2022
Cash	—	%	—	%
Equity Mutual Funds	30	%	31	%
Fixed Income Securities	17	%	14	%
Assets held by insurance company	53	%	55	%
Total	100	%	100	%

For the years ended December 31, 2023 and 2022, the changes in plan assets were as follows:


	2023	2022
	US$'000	US$'000
Fair value of plan assets at the beginning of the year	17,777	22,417
Interest income on assets	927	690
Benefits paid	(985)	(870)
Actuarial return on plan assets	803	(3,496)
Exchange differences	397	(1,269)
Other	312	305
Fair value of plan assets at the end of the year	19,231	17,777

South Africa and Venezuela

The Company also maintains defined benefit plans in South Africa and Venezuela which were not material to the Company for the years ended December 31, 2023 and 2022, respectively.

Tax matters - Statutory tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax matters
Accounting profit/(loss) before income tax	$ 160,667	$ 602,660	$ (119,936)
Statutory tax rate	31.00%	26.00%	19.00%
At weighted statutory tax rate of 31% (2022: 26% and 2021: 19%)	$ 50,557	$ 157,620	$ (22,650)
Non-taxable income/(expenses)	1,429	(5,920)	(11,399)
Differing territorial tax rates	(555)	591	2,603
Adjustments in respect of prior periods	(799)	1,368
Other items	7,558	7,539	27,884
Elimination of effect of interest in joint ventures	(1,451)	(913)	(782)
Other permanent differences	95	159	(673)
Incentives and deductions	827	(11,740)	88
US State taxes	(121)	(721)	367
Income tax expense (benefit)	$ 57,540	$ 147,983	$ (4,562)

Earnings (loss) per ordinary share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Continued And Discontinued Operations [Abstract]
Total Profit (Loss) for the year	$ 98,478	$ 443,828	$ (115,374)
Profit (loss) attributable to the Parent (US$'000)	82,662	440,314	(110,624)
Profit (loss) attributable to non-controlling interests	15,816	3,514	(4,750)
Numerator:
Profit (loss) attributable to the Parent (US$'000)	$ 82,662	$ 440,314	$ (110,624)
Denominator:
Weighted average number of basic shares outstanding	187,872,191	187,815,672	176,508,144
Weighted average number of diluted shares outstanding	187,872,191	187,815,672	176,508,144
Effect of dilutive securities from equity incentive plans	2,417,617	1,809,523
Weighted-average number of shares outstanding - diluted to equity holders	190,289,808	189,625,195	176,508,144
Basic earnings (loss) per ordinary share (U.S.$)	$ 0.44	$ 2.34	$ (0.63)
Diluted earnings (loss) per ordinary share (U.S.$)	$ 0.43	$ 2.32	$ (0.63)

Equity - Changes in non-controlling interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity at beginning of period	$ 756,813	$ 320,031	$ 365,719
(Loss) Profit for the year	15,816	3,514	(4,750)
Dividends paid to joint venture partner			(5,880)
Increase (decrease) through other changes, equity	(350)	40	4,151
Equity at end of period	869,886	756,813	320,031
Noncontrolling interests
Equity at beginning of period	106,751	106,053	114,504
(Loss) Profit for the year	15,816	3,514
Dividends paid to joint venture partner	(1,470)	(3,430)	(5,880)
Translation differences	906	(1,873)
Other	(178)	2,487
Equity at end of period	$ 121,825	$ 106,751	$ 106,053

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Income and expenses

12 Months Ended

Dec. 31, 2023

Income and expenses

Income and expenses

27. Income and expenses

27.1 Sales

Sales by geographical area of our customer locations for the years ended December 31 are as follows:


	2023	2022	2021
	US$'000	US$'000	US$'000
Spain	169,390	282,387	251,528
Germany	276,333	442,331	292,774
Other European Countries	199,789	423,002	383,578
USA	670,854	966,161	515,095
Rest of World	333,668	484,035	335,933
Total	1,650,034	2,597,916	1,778,908

27.2 Raw materials and energy consumption for production

Raw materials and energy consumption for production are comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Purchases of raw materials, supplies and goods	732,661	793,014	581,991
Changes in inventories	83,033	(163,430)	(74,361)
Energy	(28,651)	324,218	351,083
Others	78,556	301,419	325,088
Write-down of raw materials	2,192	12,342	—
Write-down of finished goods	11,495	17,523	1,095
Total	879,286	1,285,086	1,184,896

For the year ended December 31, 2023, the energy cost has been reduced by the ARENH benefit and separate contract received from our French energy provider amounting to $186,211 thousand (See Note 12).

27.3 Other operating income

Other operating income is comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Energy	—	53,802	—
Carbon dioxide emissions allowances	80,316	88,952	103,044
Others	20,676	4,602	7,041
Total	100,992	147,356	110,085

Carbon dioxide emission allowances arise from the difference between the fair value of the allowances granted and the nominal amount paid. The deferred income is recognized as “other operating income” on a systematic basis on the proportion of the carbon dioxide emitted over total carbon dioxide expected to be emitted for the compliance period on the consolidated income statements (see Note 14). During 2023, the Company has recorded an income related to this totaling $80,316 thousand ($88,952 thousand in 2022 and $103,044 thousand in 2021).

As the Company emits carbon dioxide, it recognizes a provision for its obligation to deliver the carbon dioxide emissions allowances at the end of the compliance period. The provision is remeasured and recorded as an expense at the end of each reporting period at historical cost for the emission rights (allowances). Provision for its obligation to deliver the carbon dioxide emissions is presented in the consolidated income statements.

During the year ended December 31, 2023, the Company recognized an income of $10,164 thousand classified within others, related to a contingent consideration resulting from the agreement entered with Kehlen Industries Management, S.L., for the sale of the hydro-electric assets in 2019.

Energy income in 2022 mainly related to the benefit received from our French energy provider to stop production in Q4 2022.

27.4 Staff costs

Staff costs are comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Wages, salaries and similar expenses	220,293	232,880	214,374
Pension plan contributions	7,978	7,977	7,571
Employee benefit costs	77,588	73,953	58,972
Total	305,859	314,810	280,917

Share-based compensation

Equity Incentive Plan

On May 29, 2016, the board of Ferroglobe PLC adopted the Ferroglobe PLC Equity Incentive Plan (the “Plan”) and on June 29, 2016 the Plan was approved by the shareholders of the Company. The Plan is a discretionary benefit offered by Ferroglobe PLC for the benefit of selected senior employees of Ferroglobe PLC and its subsidiaries. The Plan’s main purpose is to reward and foster performance through share ownership. Awards under the plan may be structured either as conditional share awards or options with a $nil exercise price (nil cost options) for awards granted prior to 2021, and with a strike of 0.01 for awards granted since 2021. The awards are subject to a service condition of three years from the date of grant in the case of the options granted in 2017, 2018, 2019, 2022 and 2023, and four years from the date of grant in the case of the options granted in 2020, in each case to the extent that performance conditions are satisfied, and subject to

continued service with the Company, remain exercisable until the tenth anniversary of their grant date. In the case of the options granted in 2021 the options vest on January 1, 2024.

Details of the Plan awards during the current and prior years are as follows:


		Number of awards
Outstanding as of December 31, 2020		3,411,974
Granted during the period		1,307,934
Exercised during the period		(309,462)
Expired/forfeited during the period		(51,010)
Outstanding as of December 31, 2021		4,359,436
Granted during the period		848,710
Exercised during the period		(208,076)
Expired/forfeited during the period		(1,198,364)
Outstanding as of December 31, 2022		3,801,706
Granted during the period		1,044,449
Exercised during the period		(7,986)
Expired/forfeited during the period		(277,576)
Outstanding as of December 31, 2023		4,560,593

Exercisable as of December 31, 2023		336,399

The awards outstanding under the Plan at December 31, 2023 and December 31, 2022 were as follows:


				Fair Value at
Grant Date	Performance Period	Expiration Date	Exercise Price	Grant Date		2023	2022
May 30, 2023	December 31, 2025	May 30, 2033	0.01	$	6.64	1,044,449	—
September 22, 2022	December 31, 2024	September 22, 2032	0.01	$	8.53	571,134	848,710
September 9, 2021	December 31, 2021	September 9, 2031	0.01	$	8.83	1,255,824	1,255,824
December 16, 2020	December 31, 2020	December 16, 2030	nil	$	1.23	1,352,788	1,352,788
March 13, 2019	December 31, 2021	March 13, 2029	nil	$	2.69	129,824	136,682
June 14, 2018	N/A	June 14, 2028	nil	$	9.34	44,650	44,650
March 21, 2018	December 31, 2020	March 21, 2028	nil	$	22.56	51,690	52,819
June 20, 2017	December 31, 2019	June 20, 2027	nil	$	15.90	—	—
June 1, 2017	N/A	June 1, 2027	nil	$	10.96	—	—
June 1, 2017	December 31, 2019	June 1, 2027	nil	$	16.77	77,712	77,712
November 24, 2016	December 31, 2018	November 24, 2026	nil	$	16.66	32,522	32,521
						4,560,593	3,801,706

The awards outstanding as of December 31, 2023 have a weighted average remaining contractual life of 8.52 years (8.33 years in 2022 and 8.37 years in 2021).

The weighted average share price at the date of exercise for stock options exercised in the year ended December 31, 2023 was $4.92 ($6.46 in 2022 and $5.28 in 2021).

As of December 31, 2023, 4,515,944 of the outstanding awards were subject to performance conditions (3,757,056 awards in 2022 and 4,287,828 awards in 2021). For those awards subject to performance conditions, upon completion of the three-year service period, the recipient will receive a number of shares or nil cost options of between 0% and 200% of the above

award numbers, depending on the financial performance of the Company during the performance period. The performance conditions for the shares granted in 2023 can be summarized as follows:

Vesting Conditions

40% based cumulative earnings before interest and tax (EBIT)

40% based on cumulative operational cash flow

20% based on total shareholder return (TSR) relative to a comparator group

There were no performance obligations linked to 44,650 of the outstanding awards at December 31, 2023 (44,650 awards in 2022 and 71,608 awards in 2021). These awards were issued as deferred bonus awards and vested subject to remaining in employment for three years.

Fair Value

The weighted average fair value of the awards granted during the year ended December 31, 2023 was $6.64 ($8.53 and 8.83 in 2021). The Company estimates the fair value of the awards using Stochastic and Black-Scholes option pricing models (Level 3). Where relevant, the expected life used in the model has been adjusted for the remaining time from the date of valuation until options are expected to be received, exercise restrictions (including the probability of meeting market conditions attached to the option), and performance considerations. Expected volatility is calculated over the period commensurate with the remainder of the performance period immediately prior to the date of grant.

The following assumptions were used to estimate the fair value of the awards:


	Grant date
	May 30, 2023			September 22, 2022			September 9, 2021
Grant date share price	$	4.50		$	5.76		$	8.57
Exercise price		0.01			0.01			0.01
Expected volatility		87.7	%		94.28	%		104,75	%
Option life		3.00 years			3.00 years			2.31 years
Dividend yield		—			—			—
Risk-free interest rate		4.13	%		4.12	%		0.28	%
Remaining performance period at grant date (years)		3.00			3.00			2,31
Company TSR at grant date		0,64	%		(27.2)	%		N/A	%
Median comparator group TSR at grant date		10.5			10.5			N/A

The Company’s TSR relative to the median comparator group TSR and median index TSR at grant date may impact the grant date fair value; starting from an advantaged position increases the fair value and starting from a disadvantaged position decreases the fair value.

To model the impact of the TSR performance conditions, we have calculated the volatility of the comparator group using the same method used to calculate the Company’s volatility, using historical data, where available, which matches the length of the remaining performance period grant date.

The Company’s correlation with its comparator group was assessed on the basis of all comparator group correlations, regardless of the degree of correlation, have been incorporated into the valuation model.

For the year ended December 31, 2023, share-based compensation expense related to all non-vested awards amounted to $7,402 thousand, which is recorded in staff costs ($5,836 thousand in 2022 and $3,627 thousand in 2021).

27.5 Other operating expenses

Other operating expenses are comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Carbon dioxide credit	81,870	100,220	129,267
Services of independent professionals	40,687	74,552	40,891
Freight cost	51,415	78,245	56,941
Insurance premiums	15,506	14,963	11,019
Tax	11,280	15,919	12,892
Other operating expenses	69,332	62,353	45,799
Total	270,090	346,252	296,809

27.6 Depreciation and amortization charges

Depreciation and amortization charges are comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Amortization of intangible assets (Note 7)	663	725	7,241
Depreciation of property, plant and equipment (Note 8)	72,869	80,834	90,087
Total	73,532	81,559	97,328

27.7 Finance income and finance costs

Finance income is comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Other finance income	5,422	2,274	253
Total	5,422	2,274	253

Other finance income as of December 31, 2023 is mainly due to the Reinstated Notes repurchases by $1,413 thousand and $1,675 thousand from money market funds.

Finance costs are comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Interest on debt instruments (Note 18)	24,414	40,913	42,579
Interest on loans and bank borrowings (Note 16 and Note 19)	3,794	9,482	12,584
Interest on leases (Note 17)	1,715	1,587	1,100
Interest on note and bill discounting	127	125	88
Other finance costs	8,743	8,908	92,838
Total	38,793	61,015	149,189

Interest on debt instruments has decreased as of December 31, 2023 due to the partial redemption of the Reinstated Notes by $150.0 million in July 2023 (see Note 18).

At the completion of the comprehensive refinancing, the Company recorded a finance cost of $90,800 thousand for the year ended December 31, 2021 (See Note 18).

27.8 Impairment loss (gain)

Impairment loss (gain) is comprised of the following for the years ended December 31:


	2023	2022	2021
	US$'000	US$'000	US$'000
Impairment of intangible assets (Note 7)	—	—	(1,153)
Impairment of property, plant and equipment (Note 8)	(25,768)	(56,999)	1,663
Impairment of non-current financial assets	478	—	(373)
Impairment loss (gain)	(25,290)	(56,999)	137

Segment reporting

12 Months Ended

Dec. 31, 2023

Segment reporting

Segment reporting

5. Segment reporting

The Company’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”) since the role encompasses authority over resource allocation decisions and performance assessment, mainly analyzing performance from the production obtained in the operations. The Company has identified 10 operating segments:

●

Canada – Silicon Metals

●

Canada – Silicon Alloys

●

U.S. – Silicon Metals

●

U.S. - Silicon Alloys

●

Europe – Manganese Alloys

●

Europe – Silicon Metals

●

Europe - Silicon Alloys

●

South Africa – Silicon Metals

●

South Africa – Silicon Alloys; and

●

Other segments

The operating segments described above are those components whose operating results are regularly reviewed by the entity’s CODM to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. This is due to the integrated operations within each region and product family and the ability to reallocate production based on the individual capacity of each plant. Additionally, economic factors that may impact our results of operations, such as currency fluctuations and energy costs, are also assessed at a regional and product level.

The Company’s North America- Silicon Metal and North America – Silicon Alloys reportable segments are the result of the aggregation of the operating segments of the United States and Canada Silicon Metals and the operating segments of the United States and Canada Silicon Alloys. These operating segments have been aggregated as they have similar long-term economic characteristics and there is similarity of competitive and operating risks and the political environment in the United States and Canada. The Europe-Silicon Metals, the Europe-Silicon Alloys, the Europe -Manganese, the South Africa – Silicon Metals and South Africa – Silicon Alloys reportable segments are equal to each related Operating segment.

All other segments that do not meet the quantitative threshold for separate reporting and are deemed to have similar economic characteristics have been grouped as “Other segments”, which mainly includes holding entities in the United Kingdom and our Ferroglobe Advanced Material (formerly Ferrosolar OPCO) subsidiary in Spain.

The consolidated income statements as of December 31, 2023, 2022 and 2021, respectively, by reportable segment, are as follows:


	2023
	North America	North America	Europe	Europe	Europe	South Africa	South Africa		Adjustments/
	Silicon Metal	Silicon Alloys	Manganese	Silicon Metal	Silicon Alloys	Silicon Metal	Silicon Alloys	Other segments	*Eliminations ()**	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Sales	505,472	283,180	277,508	307,230	216,465	50,071	109,684	54,921	(154,497)	1,650,034
Raw materials and energy consumption for production	(313,162)	(165,193)	(183,839)	(103,304)	(108,409)	(44,003)	(82,201)	(35,280)	156,105	(879,286)
Other operating income	6,605	3,896	36,628	40,321	21,149	594	(142)	50,655	(58,714)	100,992
Staff costs	(67,160)	(37,744)	(28,326)	(79,114)	(42,069)	(5,007)	(10,412)	(36,027)	—	(305,859)
Other operating expense	(44,304)	(26,840)	(69,897)	(71,632)	(44,132)	(11,223)	(10,718)	(48,309)	56,965	(270,090)
Depreciation and amortization charges	(32,313)	(15,183)	(7,835)	(6,325)	(3,005)	(1,840)	(4,056)	(2,975)	—	(73,532)
Impairment (loss) gain	(21,008)	—	(1,571)	—	(3,619)	478	—	430	—	(25,290)
Other (loss) gain	(71)	(115)	1	79	47	—	—	30	—	(29)
Operating Profit	34,059	42,001	22,669	87,255	36,427	(10,930)	2,155	(16,555)	(141)	196,940

(*) The amounts correspond to transactions between segments that are eliminated in the consolidation process.


	2022
	North America	North America	Europe	Europe	Europe	South Africa	South Africa		Adjustments/
	Silicon Metal	Silicon Alloys	Manganese	Silicon Metal	Silicon Alloys	Silicon Metal	Silicon Alloys	Other segments	*Eliminations ()**	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Sales	671,290	339,414	701,140	536,753	259,419	17,337	122,262	81,560	(131,259)	2,597,916
Raw materials and energy consumption for production	(305,545)	(68,490)	(541,034)	(241,936)	(139,687)	(9,270)	(65,373)	(46,759)	133,008	(1,285,086)
Other operating income	6,464	122	42,882	76,255	23,622	156	66	59,840	(62,051)	147,356
Staff costs	(61,378)	(41,923)	(28,996)	(81,175)	(50,467)	(1,736)	(11,652)	(37,483)	—	(314,810)
Other operating expense	(33,708)	(37,859)	(111,741)	(99,513)	(33,265)	(2,649)	(13,193)	(74,626)	60,302	(346,252)
Depreciation and amortization charges	(33,708)	(15,135)	(13,005)	(4,605)	(8,086)	(748)	(5,278)	(994)	—	(81,559)
Impairment (loss) gain	—	—	(33,222)	—	(26,028)	5,357	2,408	(5,514)	—	(56,999)
Other (loss) gain	(522)	(126)	(178)	230	82	—	—	495	—	(19)
Operating (loss) profit	242,893	176,003	15,846	186,009	25,590	8,447	29,240	(23,481)	—	660,547

(*) The amounts correspond to transactions between segments that are eliminated in the consolidation process.


	2021
	North America		North America		Europe		Europe		Europe		South Africa		South Africa				Adjustments/
	Silicon Metal		Silicon Alloys		Manganese		Silicon Metal		Silicon Alloys		Silicon Metal		Silicon Alloys		Other segments		*Eliminations ()**	Total
	US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000	US$'000
Sales	370,109		154,699		476,287		437,533		227,804		12,604		104,591		43,568		(48,287)	1,778,908
Raw materials and energy consumption for production	(265,653)		(57,663)		(326,257)		(303,811)		(170,073)		(8,240)		(68,377)		(33,445)		48,623	(1,184,896)
Other operating income	5,089		296		34,142		48,828		16,924		278		485		49,901		(45,858)	110,085
Staff costs	(51,163)		(31,300)		(33,696)		(77,608)		(42,679)		(1,542)		(11,726)		(31,203)		—	(280,917)
Other operating expense	(22,222)		(20,848)		(105,290)		(105,712)		(23,043)		(1,904)		(11,352)		(51,960)		45,522	(296,809)
Depreciation and amortization charges	(40,489)		(15,281)		(18,634)		(7,330)		(9,522)		(546)		(4,535)		(991)		—	(97,328)
Impairment (loss) gain	—		—		(376)		14		(455)		288		2,396		(1,730)		—	137
Other (loss) gain	(347)	—	741	—	—	0	733	—	295	—	—	—	—	—	784	—	—	2,206
Operating (loss) profit	(4,676)		30,644		26,176		(7,353)		(750)		938		11,482		(25,013)		—	31,386

(*) The amounts correspond to transactions between segments that are eliminated in the consolidation process.

Other disclosures

Sales by product line

Sales by major product line are as follows:


	Year Ended December 31,
	2023	2022	2021
	US$'000	US$'000	US$'000
Silicon metal	722,226	1,116,193	637,695
Manganese-based alloys	259,197	525,483	469,138
Ferrosilicon	330,946	561,539	337,833
Other silicon-based alloys	159,441	192,409	161,750
Silica fume	33,804	32,290	32,409
Other	144,420	170,002	140,083
Total	1,650,034	2,597,916	1,778,908

Information about major customers

Total sales of $840,705 thousand, $1,322,724 thousand, and $870,039 thousand were attributable to the Company’s top 10 customers in 2023, 2022, and 2021 respectively. During 2023, 2022, and 2021 sales corresponding to Dow Silicones Corporation represented 17.0%, 16.8% and 12.2%, respectively of the Company’s sales. Sales to Dow Silicones Corporation are included partially in the North America – Silicon Metal segment and partially in the Europe - Silicon Metal segment. Accounts receivables from Dow Silicones Corporation as of December 31, 2023 and 2022 are $29,161 thousand and $10,612 thousand, respectively.

Non-current assets by geographical area

The non-current assets (as defined in IFRS 8) by geographical area are as follows:


	Year ended December 31,
	2023	2022
	US$´000	US$´000
United Kingdom	462	946
United States of America	213,663	231,565
Europe
Spain	151,200	109,759
France	151,880	133,684
Other European Countries	57,739	55,835
Total non-current assets in Europe	360,819	299,278
Rest of the World	138,105	132,094
Total	713,049	663,883

Segment reporting - Sales by product line (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of products and services [abstract]
Sales	$ 1,650,034	$ 2,597,916	$ 1,778,908
Silicon Metal Product Line
Disclosure of products and services [abstract]
Sales	722,226	1,116,193	637,695
Manganese Alloys Product Line
Disclosure of products and services [abstract]
Sales	259,197	525,483	469,138
Ferrosilicon Product Line
Disclosure of products and services [abstract]
Sales	330,946	561,539	337,833
Other Silicon Based Alloys Product Line
Disclosure of products and services [abstract]
Sales	159,441	192,409	161,750
Silica Fume Product Line
Disclosure of products and services [abstract]
Sales	33,804	32,290	32,409
Other Product Lines
Disclosure of products and services [abstract]
Sales	$ 144,420	$ 170,002	$ 140,083

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment reporting

Schedule of consolidated statements of income and financial position by reportable segment


	2023
	North America	North America	Europe	Europe	Europe	South Africa	South Africa		Adjustments/
	Silicon Metal	Silicon Alloys	Manganese	Silicon Metal	Silicon Alloys	Silicon Metal	Silicon Alloys	Other segments	*Eliminations ()**	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Sales	505,472	283,180	277,508	307,230	216,465	50,071	109,684	54,921	(154,497)	1,650,034
Raw materials and energy consumption for production	(313,162)	(165,193)	(183,839)	(103,304)	(108,409)	(44,003)	(82,201)	(35,280)	156,105	(879,286)
Other operating income	6,605	3,896	36,628	40,321	21,149	594	(142)	50,655	(58,714)	100,992
Staff costs	(67,160)	(37,744)	(28,326)	(79,114)	(42,069)	(5,007)	(10,412)	(36,027)	—	(305,859)
Other operating expense	(44,304)	(26,840)	(69,897)	(71,632)	(44,132)	(11,223)	(10,718)	(48,309)	56,965	(270,090)
Depreciation and amortization charges	(32,313)	(15,183)	(7,835)	(6,325)	(3,005)	(1,840)	(4,056)	(2,975)	—	(73,532)
Impairment (loss) gain	(21,008)	—	(1,571)	—	(3,619)	478	—	430	—	(25,290)
Other (loss) gain	(71)	(115)	1	79	47	—	—	30	—	(29)
Operating Profit	34,059	42,001	22,669	87,255	36,427	(10,930)	2,155	(16,555)	(141)	196,940

(*) The amounts correspond to transactions between segments that are eliminated in the consolidation process.


	2022
	North America	North America	Europe	Europe	Europe	South Africa	South Africa		Adjustments/
	Silicon Metal	Silicon Alloys	Manganese	Silicon Metal	Silicon Alloys	Silicon Metal	Silicon Alloys	Other segments	*Eliminations ()**	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Sales	671,290	339,414	701,140	536,753	259,419	17,337	122,262	81,560	(131,259)	2,597,916
Raw materials and energy consumption for production	(305,545)	(68,490)	(541,034)	(241,936)	(139,687)	(9,270)	(65,373)	(46,759)	133,008	(1,285,086)
Other operating income	6,464	122	42,882	76,255	23,622	156	66	59,840	(62,051)	147,356
Staff costs	(61,378)	(41,923)	(28,996)	(81,175)	(50,467)	(1,736)	(11,652)	(37,483)	—	(314,810)
Other operating expense	(33,708)	(37,859)	(111,741)	(99,513)	(33,265)	(2,649)	(13,193)	(74,626)	60,302	(346,252)
Depreciation and amortization charges	(33,708)	(15,135)	(13,005)	(4,605)	(8,086)	(748)	(5,278)	(994)	—	(81,559)
Impairment (loss) gain	—	—	(33,222)	—	(26,028)	5,357	2,408	(5,514)	—	(56,999)
Other (loss) gain	(522)	(126)	(178)	230	82	—	—	495	—	(19)
Operating (loss) profit	242,893	176,003	15,846	186,009	25,590	8,447	29,240	(23,481)	—	660,547

(*) The amounts correspond to transactions between segments that are eliminated in the consolidation process.


	2021
	North America		North America		Europe		Europe		Europe		South Africa		South Africa				Adjustments/
	Silicon Metal		Silicon Alloys		Manganese		Silicon Metal		Silicon Alloys		Silicon Metal		Silicon Alloys		Other segments		*Eliminations ()**	Total
	US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000		US$'000	US$'000
Sales	370,109		154,699		476,287		437,533		227,804		12,604		104,591		43,568		(48,287)	1,778,908
Raw materials and energy consumption for production	(265,653)		(57,663)		(326,257)		(303,811)		(170,073)		(8,240)		(68,377)		(33,445)		48,623	(1,184,896)
Other operating income	5,089		296		34,142		48,828		16,924		278		485		49,901		(45,858)	110,085
Staff costs	(51,163)		(31,300)		(33,696)		(77,608)		(42,679)		(1,542)		(11,726)		(31,203)		—	(280,917)
Other operating expense	(22,222)		(20,848)		(105,290)		(105,712)		(23,043)		(1,904)		(11,352)		(51,960)		45,522	(296,809)
Depreciation and amortization charges	(40,489)		(15,281)		(18,634)		(7,330)		(9,522)		(546)		(4,535)		(991)		—	(97,328)
Impairment (loss) gain	—		—		(376)		14		(455)		288		2,396		(1,730)		—	137
Other (loss) gain	(347)	—	741	—	—	0	733	—	295	—	—	—	—	—	784	—	—	2,206
Operating (loss) profit	(4,676)		30,644		26,176		(7,353)		(750)		938		11,482		(25,013)		—	31,386

(*) The amounts correspond to transactions between segments that are eliminated in the consolidation process.

Schedule of sales by product line


	Year Ended December 31,
	2023	2022	2021
	US$'000	US$'000	US$'000
Silicon metal	722,226	1,116,193	637,695
Manganese-based alloys	259,197	525,483	469,138
Ferrosilicon	330,946	561,539	337,833
Other silicon-based alloys	159,441	192,409	161,750
Silica fume	33,804	32,290	32,409
Other	144,420	170,002	140,083
Total	1,650,034	2,597,916	1,778,908

Schedule of non-current assets by geographical area


	Year ended December 31,
	2023	2022
	US$´000	US$´000
United Kingdom	462	946
United States of America	213,663	231,565
Europe
Spain	151,200	109,759
France	151,880	133,684
Other European Countries	57,739	55,835
Total non-current assets in Europe	360,819	299,278
Rest of the World	138,105	132,094
Total	713,049	663,883

CONSOLIDATED INCOME STATEMENTS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED INCOME STATEMENTS
Energy consumption credit	$ 28,651	$ (324,218)	$ (351,083)

Provisions - Provisions for CO2 Emissions Allowances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other provisions [abstract]
Provisions	$ 142,727	$ 167,451	$ 157,165
Provisions for C02 emissions allowances [Member]
Other provisions [abstract]
Provisions	$ 90,471	$ 102,756	$ 110,246

Debt instruments (Details) - USD ($)						12 Months Ended
Debt instruments (Details) - USD ($)	Jul. 31, 2023	Jun. 30, 2023	Jul. 21, 2022	Jul. 30, 2021	May 17, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2023	Jul. 29, 2023	Jun. 30, 2022	Dec. 31, 2017	Feb. 15, 2017
Debt Instruments
Financial assets						$ 472,116,000	$ 766,881,000
Accrued coupon interest						5,805,000	13,569,000
Amount due for settlement within 12 months						5,765,000	12,787,000
Amount due for settlement after 12 months						149,015,000	330,655,000
Total debt instruments						154,780,000	343,442,000
Refinancing charge								$ 90,800,000
Debt repurchase price per share									$ 1.02
Proceeds from borrowings						432,274,000	898,586,000	659,083,000
Finance costs						$ 38,793,000	$ 61,015,000	149,189,000
Notes in Restructuring [member]
Debt Instruments
Refinancing charge								90,800,000
Advisory fees								31,700,000
Work Fee								51,600,000
Ordinary shares [member]
Debt Instruments
Par value per share						$ 0.01	$ 0.01
Ordinary shares [member] \| Notes in Restructuring [member]
Debt Instruments
Proceeds from issuing shares								$ 40,000,000
Secured Super Senior Notes [Member] \| Financial assets at amortised cost, class [member]
Debt Instruments
Notes receivable						$ 995,000	$ 19,048,000
Accrued Coupon Interest [Member] \| Financial assets at amortised cost, class [member]
Debt Instruments
Notes receivable						40,000	783,000
Senior Notes due 2022
Debt Instruments
Principal amount												$ 350,000,000	$ 350,000,000
Fixed Interest Rate								9.375%				9.375%	9.375%
Senior Notes due 2022 \| Notes in Restructuring [member]
Debt Instruments
Exchange percentage								98.60%
Secured Reinstated Senior Notes [Member]
Debt Instruments
Fixed Interest Rate				9.375%
Exchange percentage				98.588%
Debt repurchase amount						27,390,000			$ 2,000,000
Accrued Interest On Senior Notes Repurchased.						$ 256,000			$ 31,000		$ 641,000
Par value per share									$ 0.497
Cash fee				$ 51,611,000
Conversion Price				1,000
Senior Secured Notes due in 2025 [Member]
Debt Instruments
Fixed Interest Rate		9.375%
Potential redemption of notes as a percentage of aggregate principal amount	102.3475%
Debt repurchase amount	$ 150,000,000.0										$ 19,048,000
Accrued Interest On Senior Notes Repurchased.	$ 14,000,000.0
Debt repurchase price per share											$ 1.01
Percentage of Repurchase						101.00%
Percentage of guarantor coverage test						90.00%
Outstanding upfront fees capitalized				$ 1,000,000
Proceeds from settlement of Senior Notes Owned By The Company		$ 46,438,000
Senior Secured Notes due in 2025 [Member] \| At fair value
Debt Instruments
Debt repurchase, face amount											$ 19,121,000,000
Senior Secured Notes due in 2025 [Member] \| At fair value \| Level 1 of fair value hierarchy
Debt Instruments
Financial liabilities						$ 152,598,000
Senior Secured Notes due in 2025 [Member] \| Notes in Restructuring [member]
Debt Instruments
Fixed Interest Rate								9.375%
Effective interest rate				9.096%
Refinancing adjustment				$ 6,462,000
Conversion Price								$ 1,000
Senior Secured Notes due in 2025 [Member] \| Ordinary shares [member] \| Notes in Restructuring [member]
Debt Instruments
Proceeds from issuing shares								51,611,000
Senior Secured Notes due in 2025 [Member] \| Ferroglobe PLC and Globe [Member]
Debt Instruments
Fixed Interest Rate						9.375%
Super Senior Notes due in 2025 [Member]
Debt Instruments
Potential redemption of notes as a percentage of aggregate principal amount			100.00%
Debt repurchase amount						$ 150,000,000.0
Finance costs			$ 6,000,000.0
Super Senior Notes due in 2025 [Member] \| Notes in Restructuring [member]
Debt Instruments
Principal amount								$ 60,000,000
Fixed Interest Rate								9.00%
Super Senior Notes due in 2025 [Member] \| Ferroglobe Finance Company, PLC [Member]
Debt Instruments
Principal amount					$ 60,000,000					$ 60,000,000
Fixed Interest Rate					9.00%
Proceeds from borrowings					$ 40,000,000
Financial liabilities at amortised cost, category [member] \| Secured Reinstated Senior Notes [Member]
Debt Instruments
Notes issued						$ 150,010,000	$ 349,704,000
Maximum \| Senior Secured Notes due in 2025 [Member]
Debt Instruments
Debt repurchase price per share						$ 1.025
Minimum \| Senior Secured Notes due in 2025 [Member]
Debt Instruments
Debt repurchase price per share						$ 1.015

Provisions - Employee obligations - Canada Provisions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
North America
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Discretionary contributions to the defined benefit pension and postretirement plans	$ 601
CANADA
Reconciliation Of Benefit Obligation Plan Assets And Funded Status [Abstract]
Benefit obligation	$ 25,938	$ 23,763	$ 33,918
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Weighted average duration of defined benefit obligation	12 years 5 months	12 years 5 months
CANADA \| Underfunded
Reconciliation Of Benefit Obligation Plan Assets And Funded Status [Abstract]
Benefit obligation	$ 25,938	$ 23,763
Fair value of plan assets	(19,231)	(17,777)
Provisions for pensions	$ 6,707	5,986
CANADA \| Actuarial assumption of medical cost trend rates [member]
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Health care cost trend rate	5.00%
CANADA \| Pension Plans
Reconciliation Of Benefit Obligation Plan Assets And Funded Status [Abstract]
Benefit obligation	$ 20,196	$ 18,266	25,349
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Discount rate	4.65%	5.25%
CANADA \| Pension Plans \| Underfunded
Reconciliation Of Benefit Obligation Plan Assets And Funded Status [Abstract]
Benefit obligation	$ 20,196	$ 18,266
Fair value of plan assets	(19,231)	(17,777)
Provisions for pensions	965	489
CANADA \| Post Retirement Plans
Reconciliation Of Benefit Obligation Plan Assets And Funded Status [Abstract]
Benefit obligation	$ 5,742	$ 5,497	$ 8,569
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Discount rate	4.65%	5.25%
CANADA \| Post Retirement Plans \| Underfunded
Reconciliation Of Benefit Obligation Plan Assets And Funded Status [Abstract]
Benefit obligation	$ 5,742	$ 5,497
Provisions for pensions	$ 5,742	$ 5,497
CANADA \| Post Retirement Plans \| Actuarial assumption of medical cost trend rates [member]
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Percentage of reasonably possible increase in actuarial assumption	1.00%	1.00%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 926	$ 848
Percentage of reasonably possible decrease in actuarial assumption	1.00%	1.00%
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ (747)	$ (689)
Minimum \| CANADA \| Pension Plans
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Salary increase	2.75%	2.75%
Retirement age	58 years	58 years
Minimum \| CANADA \| Post Retirement Plans
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Retirement age	58 years	58 years
Maximum \| CANADA \| Pension Plans
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Salary increase	3.00%	3.00%
Retirement age	60 years	60 years
Maximum \| CANADA \| Post Retirement Plans
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Retirement age	60 years	60 years
Later Than fifteen Years And Not Later Than Sixteen Years [Member] \| Actuarial assumption of medical cost trend rates [member]
Actuarial Assumptions Used To Calculate Defined Benefit Obligation [Abstract]
Health care cost trend rate	4.00%
Quebec Silicon Limited Partnership \| CANADA
Disclosure of defined benefit plans [line items]
Number of defined benefit plans sponsored \| plan	2

Accounting policies (Details) - USD ($) $ in Thousands	12 Months Ended
Accounting policies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Useful lives
Cash and cash equivalents in subsidiaries subject to credit agreement restrictions	$ 90,955	$ 253,085
Minimum \| Leased Land And Buildings [Member]
Useful lives
Years of estimated useful life - Leases.	5 years
Minimum \| Leased Plant And Machinery [Member]
Useful lives
Years of estimated useful life - Leases.	1 year
Maximum \| Leased Land And Buildings [Member]
Useful lives
Years of estimated useful life - Leases.	50 years
Maximum \| Leased Plant And Machinery [Member]
Useful lives
Years of estimated useful life - Leases.	37 years
Capitalised development expenditure \| Minimum
Disclosure of intangible assets material to entity [abstract]
Amortisation period of intangible assets	4 years
Capitalised development expenditure \| Maximum
Disclosure of intangible assets material to entity [abstract]
Amortisation period of intangible assets	10 years
Rights of use \| Minimum
Disclosure of intangible assets material to entity [abstract]
Amortisation period of intangible assets	10 years
Rights of use \| Maximum
Disclosure of intangible assets material to entity [abstract]
Amortisation period of intangible assets	20 years
Computer software \| Minimum
Disclosure of intangible assets material to entity [abstract]
Amortisation period of intangible assets	2 years
Computer software \| Maximum
Disclosure of intangible assets material to entity [abstract]
Amortisation period of intangible assets	5 years
Buildings \| Minimum
Useful lives
Years of Estimated Useful Life	25 years
Buildings \| Maximum
Useful lives
Years of Estimated Useful Life	50 years
Plant and machinery \| Minimum
Useful lives
Years of Estimated Useful Life	8 years
Plant and machinery \| Maximum
Useful lives
Years of Estimated Useful Life	20 years
Tools \| Minimum
Useful lives
Years of Estimated Useful Life	12 years 6 months
Tools \| Maximum
Useful lives
Years of Estimated Useful Life	15 years
Furniture and fixtures \| Minimum
Useful lives
Years of Estimated Useful Life	10 years
Furniture and fixtures \| Maximum
Useful lives
Years of Estimated Useful Life	15 years
Computer hardware \| Minimum
Useful lives
Years of Estimated Useful Life	4 years
Computer hardware \| Maximum
Useful lives
Years of Estimated Useful Life	8 years
Transport equipment \| Minimum
Useful lives
Years of Estimated Useful Life	10 years
Transport equipment \| Maximum
Useful lives
Years of Estimated Useful Life	15 years

Other obligations (Tables)

12 Months Ended

Dec. 31, 2023

Other obligations

Summary of other obligation


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Payable to non-current asset suppliers	336	9,791	10,127	183	4,149	4,332
Guarantees and deposits	14	330	344	12	235	247
Contingent consideration	1,353	379	1,732	3,893	1,945	5,838
Tolling agreement liability	34,180	3,683	37,863	33,414	3,251	36,665
Total	35,883	14,183	50,066	37,502	9,580	47,082

Summary of roll-forward of lease obligation


		2023
		US$'000
Balance at January 1,		36,665
Additions		—
Disposals and other		—
Interest		3,484
Lease payments		(3,604)
Exchange differences		1,318
Balance at December 31,		37,863

Provisions - Environmental, litigation in progress and third-party liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) employee	Dec. 31, 2023 USD ($)
Other provisions [abstract]
Non-current provisions	$ 22,124	$ 19,970
Current provisions	145,327	122,757
Environmental rehabilitation
Other provisions [abstract]
Non-current provisions	168	174
Current provisions	1,396	1,909
Provision for Litigation
Other provisions [abstract]
Current provisions	$ 5,574
Provision for Litigation \| Globe Metallurgical Inc
Other provisions [abstract]
Number of employees impacted \| employee	2
Current provisions	$ 18,000
Provision for Litigation \| FerroPem, S.A.S.
Other provisions [abstract]
Current provisions	955	611
Provisions for third-party liability
Other provisions [abstract]
Non-current provisions	$ 5,960	$ 10,596

Guarantee commitments to third parties and contingent liabilities (Details) € in Thousands, $ in Thousands		1 Months Ended					3 Months Ended	12 Months Ended
	Nov. 06, 2023 USD ($)	Aug. 31, 2023 item	Jan. 31, 2023 USD ($)	Jan. 31, 2023 EUR (€)	Feb. 28, 2021 USD ($)	Feb. 28, 2021 EUR (€)	Mar. 31, 2023 USD ($) employee	Dec. 31, 2023 USD ($) case	Dec. 31, 2022 USD ($) employee
Guarantee commitments to third parties and other contingent assets and liabilities
Bank guarantees commitments to third parties								$ 7,249	$ 7,905
Statutory maximum penalty per day per violation of standard provisions	$ 2,639
Provision for Litigation \| Globe Metallurgical Inc
Guarantee commitments to third parties and other contingent assets and liabilities
Number of employees impacted \| employee									2
Stamp Tax Litigation
Guarantee commitments to third parties and other contingent assets and liabilities
Loss contingency tax reassessment					$ 1,600	€ 1,400
Tax penalty amount voided			$ 663	€ 600
Asbestos-related claims
Guarantee commitments to third parties and other contingent assets and liabilities
Accrued amount								$ 611	$ 955
Number of employees \| employee									100
Loss contingency claims settled percentage									3.00%
Number of grave cases \| case								3
Other environment related contingent liability
Guarantee commitments to third parties and other contingent assets and liabilities
Number of notices of violations \| item		2
Globe Metallurgical Selma, Alabama, Facility Litigation
Guarantee commitments to third parties and other contingent assets and liabilities
Number of employees impacted \| employee							2
Insurance settled and paid for claims							$ 18,000

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

17. Leases

Lease obligations

Lease obligations as at December 31 are as follows:

2023

2022

Non-

Current

Total

Current

Total

US$'000

Other leases

20,304

8,083

28,387

12,942

8,929

21,871

Total

20,304

8,083

28,387

12,942

8,929

21,871

As of December 31, 2023 and 2022, Ferroglobe holds short-term leases and low-value leases for which it has elected to recognize right-of-use assets and lease liabilities. Each lease is reflected in the statement of financial position as a right-of-use asset and a lease liability.

Except for the tolling agreement liability discussed in Note 22, the Company has not recorded any expense relating to variable lease payments, for the years ended December 31, 2023, 2022 and 2021, respectively.

The detail, by maturity, of the future payment obligations under leases as of December 31, 2023 is as follows:



		Lease payments
2024		8,083
2025		5,226
2026		3,111
2027		2,563
2028		2,087
2029 and after		7,317
Total		28,387

A rollforward of our lease obligations for the year ended December 31, 2023 and 2022 is as follows:


	2023	2022
	US$'000	US$'000
Balance at January 1,	(21,871)	(18,358)
Additions	(16,707)	(14,979)
Disposals and other	946	713
Interest	(1,715)	(1,587)
Lease payments	11,363	11,590
Exchange differences	(403)	750
Balance at December 31,	(28,387)	(21,871)

Lease liabilities were discounted at the average incremental borrowing rate of 7.4%.

Leases are presented as follows in the consolidated statements of financial position:


	2023	2022
	US$'000	US$'000
Non-current assets (Note 8)
Leased land and buildings	26,071	21,245
Leased plant and machinery	41,314	31,358
Accumulated depreciation	(42,540)	(34,622)

Non-current liabilities
Lease liabilities	(20,304)	(12,942)

Current liabilities
Lease liabilities	(8,083)	(8,929)

Leases are presented as follows in the consolidated income statement:


	2023	2022
	US$'000	US$'000
Depreciation and amortization charges
Depreciation of right-of-use assets	7,918	4,767

Finance costs
Interest expense on lease liabilities	1,715	1,587

Exchange differences
Currency translation losses on lease liabilities	(403)	750
Currency translation gains on right-of-use assets	(69)	(812)

Leases are presented as follows in the consolidated statements of cash flows:


	2023	2022
	US$'000	US$'000
Payments for:
Principal	9,648	10,003
Interest	1,715	1,587

The Company has also identified an embedded lease with respect to its tolling agreement related to the Cee-Dumbría ferroalloys manufacturing plant as described further in Note 22.

Deferred income

12 Months Ended

Dec. 31, 2023

Deferred income.

Deferred income

14. Deferred income

Deferred income comprises the following as at December 31:


	2023	2022
	US$'000	US$'000
Carbon dioxide emissions allowances	24,965	—
Government grants	2,015	3,842
Total	26,980	3,842

Carbon dioxide emission allowances arise from the difference between the fair value of the allowances granted and the nominal amount paid. The deferred income is recognized as “other operating income” on a systematic basis on the proportion of the carbon dioxide emitted over total carbon dioxide expected to be emitted for the compliance period on the consolidated income statements (see Note 27.3). As of December 2023, the deferred income related to Carbon dioxide emission allowances increased as actual emissions were lower than the allowance received.

Government grants are recognized on a systematic basis over the periods in which the Company expects to recognize the related expenses for which the grants are intended to compensate.

Other obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other obligations
Payable to non-current asset suppliers - Non-Current	$ 336	$ 183
Payable to non-current asset suppliers - Current	9,791	4,149
Payable to non-current asset suppliers	10,127	4,332
Guarantees and deposits - Non-Current	14	12
Guarantees and deposits - Current	330	235
Guarantees and deposits	344	247
Contingent consideration - Non -Current	1,353	3,893
Contingent consideration - Current	379	1,945
Contingent consideration	1,732	5,838
Tolling agreement liability - Non - Current	34,180	33,414
Tolling agreement liability - Current	3,683	3,251
Tolling agreement liability	37,863	36,665
Other obligations, Non-Current	35,883	37,502
Other obligations, Current	14,183	9,580
Other obligations	$ 50,066	$ 47,082

Organization and Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2023

Organization and Subsidiaries

Schedule of subsidiaries by business activity


	Percentage of Ownership
	Direct	Total	Reporting Segment	Registered
ARL Services, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Core Metals Group Holdings, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Cuarzos Industriales de Venezuela, S.A.	—	100.0	Other segments	Venezuela
Emix, S.A.S.	—	100.0	Other segments	France
Ferroatlántica de México, S.A. de C.V.	—	100.0	Other segments	Nueva León - Mexico
Ferroatlántica de Venezuela (FerroVen), S.A.	—	99.9	Other segments	Venezuela
Ferroatlántica Deutschland, GmbH	—	100.0	Other segments	Germany
Ferroatlántica do Brasil Mineraçao Ltda.	—	70.0	Other segments	Brazil
Ferroglobe Advanced Materials II, S.L.	—	100.0	Other segments	Spain
Ferroglobe Advanced Materials, S.L. (formerly Ferrosolar OPCO Group S.L. )	—	100.0	Other segments	Spain
Ferroglobe Argentina, S.R.L (formerly Globe Metales S.R.L)	—	100.0	Other segments	Argentina
Ferroglobe Canada ULC (formerly QSIP Canada ULC )	—	100.0	North America – Silicon Metal	Canada
Ferroglobe Corporate Services, S.L.U. (formerly Grupo FerroAtlántica de Servicios, S.L.U.)	—	100.0	Other segments	Madrid - Spain
Ferroglobe Cuarzos Industriales Mining, S.A.U. (formerly Cuarzos Industriales, S.A.U.)	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Ferroglobe de Participaciones, S.L.U.	—	100.0	Other segments	Madrid - Spain
Ferroglobe Finance Company, PLC	—	100.0	Other segments	United Kingdom
Ferroglobe France SAS (formerly FerroPem, S.A.S.)	—	100.0	Europe – Silicon Metal and Alloys	France
Ferroglobe Holding Company, LTD	100	100.0	Other segments	United Kingdom
Ferroglobe Innovation, S.L.	—	100.0	Other segments	Spain
Ferroglobe Mangan Norge A.S.	—	100.0	Europe – Manganese	Norway
Ferroglobe Manganese France S.A.S.	—	100.0	Europe – Manganese	France
Ferroglobe Monzón, S.L. (formerly Ferroatlántica del Cinca, S.L.)	—	99.9	Europe – Manganese	Madrid - Spain
Ferroglobe Netherlands, B.V. (formerly GSM Netherlands, B.V.)	—	100.0	Other segments	Netherlands
Ferroglobe RAMSA Mining, S.A. (formerly Rocas, Arcillas y Minerales, S.A.)	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Ferroglobe South Africa (Pty) Ltd (formerly Silicon Smelters (Pty.), Ltd.)	—	100.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Ferroglobe Spain Metals, S.A.U. (formerly Grupo FerroAtlántica, S.A.U.)	—	100.0	Europe – Manganese and Silicon Metal	Madrid - Spain
Ferroglobe U.S.A Alloys I, Inc (formerly GSM Alloys I, Inc.)	—	100.0	North America – Silicon Metal	Delaware - U.S.A
Ferroglobe U.S.A ARLR, LLC (formerly ARL Resources, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A BG, LLC (formerly Globe BG, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Bridgeport, LLC (formerly Tennessee Alloys Company, LLC)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A ECPI, Inc. (formerly ECPI, Inc.)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A Financial, Inc. (formerly GSM Financial, Inc.)	—	100.0	Other segments	Delaware - U.S.A
Ferroglobe U.S.A GBG Financial (formerly GBG Financial LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A LF Resources, Inc (formerly LF Resources, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A LFR, IN (formerly Laurel Ford Resources, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Metallurgical, Inc. (formerly Globe Metallurgical Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Metals, LLC. (formerly Core Metals Group, LLC)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A Mining Sales, LLC (formerly Alden Sales Corporation, LLC )	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Mining Services, LLC (formerly Gatliff Services, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Mining, LLC (formerly Alden Resources, LLC)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A MPM, LLC (formerly Metallurgical Process Materials, LLC)	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Ferroglobe U.S.A Quartz, Inc. (formerly Alabama Sand and Gravel, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Ferroglobe U.S.A Sales, Inc. (formerly GSM Sales, Inc.)	—	100.0	North America – Silicon Metal	Delaware - U.S.A
Ferroglobe U.S.A, Inc (formerly Globe Specialty Metals, Inc.)	—	100.0	Other segments	Delaware - U.S.A
Ferroglobe USA Silica Fume Sales, Inc. (formerly Norchem, Inc.)	—	100.0	North America – Silicon Metal and Alloys	Florida - U.S.A
FerroManganese Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferroquartz Holdings, Ltd. (Hong Kong)	—	100.0	Other segments	Hong Kong
FerroQuartz Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferrosolar R&D S.L.	—	50.0	Other segments	Spain
FerroTambao, S.A.R.L.	—	90.0	Other segments	Burkina Faso
GBG Holdings, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe Metals Enterprises, Inc.	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
GSM Alloys II, Inc. (formerly Ferroglobe U.S.A Alloys II, Inc.)	—	100.0	North America – Silicon Metal	Delaware - U.S.A
GSM Enterprises Holdings, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GSM Enterprises, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Kintuck (France) S.A.S.	—	100.0	Europe – Manganese	France
Kintuck A.S.	—	100.0	Europe – Manganese	Norway
Mangshi FerroAtlántica Mining Industry Service Company Limited	—	100.0	Other segments	Mangshi, Dehong -Yunnan -China
Ningxia Yonvey Coal Industrial Co., Ltd.	—	98.0	Other segments	China
Quebec Silicon General Partner	—	51.0	North America – Silicon Metal	Canada
Quebec Silicon Limited Partnership	—	51.0	North America – Silicon Metal	Canada
Rebone Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Silicon Technology (Pty.), Ltd.	—	100.0	South Africa – Silicon Metal and Alloys	South Africa
Solsil, Inc.	—	92.4	Other segments	Delaware - U.S.A
Thaba Chueu Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Ultracore Energy S.A.	—	100.0	Other segments	Argentina
West Virginia Alloys, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
WVA Manufacturing, LLC	—	51.0	North America – Silicon Metal	Delaware - U.S.A

2022 Subsidiaries


	Percentage of Ownership
	Direct	Total	Reporting Segment	Registered
Alabama Sand and Gravel, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Alden Resources, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Alden Sales Corporation, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
ARL Resources, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
ARL Services, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Core Metals Group Holdings, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Core Metals Group, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
ECPI, Inc.	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Gatliff Services, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe BG, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GBG Financial LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GBG Holdings, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe Metallurgical Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Globe Metals Enterprises, Inc.	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
GSM Alloys I, Inc.	—	100.0	North America – Silicon Metal	Delaware - U.S.A
GSM Alloys II, Inc.	—	100.0	North America – Silicon Metal	Delaware - U.S.A
GSM Enterprises Holdings, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GSM Enterprises, LLC	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
GSM Sales, Inc.	—	100.0	North America – Silicon Metal	Delaware - U.S.A
Laurel Ford Resources, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
LF Resources, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
Metallurgical Process Materials, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
Norchem, Inc.	—	100.0	North America – Silicon Metal and Alloys	Florida - U.S.A
QSIP Canada ULC	—	100.0	North America – Silicon Metal	Canada
Quebec Silicon General Partner	—	51.0	North America – Silicon Metal	Canada
Quebec Silicon Limited Partnership	—	51.0	North America – Silicon Metal	Canada
Tennessee Alloys Company, LLC	—	100.0	North America – Silicon Alloys	Delaware - U.S.A
West Virginia Alloys, Inc.	—	100.0	North America – Silicon Metal and Alloys	Delaware - U.S.A
WVA Manufacturing, LLC	—	51.0	North America – Silicon Metal	Delaware - U.S.A
Cuarzos Industriales, S.A.U.	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Ferroatlántica del Cinca, S.L.	—	99.9	Europe – Manganese	Madrid - Spain
Ferroglobe Mangan Norge A.S.	—	100.0	Europe – Manganese	Norway
Ferroglobe Manganese France S.A.S.	—	100.0	Europe – Manganese	France
FerroPem, S.A.S.	—	100.0	Europe – Silicon Metal and Alloys	France
Grupo FerroAtlántica, S.A.U.	—	100.0	Europe – Manganese and Silicon Metal	Madrid - Spain
Grupo FerroAtlántica de Servicios, S.L.U.	—	100.0	Other segments	Madrid - Spain
Kintuck (France) S.A.S.	—	100.0	Europe – Manganese	France
Kintuck A.S.	—	100.0	Europe – Manganese	Norway
Rocas, Arcillas y Minerales, S.A.	—	100.0	Europe – Silicon Metal and Alloys	A Coruña - Spain
Rebone Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Silicon Smelters (Pty.), Ltd.	—	100.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Silicon Technology (Pty.), Ltd.	—	100.0	South Africa – Silicon Metal and Alloys	South Africa
Thaba Chueu Mining (Pty.), Ltd.	—	74.0	South Africa – Silicon Metal and Alloys	Polokwane - South Africa
Cuarzos Industriales de Venezuela, S.A.	—	100.0	Other segments	Venezuela
Emix, S.A.S.	—	100.0	Other segments	France
Ferroatlántica de México, S.A. de C.V.	—	100.0	Other segments	Nueva León - Mexico
Ferroatlántica de Venezuela (FerroVen), S.A.	—	99.9	Other segments	Venezuela
Ferroatlántica Deutschland, GmbH	—	100.0	Other segments	Germany
Ferroatlántica do Brasil Mineraçao Ltda.	—	70.0	Other segments	Brazil
Ferroglobe Holding Company, LTD	100	100.0	Other segments	United Kingdom
Ferroglobe Finance Company, PLC	—	100.0	Other segments	United Kingdom
FerroManganese Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferroquartz Holdings, Ltd. (Hong Kong)	—	100.0	Other segments	Hong Kong
FerroQuartz Mauritania S.A.R.L.	—	90.0	Other segments	Mauritania
Ferrosolar OPCO Group S.L.	—	100.0	Other segments	Spain
Ferrosolar R&D S.L.	—	50.0	Other segments	Spain
FerroTambao, S.A.R.L.	—	90.0	Other segments	Burkina Faso
Globe Metales S.R.L.	—	100.0	Other segments	Argentina
Globe Specialty Metals, Inc.	—	100.0	Other segments	Delaware - U.S.A
GSM Financial, Inc.	—	100.0	Other segments	Delaware - U.S.A
GSM Netherlands, B.V.	—	100.0	Other segments	Netherlands
Hidroelectricité de Saint Beron, S.A.S.	—	100.0	Other segments	France
Mangshi FerroAtlántica Mining Industry Service Company Limited	—	100.0	Other segments	Mangshi, Dehong -Yunnan -China
Ningxia Yonvey Coal Industrial Co., Ltd.	—	98.0	Other segments	China
Photosil Industries, S.A.S.	—	100.0	Other segments	France
Ferroglobe Innovation, S.L.U	—	100.0	Other segments	Spain
Solsil, Inc.	—	92.4	Other segments	Delaware - U.S.A
Ultracore Energy S.A.	—	100.0	Other segments	Argentina

Income and expenses - Depreciation and Amortization charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation and amortization charges, operating allowances and write-downs
Amortization of intangible assets	$ 663	$ 725	$ 7,241
Depreciation of property, plant and equipment	72,869	80,834	90,087
Depreciation and amortization charges, operating allowances and write-downs	$ 73,532	$ 81,559	$ 97,328

Fair value measurement

12 Months Ended

Dec. 31, 2023

Fair value measurement

Fair value measurement

30. Fair value measurement

Fair value of assets and liabilities that are measured at fair value on a recurring basis

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities that are carried at fair value in the statement of financial position:


	December 31, 2023
		Quoted prices in active markets	Significant observable inputs	Significant unobservable inputs
	Total	(Level 1)	(Level 2)	(Level 3)
	US$'000	US$'000	US$'000	US$'000
Other financial assets (Note 9):
Listed equity securities	1,080	1,080	—	—
Other financial liabilities (Note 20):
Derivative financial assets - PPA	7,413	—	7,413	—
Derivative financial liabilities - PPA	(699)	—	(699)	—
Other obligations (Note 22):
Contingent consideration in a business combination	(1,732)	—	—	(1,732)


	December 31, 2022
		Quoted prices in active markets	Significant observable inputs	Significant unobservable inputs
	Total	(Level 1)	(Level 2)	(Level 3)
	US$'000	US$'000	US$'000	US$'000
Other financial assets (Note 9):
Listed equity securities	936	936	—	—
Other obligations (Note 22):
Contingent consideration in a business combination	(5,838)	—	—	(5,838)

A reconciliation of the beginning and ending balances of all liabilities at fair value on recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, presented as follows:


		Total
Fair value at December 31, 2020		(16,632)
Changes in fair value through profit or loss		(13,168)
Payments		3,273
Fair value at December 31, 2021		(26,527)
Changes in fair value through profit or loss		1,758
Payments		18,931
Fair value at December 31, 2022		(5,838)
Changes in fair value through profit or loss		(717)
Payments		4,823
Fair value at December 31, 2023		(1,732)

Accounting policies

12 Months Ended

Dec. 31, 2023

Accounting policies.

Accounting policies

4. Accounting policies

The principle IFRS accounting policies described below were applied in preparing these consolidated financial statements.

4.1 Goodwill

4.2 Intangible assets

Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually or more frequently when circumstances indicate that the carrying value may not be recoverable.

The Company’s intangible assets with definite useful lives are as follows:

Development expenditures

Expenditures on research activities are recognized as expenses in the years in which they are incurred.

Power supply agreements

Power supply agreements at rates below market acquired in business combinations are amortized on a straight-line basis over the term in which the agreement is effective.

Rights of use

Computer software

Computer system maintenance costs are recognized as expenses in the years in which they are incurred.

The Company’s other intangible assets with indefinite useful lives are as follows:

Carbon dioxide emissions allowances

4.3 Property, plant and equipment

Cost

Property, plant and equipment in the course of construction are transferred to property, plant and equipment in use at the end of the related development period.

Depreciation

The Company depreciates property, plant and equipment using the straight-line method at annual rates based on the following years of estimated useful life:


		Years of
		Estimated
		Useful
		Life
Buildings		25-50
Plant and machinery		8-20
Tools		12.5-15
Other fixtures and furniture		10-15
Computer hardware		4-8
Transport equipment		10-15

Depreciation begins when the asset is ready for its intended use.

Environment

4.4 Impairment of goodwill and long-lived assets (property, plant and equipment, intangible assets, right-of-use assets)

Recoverable amount is the higher of:

●

Fair value less costs of disposal: the price that would be agreed upon by two independent parties, less estimated costs to sell; and

●

The basis for depreciation is the carrying amount of the assets, deemed to be the acquisition cost less any accumulated impairment losses.

4.5 Financial instruments

Financial assets

Financial assets measured at fair value through profit or loss.

Financial assets measured at amortized cost

Derecognition of financial assets

The Company derecognizes a financial asset when:

●

the rights to receive cash flows from the asset have expired; or

●

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

Impairment of financial assets

Accounts receivable factoring

Cash flows from factoring with recourse of accounts receivable are classified as financing cash flows within the consolidated statements of cash flows.

Cash flows from factoring without recourse of accounts receivable are classified as operating cash flows within the consolidated statements of cash flows.

Financial liabilities

The subsequent measurement of financial liabilities depends on their classification, as described below:

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at amortized cost

Derecognition of financial liabilities

4.6 Derivative financial instruments and hedging activities

The Company’s derivative financial instruments are detailed in Note 20 to these consolidated financial statements and the Company’s financial risk management policies are detailed in Note 29.

Hedge accounting

The Company designates certain derivatives as cash flow hedges. For further details, see Note 20.

•

there is an economic relationship between the hedged item and the hedging instrument;

•

the effect of credit risk does not dominate the value changes that result from that economic relationship; and

•

4.7 Fair value measurement

●

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

●

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

●

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For those assets and liabilities measured at fair value at the balance sheet date, further information on fair value measurement is provided in Note 30.

4.8 Inventories

Inventories comprise assets (goods) which:

●

Are held for sale in the ordinary course of business (finished goods); or

●

Are in the process of production for such sale (work in progress); or

●

Will be consumed in the production process or in the rendering of services (raw materials and spare parts).

Inventories are stated at the lower of cost and net realizable value. The cost of each inventory item is generally calculated as follows:

●

Raw materials, spare parts and other consumables and replacement parts: the lower of weighted average acquisition cost and net realizable value.

●

Obsolete, defective or slow-moving inventories have been reduced to net realizable value.

Net realizable value is the estimated selling price less all the estimated costs of selling and distribution.

4.9 Raw materials and energy consumption for production

Raw materials and energy consumption for production comprise raw materials, energy, other direct costs, inventory write-downs and changes in inventory.

4.10 Cash and cash equivalents

4.11 Restricted cash and cash equivalents

As discussed in Note 31, certain of the Company´s credit agreements restrict the transfer of assets in the form of loans or

4.12 Provisions and contingencies

When preparing the consolidated financial statements, the Company distinguishes between:

●

Defined contribution plans

Certain employees have defined contribution plans which are applicable to local regulations. The main features of these plans are as follows:

●

They are mixed plans covering the benefits for retirement, disability and death of the participants.

●

The sponsor undertakes to make monthly contributions of certain percentages of current employees’ salaries to external pension funds.

The annual cost of these plans is recognized within “Staff costs” on the consolidated income statements.

Defined benefit plans

IAS 19 Employee Benefits requires defined benefit plans to be accounted for:

●

Using actuarial techniques to make a reliable estimate of the amount of benefits that employees have earned in return for their service in the current and prior periods;

●

Discounting those benefits in order to determine the present value of the obligation;

●

Determining the fair value of any plan assets; and

●

Determining the total amount of actuarial gains and losses and the amount of those actuarial gains and losses that must be recognized.

The amount recognized as a benefit liability arising from a defined benefit plan is the total net result of:

●

The present value of the obligations.

●

Minus the fair value of plan assets (if any) out of which the obligations are to be settled directly.

Environmental provisions

4.13 Leases

The Company recognizes a right-of-use asset and a lease liability at the commencement date.

The estimated lease term by right-of-use asset categories are as follows:


		Years of
		Estimated
		Useful
		Life
Leased Land and Buildings		5-50
Leased Plant and Machinery		1-37

4.14 Current assets and liabilities

4.15 Income taxes

4.16 Foreign currency transactions

Foreign currency transactions are initially recognized in the functional currency of the subsidiary by applying the exchange rates prevailing at the date of the transaction.

Subsequently, at each reporting date, assets and liabilities denominated in foreign currencies are translated to dollars at the rates prevailing on that date.

Any exchange differences arising on settlement or translation at the closing rates of monetary items are recognized in the consolidated income statements for the related years.

4.17 Revenue recognition

●

The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the goods or service.

●

The customer has a present obligation to pay in accordance with the terms of the sales contract.

●

The customer has legal title to the asset. The Company may retain legal title until payment is received but this is for credit risk purposes only.

●

4.18 Expense recognition

Expenses are recognized on an accrual basis, i.e. when the actual flow of the related goods and services occurs, regardless of when the resulting monetary or financial flow arises.

4.19 Grants

4.20 Termination benefits

4.21 Carbon dioxide emission allowances

Sale of emission rights

4.22 Share-based compensation

4.23 Other income

Dividend income from investments is recognized when the shareholders’ right to receive the payment is established.

4.24 Assets and disposal groups classified as held for sale, liabilities associated with assets held for sale and discontinued operations

Liabilities associated with non-current assets held for sale include the balances payable arising from the assets held for sale or disposal groups and from discontinued operations.

4.25 Consolidated statements of cash flows

The following terms are used in the consolidated statements of cash flows, prepared using the indirect method, with the meanings specified as follows:

Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are subject to an insignificant risk of changes in value.

Operating activities: activities constituting the object of the subsidiaries forming part of the consolidated Company and other activities that are not investing or financing activities.

Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.

Other liabilities

12 Months Ended

Dec. 31, 2023

Other liabilities

Other liabilities

23. Other liabilities

Other liabilities comprise the following at December 31:


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Remuneration payable	—	63,091	63,091	—	55,791	55,791
Tax payables	—	27,960	27,960	—	37,628	37,628
Other liabilities	199	10,152	10,351	12	11,113	11,125
Total	199	101,203	101,402	12	104,532	104,544

Tax payables

Tax payables comprise the following at December 31:


	As of year ended December 31
	2023	2022
	US$'000	US$'000
VAT	17,384	20,905
Accrued social security taxes payable	6,444	6,195
Personal income tax withholding payable	927	896
Other	3,205	9,632
Total	27,960	37,628

Derivative financial instruments - Purchase Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
PPA Adelanta
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	$ 1,065,826
PPA Adelanta \| Not later than one year
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	54,857
PPA Adelanta \| Later than one year and not later than two years
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	92,913
PPA Adelanta \| Later Than Two Years No Later Than Five Years [Member]]
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	361,000
PPA Adelanta \| Later than five years
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	557,056
PPA EnergyaVM
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	105,750
PPA EnergyaVM \| Not later than one year
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	30,750
PPA EnergyaVM \| Later than one year and not later than two years
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	30,000
PPA EnergyaVM \| Later Than Two Years No Later Than Five Years [Member]]
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Purchase commitments	$ 45,000

Related party transactions and balances (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 22, 2022 GWh	Jan. 31, 2021	Dec. 31, 2023 USD ($) € / MWh	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2023 € / MWh
Related party transactions and balances
Receivables, Non-Current			$ 1,658	$ 1,600
Receivables, Current			2,772	2,675
Payables, Current			2,429	1,790
Raw materials and energy consumption for production			35,962	132,717	$ 132,566
Other Operating Expenses			$ 1,193	3,367	4,930
PPA EnergyaVM \| Cash flow hedges
Related party transactions and balances
Fixed Energy Price \| € / MWh						77
Power Purchase Agreement (PPA)
Related party transactions and balances
Power supplied per agreement \| GWh	65
Period for commencement of operation of the plants	10 years
Percentage of total power consumption of the Sabon plant	10.00%
Maximum \| Power Purchase Agreement (PPA)
Related party transactions and balances
Fixed Energy Price \| € / MWh			77
Inmobiliaria Espacio, S.A.
Related party transactions and balances
Receivables, Current			$ 2,772	2,675
Related party transaction loan maturity term			1 year
Inmobiliaria Espacio, S.A. \| EURIBOR
Related party transactions and balances
Applicable margin (as a percent)			2.75%
Villar Mir Energia, S.L.U.
Related party transactions and balances
Receivables, Non-Current				1,600
Receivables, Current				10
Raw materials and energy consumption for production				128,211	132,566
Expenses Income Related Party Transactions			$ (18)
Other Operating Expenses			$ 1	1,612	1,365
Villar Mir Energia, S.L.U. \| Grupo FerroAtlantica, S.A.U
Related party transactions and balances
Term of contract			1 year
Renewed term		2 years
Additional Renewal extension term		1 year
Contract termination notice period		30 days
Espacio Information Technology, S.A.U.
Related party transactions and balances
Payables, Current				1,800
Other Operating Expenses				1,008	3,266
Energya VM Gestion, S.L
Related party transactions and balances
Raw materials and energy consumption for production			$ 35,980	4,506
Other Operating Expenses			1,137	646	120
Energya VM Gestion de la Energia, S.L.
Related party transactions and balances
Receivables, Non-Current			1,658
Payables, Current			2,429
Aurinka
Related party transactions and balances
Other Operating Expenses					111
Other related parties
Related party transactions and balances
Other Operating Expenses			$ 55	$ 101	$ 68

Financial assets and other receivables - Other financial assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Other financial assets	$ 19,792	$ 14,186
Other current financial assets	2	3
Other total financial assets held with third parties	19,794	14,189
Bank borrowings	46,548	77,833
Federal Grant received	1,179	2,875
Other financial assets
Disclosure of financial assets [line items]
Other total financial assets held with third parties	9,909
NMTC Program
Disclosure of financial assets [line items]
Amount allocated for reactivation		13,230
Amortized cost \| Other financial assets
Disclosure of financial assets [line items]
Other financial assets	12,992	13,253
Other total financial assets held with third parties	12,992	13,253
Amortized cost \| Other financial assets \| FerroPem SAS
Disclosure of financial assets [line items]
Deposits given to the French government	$ 3,024	2,770
Period for return of deposits	20 years
Fair value through other comprehensive income - designated \| Equity securities
Disclosure of financial assets [line items]
Other financial assets	$ 1,078
Equity securities		933
Other current financial assets	2	3
Other total financial assets held with third parties	1,080	$ 936
Fair value through profit or loss - mandatorily measured \| Derivative financial instruments
Disclosure of financial assets [line items]
Other financial assets	5,722
Other total financial assets held with third parties	$ 5,722

Provisions - Restructuring costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
Provisions	$ 142,727	$ 167,451	$ 157,165
Restructuring provision [member]
Disclosure of other provisions [line items]
Provisions	$ 15,243	$ 21,539	$ 22,350

Equity

12 Months Ended

Dec. 31, 2023

Equity Abstract

Equity

12. Equity

Share capital

Ordinary shares are classified in equity in the consolidated statements of financial position. Each time a share premium is paid to the Company for an issued share, the respective share premium is allocated to the share premium account.

The Company has not distributed dividends to shareholders of the Parent nor engaged in a formal buyback program as of December 31, 2023. One of the companies in partnership with a non-controlling interest, WVA Manufacturing, LLC, distributed earnings to the non-controlling interest totaling $1,470 and $3,430 thousand, classified as cash flow from operating activities, for the years ended December 31, 2023 and 2022, respectively.

In October 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 Company’s ordinary shares, by which 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. The company has cumulatively sold 186,053 ordinary shares with net proceeds of $1.4 million through December 31 2023).

As of December 31, 2023, there were 188,882,316 ordinary shares in issue with a par value of $0.01, for a total issued share capital of $1,962 thousand, (2022: 188,882,316 ordinary shares in issue with a par value of $0.01, for a total issued share capital of $1,962 thousand). The Company held 1,440,787 ordinary shares in treasury (2022: 1,448,773). In addition to the issued ordinary shares, the Company has authorized but unissued shares of 17,425,391 as of December 31, 2023.

As of December 31, 2023, the Company’s largest shareholders are as follows:


	Number of Shares	Percentage of
Name	Beneficially Owned	*Outstanding Shares ()**
Grupo Villar Mir, S.A.U.	75,265,434	40.1	%
Cooper Creek Partners Management LLC	12,986,178	6.9	%
Wolf Hill Capital Management, L.P.	10,313,097	5.5	%
Others	90,317,607	47.5	%
Shares in Treasury	(1,440,787)
Total ordinary shares outstanding	187,441,529	100.0	%
(*) 187,441,529 ordinary shares were outstanding at 31 December 2023, comprising 188,882,316 shares in issue less 1,440,787 shares held in treasury

Valuation adjustments

Valuation adjustments comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Actuarial gains	5,292	12,817
Hedging instruments	2,329	—
Deferred tax income (loss) (See Note 24)	733	(2,082)
Total	8,354	10,735

Changes in actuarial gain and losses are due to remeasurements of the net defined benefit liability, see Note 15.

Capital management

The Company’s primary objective is to maintain a balanced and sustainable capital structure through the industry’s economic cycles, while keeping the cost of capital at competitive levels so as to fund the Company’s growth. The main sources of financing are as follows:

cash flows from operations;

bank borrowings, including asset-based lending facility;

debt instruments, including the Reinstated Senior Notes due 2025; and

factoring and forfaiting of receivables.

Non-controlling interests

The changes in non-controlling interests in the consolidated statements of financial position as of December 31, 2023 and 2022 were as follows:


		Balance
		US$'000
Balance at January 1, 2022		106,053
Profit for the year		3,514
Dividends paid		(3,430)
Translation differences		(1,873)
Other		2,487
Balance at December 31, 2022		106,751
Profit for the year		15,816
Dividends paid		(1,470)
Translation differences		906
Other		(178)
Balance at December 31, 2023		121,825

WVA Manufacturing, LLC (WVA) was formed on October 28, 2009 as a wholly-owned subsidiary of Globe. On November 5, 2009, Globe sold a 49% membership interest in WVA to Dow Corning Corporation (Dow), an unrelated third party. As part of the sale, the companies established an operating and output and supply agreement. The output and supply agreement states that of the silicon metal produced by WVA, 49% will be sold to Dow and 51% to Ferroglobe USA (formerly Globe), which represents each member’s ownership interest, at a price equal to WVA’s actual production cost plus $100 per metric ton. The agreement will automatically terminate upon the dissolution or liquidation of WVA in accordance with the partnership agreement between Ferroglobe USA (Globe) and Dow. As of December 31, 2023 and 2022, the balance of non-controlling interest related to WVA was $68,020 thousand and $62,630 thousand, respectively.

Quebec Silicon Limited Partnership (QSLP), formed under the laws of the Province of Québec on August 20, 2010, is managed by its general partner, Quebec Silicon General Partner Inc., which is 51% property of Globe. QSLP owns and operates the silicon metal operations in Bécancour, Québec. QSLP’s production output is subject to a supply agreement, which sells 51% of the production output to Ferroglobe USA (Globe) and 49% to Dow. These sales align with each member’s ownership interest, at a price equal to QSLP’s actual production cost plus 250 Canadian dollars per metric ton. As of December 31, 2023 and 2022, the balance of non-controlling interest related to QSLP was $50,786 thousand and $39,023 thousand, respectively.

Despite the fact that we have the majority holding in each entity, we have exercised judgement in assessing whether we control the entities. The judgement is based on a detailed review of the shareholder and partnership agreements between us and Dow and the output and supply agreements, the composition of the Boards and Operating Committees of the entities together with voting rights and protocols, how decisions over the relevant activities are made in the context of the contractual arrangements and whether certain rights granted to Dow are substantive or protective in nature. On balance,

we have concluded that we have control of these entities. Consequently, we continue to consolidate the results and net assets of these entities and show Dow’s interests as a non-controlling interest in the consolidated financial statements.

The following table summarizes the information relating to each of these subsidiaries, before any intra-group eliminations:


	2023		2022		2021
	WVA	QSLP	WVA	QSLP	WVA	QSLP
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Statements of Financial Position
Non-current assets	87,698	39,543	78,992	64,291	83,176	63,088
Current assets	71,329	68,073	86,847	53,830	73,883	46,186
Non-current liabilities	6,660	11,908	7,108	18,719	8,654	19,005
Current liabilities	26,770	26,378	53,680	21,201	43,577	14,671
Income Statements
Sales	211,118	148,313	187,854	102,865	165,660	89,446
Operating profit	13,513	22,151	8,306	2,897	(4,871)	2,093
Profit before taxes	13,513	21,561	8,155	2,195	(5,062)	1,237
Net (loss) income	5,466	10,679	3,075	1,015	(3,362)	613
Cash Flow Statements
Cash flows from operating activities	18,712	31,000	(5,934)	(10,037)	11,981	8,997
Cash flows from investing activities	(13,107)	(6,725)	(8,304)	(1,525)	(3,893)	(4,956)
Cash flows from financing activities	—	—	—	905	—	—
Exchange differences on cash and cash equivalents in foreign currencies	—	—	—	10	—	31
Beginning balance of cash and cash equivalents	21,122	5,949	35,360	16,596	27,272	12,524
Ending balance of cash and cash equivalents	26,727	30,224	21,122	5,949	35,360	16,596

Provisions - Changes (Details) - USD ($) $ in Thousands	12 Months Ended
Provisions - Changes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	$ 167,451	$ 157,165
Charges for the year	97,039	152,900
Provisions reversed with a credit to income	(6,373)	(3,964)
Amounts used	(123,537)	(127,019)
Provision against equity	4,367
Transfers from/(to) other accounts		(2,176)
Exchange differences and others	3,780	(9,455)
Balance at end of period	142,727	167,451
Environment provision [member]
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	1,564	3,695
Charges for the year	1,292	13
Amounts used	(727)	(345)
Transfers from/(to) other accounts		(1,510)
Exchange differences and others	(46)	(289)
Balance at end of period	2,083	1,564
Provisions for litigation [member]
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	23,142	1,952
Charges for the year	7,142	22,134
Provisions reversed with a credit to income	(487)	(48)
Amounts used	(22,029)	(798)
Exchange differences and others	145	(98)
Balance at end of period	7,913	23,142
Provisions for third-party liability
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	5,960	8,905
Charges for the year	267	454
Amounts used	(215)	(2,863)
Provision against equity	4,367
Exchange differences and others	217	(536)
Balance at end of period	10,596	5,960
Provisions for C02 emissions allowances [Member]
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	102,756	110,246
Charges for the year	81,424	114,185
Provisions reversed with a credit to income	(3,036)	(2,435)
Amounts used	(93,471)	(112,485)
Exchange differences and others	2,798	(6,755)
Balance at end of period	90,471	102,756
Provision for restructuring cost
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	21,539	22,350
Charges for the year		9,092
Provisions reversed with a credit to income		(591)
Amounts used	(6,977)	(8,012)
Exchange differences and others	681	(1,300)
Balance at end of period	15,243	21,539
Other provisions [member]
Reconciliation of changes in other provisions [abstract]
Balance at beginning of period	12,490	10,017
Charges for the year	6,914	7,022
Provisions reversed with a credit to income	(2,850)	(890)
Amounts used	(118)	(2,516)
Transfers from/(to) other accounts		(666)
Exchange differences and others	(15)	(477)
Balance at end of period	$ 16,421	$ 12,490

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Goodwill	$ 29,702	$ 29,702
Intangible assets	138,345	111,797
Property, plant and equipment	501,396	486,247
Other financial assets	19,792	14,186
Deferred tax assets	8,760	7,136
Receivables from related parties	1,658	1,600
Other non-current assets	22,156	18,218
Restricted cash and cash equivalents.		2,133
Total non-current assets	721,809	671,019
Current assets
Inventories	383,841	500,080
Trade and other receivables	310,243	425,474
Receivables from related parties	2,772	2,675
Current income tax assets	15,977	6,104
Other financial assets	2	3
Other current assets	186,477	30,608
Assets and disposal groups classified as held for sale		1,067
Restricted cash and cash equivalents	1,179	2,875
Cash and cash equivalents	136,470	317,935
Total current assets	1,036,961	1,286,821
Total assets	1,758,770	1,957,840
Equity.
Share capital	1,962	1,962
Share Premium	86,220	86,220
Reserves	800,662	353,454
Translation differences	(231,799)	(242,623)
Valuation adjustments	8,354	10,735
Result attributable to the Parent	82,662	440,314
Equity attributable to owners of parent	748,061	650,062
Non-controlling interests	121,825	106,751
Total equity	869,886	756,813
Non-current liabilities
Deferred income	26,980	3,842
Provisions	19,970	22,124
Provisions for pensions	29,805	25,546
Bank borrowings	14,913	15,774
Lease liabilities	20,304	12,942
Debt instruments	149,015	330,655
Other financial liabilities	65,231	38,279
Other obligations	35,883	37,502
Other non-current liabilities	199	12
Deferred tax liabilities	32,582	35,854
Total non-current liabilities	394,882	522,530
Current liabilities
Provisions	122,757	145,327
Provisions for pensions	169	180
Bank borrowings	31,635	62,059
Lease liabilities	8,083	8,929
Debt instruments	5,765	12,787
Other financial liabilities	16,052	60,382
Payables to related parties	2,429	1,790
Trade and other payables	183,375	219,666
Current income tax liabilities	8,351	53,234
Other obligations	14,183	9,580
Other current liabilities	101,203	104,563
Total current liabilities	494,002	678,497
Total equity and liabilities	$ 1,758,770	$ 1,957,840

Equity - Valuation adjustments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity Abstract
Actuarial gains and losses	$ 5,292	$ 12,817
Hedging instruments and other	2,329
Deferred Tax Income	733	(2,082)
Valuation adjustments	$ 8,354	$ 10,735

Earnings (loss) per ordinary share

12 Months Ended

Dec. 31, 2023

Earnings (loss) per ordinary share

Earnings (loss) per ordinary share

13. Earnings (loss) per ordinary share

Basic earnings (loss) per ordinary share are calculated by dividing the consolidated profit (loss) for the year attributable to the Parent by the weighted average number of ordinary shares outstanding during the year, excluding the average number of treasury shares held in the year. Dilutive earnings (loss) per share assumes the exercise of stock options, provided that the effect is dilutive.


	2023	2022	2021
Basic profit (loss) per share (EPS)
Numerator:
Profit (Loss) for the year attributable to the Parent	82,662	440,314	(110,624)
Denominator:
Weighted-average number of shares outstanding to equity holders	187,872,191	187,815,672	176,508,144
Basic profit (loss) for the period attributable to equity holders	0.44	2.34	(0.63)

Diluted profit (loss) per share (EPS)
Numerator:
Profit (Loss) for the year attributable to the Parent	82,662	440,314	(110,624)
Denominator:
Weighted-average number of shares outstanding to equity holders	187,872,191	187,815,672	176,508,144
Effect of dilutive securities from equity incentive plans	2,417,617	1,809,523	—
Weighted-average number of shares outstanding - diluted to equity holders	190,289,808	189,625,195	176,508,144
Diluted profit (loss) for the period attributable to equity holders	0.43	2.32	(0.63)

In periods for which we have a loss, basic net loss per share is the same as diluted net loss per share. We have excluded from our calculation of diluted loss per share all potentially dilutive in-the-money equity awards, which would have been anti-dilutive. The weighted-average number of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	2023	2022	2021
Equity based awards issued and outstanding (in-the-money)	—	—	4,359,436

No potential ordinary shares were excluded from the calculation of diluted earnings (loss) per ordinary share because their effect would be anti-dilutive in 2023 and 2022. Potential ordinary shares of 4,359,436 were excluded from the calculation in 2021 for this reason.

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair value measurement

Schedule of assets and liabilities measured at fair value


	December 31, 2023
		Quoted prices in active markets	Significant observable inputs	Significant unobservable inputs
	Total	(Level 1)	(Level 2)	(Level 3)
	US$'000	US$'000	US$'000	US$'000
Other financial assets (Note 9):
Listed equity securities	1,080	1,080	—	—
Other financial liabilities (Note 20):
Derivative financial assets - PPA	7,413	—	7,413	—
Derivative financial liabilities - PPA	(699)	—	(699)	—
Other obligations (Note 22):
Contingent consideration in a business combination	(1,732)	—	—	(1,732)


	December 31, 2022
		Quoted prices in active markets	Significant observable inputs	Significant unobservable inputs
	Total	(Level 1)	(Level 2)	(Level 3)
	US$'000	US$'000	US$'000	US$'000
Other financial assets (Note 9):
Listed equity securities	936	936	—	—
Other obligations (Note 22):
Contingent consideration in a business combination	(5,838)	—	—	(5,838)

Schedule of changes fair value on recurring basis using significant unobservable inputs Level 3


		Total
Fair value at December 31, 2020		(16,632)
Changes in fair value through profit or loss		(13,168)
Payments		3,273
Fair value at December 31, 2021		(26,527)
Changes in fair value through profit or loss		1,758
Payments		18,931
Fair value at December 31, 2022		(5,838)
Changes in fair value through profit or loss		(717)
Payments		4,823
Fair value at December 31, 2023		(1,732)

Schedule I - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit (loss) [abstract]
Other operating income	$ 100,992	$ 147,356	$ 110,085
Staff costs	(305,859)	(314,810)	(280,917)
Other operating expense	(270,090)	(346,252)	(296,809)
Depreciation and amortization charges	(73,532)	(81,559)	(97,328)
Finance income	5,422	2,274	253
Finance costs	(38,793)	(61,015)	(149,189)
Exchange differences	(7,551)	(9,995)	(2,386)
Impairment loss (gain)	25,290	56,999	(137)
(Loss) before tax	156,018	591,811	(119,936)
Income tax (expense) benefit	(57,540)	(147,983)	4,562
Total Profit (Loss) for the year	98,478	443,828	(115,374)
Separate
Profit (loss) [abstract]
Other operating income	28,799	41,816	32,037
Staff costs		(5,864)	(4,983)
Other operating expense	(36,221)	(51,864)	(36,859)
Depreciation and amortization charges	(123)	(104)	(109)
Finance income	31,982	4,029	77,232
Finance costs	(19,638)	(26,444)	(96,581)
Exchange differences	86	(2,005)	(15,227)
Impairment loss (gain)	429
(Loss) before tax	5,314	(40,436)	(44,490)
Income tax (expense) benefit	115
Total Profit (Loss) for the year	$ 5,429	$ (40,436)	$ (44,490)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Total Profit (Loss) for the year	$ 98,478	$ 443,828	$ (115,374)
Items that will not be reclassified subsequently to income or loss:
Remeasurement (losses) gains on defined-benefit obligations	(5,620)	9,779	2,566
Tax effect	1,500	(2,082)	139
Total income and expense that will not be reclassified subsequently to income or loss	(4,120)	7,697	2,705
Items that may be reclassified subsequently to income or loss:
Cash flow hedge accounting	2,245
Translation differences	11,730	(17,178)	(20,393)
Tax effect	(767)
Total income and expense that may be reclassified subsequently to income or loss	13,208	(17,178)	(20,393)
Items that have been reclassified to income or loss in the period:
Cash flow hedge accounting	83		(922)
Total items that have been reclassified to profit (loss)	83		(922)
Other comprehensive Profit (loss) for the year, net of income tax	9,171	(9,481)	(18,610)
Total comprehensive Profit (loss) for the year	107,649	434,347	(133,984)
Total comprehensive Profit (loss) attributable to the Parent	91,105	430,219	(131,413)
Total comprehensive Profit (loss) attributable to non-controlling interests	$ 16,544	$ 4,128	$ (2,571)

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Dec. 31, 2022
Document and Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-37668
Entity Registrant Name	Ferroglobe PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	13 Chesterfield Street
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	W1J 5JN
Title of 12(b) Security	Ordinary Shares (nominal value of $0.01)
Trading Symbol	GSM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Document Accounting Standard	International Financial Reporting Standards
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	187,885,093
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001639877
ICFR Auditor Attestation Flag	true
Document Fin Statement Error Correction Flag	false
Amendment Flag	false
Auditor Name	KPMG Auditores, S.L	Deloitte, S.L.
Auditor Firm ID	1027	1223
Auditor Location	Madrid, Spain	Madrid, Spain
Business Contact
Document and Entity Information [Line Items]
Entity Address, Address Line One	13 Chesterfield Street
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	W1J 5JN
City Area Code	750
Local Phone Number	130‑8322
Contact Personnel Name	Beatriz García-Cos,

Derivative financial instruments (Details) - Cash flow hedges $ in Thousands	1 Months Ended
	Aug. 31, 2023 € / MWh agreement tranche	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($) € / MWh
PPA Adelanta
Derivative financial instruments
Positive fair value of derivative financial instrument \| $		$ 7,413
Initial fair value of derivative financial instrument \| $		3,109	1,815
Negative fair value of derivative financial instrument \| $		$ 699
PPA Adelanta \| First tranche from March 2024 to June 2025
Derivative financial instruments
Number of purchase price agreements \| agreement	4
Number of tranches \| tranche	2
Fixed Energy Price \| € / MWh	75
PPA Adelanta \| Second tranche till June 2033
Derivative financial instruments
Fixed Energy Price \| € / MWh	52
PPA EnergyaVM
Derivative financial instruments
Fixed Energy Price \| € / MWh			77

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of lease obligations

Lease obligations as at December 31 are as follows:

2023

2022

Non-

Current

Total

Current

Total

US$'000

Other leases

20,304

8,083

28,387

12,942

8,929

21,871

Total

20,304

8,083

28,387

12,942

8,929

21,871

Schedule of non-current payment obligations under leases by maturity

The detail, by maturity, of the future payment obligations under leases as of December 31, 2023 is as follows:



		Lease payments
2024		8,083
2025		5,226
2026		3,111
2027		2,563
2028		2,087
2029 and after		7,317
Total		28,387

Schedule of effect on components of consolidated financial statements


	2023	2022
	US$'000	US$'000
Balance at January 1,	(21,871)	(18,358)
Additions	(16,707)	(14,979)
Disposals and other	946	713
Interest	(1,715)	(1,587)
Lease payments	11,363	11,590
Exchange differences	(403)	750
Balance at December 31,	(28,387)	(21,871)

Schedule of leases presented in the statement of financial position


	2023	2022
	US$'000	US$'000
Non-current assets (Note 8)
Leased land and buildings	26,071	21,245
Leased plant and machinery	41,314	31,358
Accumulated depreciation	(42,540)	(34,622)

Non-current liabilities
Lease liabilities	(20,304)	(12,942)

Current liabilities
Lease liabilities	(8,083)	(8,929)

Schedule of leases presented in the consolidated income statement


	2023	2022
	US$'000	US$'000
Depreciation and amortization charges
Depreciation of right-of-use assets	7,918	4,767

Finance costs
Interest expense on lease liabilities	1,715	1,587

Exchange differences
Currency translation losses on lease liabilities	(403)	750
Currency translation gains on right-of-use assets	(69)	(812)

Schedule of leases presented in the statement of cash flows


	2023	2022
	US$'000	US$'000
Payments for:
Principal	9,648	10,003
Interest	1,715	1,587

Financial assets and other receivables (Tables)

12 Months Ended

Dec. 31, 2023

Financial assets and other receivables

Schedule of classification financial assets


		2023 classification
	Note	Amortized cost	Fair value through profit or loss - mandatorily measured	Fair value through other comprehensive income - designated	Total
		US$'000	US$'000	US$'000	US$'000
Other financial assets	9.1	12,992	1,080	5,722	19,794
Receivables from related parties	23	4,430	—	—	4,430
Trade and other receivables	9.2	310,243	—	—	310,243
Restricted cash and cash equivalents		1,179	—	—	1,179
Cash and cash equivalents		136,470	—	—	136,470
Total financial assets		465,314	1,080	5,722	472,116


		2022 classification
	Note	Amortized cost	Fair value through profit or loss - mandatorily measured	Fair value through other comprehensive income - designated	Total
		US$'000	US$'000	US$'000	US$'000
Other financial assets	9.1	13,253	936	—	14,189
Receivables from related parties	23	4,275	—	—	4,275
Trade and other receivables	9.2	425,474	—	—	425,474
Restricted cash and cash equivalents		5,008	—	—	5,008
Cash and cash equivalents		317,935	—	—	317,935
Total financial assets		765,945	936	—	766,881

Schedule of restricted cash and cash equivalents


	2023	2022
	US$'000	US$'000
Cash and cash equivalents	136,470	317,935
Non-Current restricted cash presented as Cash	—	2,133
Current restricted cash presented as Cash	1,179	2,875
Total	137,649	322,943

Schedule of other financial assets


	2023
	Non-
	Current	Current	Total
	US$'000	US$'000	US$'000
Other financial assets held with third parties:
Other financial assets at amortized cost	12,992	—	12,992
Equity securities	1,078	2	1,080
Derivative financial instruments (Note 20)	5,722	—	5,722
Total	19,792	2	19,794


	2022
	Non-
	Current	Current	Total
	US$'000	US$'000	US$'000
Other financial assets held with third parties:
Other financial assets at amortized cost	13,253	—	13,253
Equity securities	933	3	936
Total	14,186	3	14,189

Other financial assets at amortized cost

Schedule of trade and other receivables


	2023	2022
	US$'000	US$'000
Trade receivables	223,236	295,678
Less – allowance for doubtful debts	(2,906)	(1,187)
	220,330	294,491
Tax receivables	26,779	36,852
Government grant receivables	62,417	88,092
Other receivables	717	6,039
Total trade and other receivables	310,243	425,474

Schedule of changes in the allowance for doubtful debts


		Allowance
		US$'000
Balance at January 1, 2022		1,006
Impairment losses recognized		361
Collection of previously written off balances		(124)
Exchange differences		(56)
Balance at December 31, 2022		1,187
Impairment losses recognized		1,970
Collection of previously written off balances		(300)
Exchange differences		49
Balance at December 31, 2023		2,906

Other disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
Other disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other disclosures
Restricted net assets	$ 328,572	$ 496,983
Percentage of restricted net assets held to disclose separate entity	25.00%

Financial assets and other receivables - Financial assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Total financial assets	$ 472,116	$ 766,881
Other financial assets
Disclosure of financial assets [line items]
Total financial assets	19,794	14,189
Receivables from related parties
Disclosure of financial assets [line items]
Total financial assets	4,430	4,275
Trade receivables
Disclosure of financial assets [line items]
Total financial assets	310,243	425,474
Cash and cash equivalents.
Disclosure of financial assets [line items]
Total financial assets	1,179	5,008
Restricted cash
Disclosure of financial assets [line items]
Total financial assets	136,470	317,935
Amortized cost
Disclosure of financial assets [line items]
Total financial assets	465,314	765,945
Amortized cost \| Other financial assets
Disclosure of financial assets [line items]
Total financial assets	12,992	13,253
Amortized cost \| Receivables from related parties
Disclosure of financial assets [line items]
Total financial assets	4,430	4,275
Amortized cost \| Trade receivables
Disclosure of financial assets [line items]
Total financial assets	310,243	425,474
Amortized cost \| Cash and cash equivalents.
Disclosure of financial assets [line items]
Total financial assets	1,179	5,008
Amortized cost \| Restricted cash
Disclosure of financial assets [line items]
Total financial assets	136,470	317,935
Fair value through profit or loss - mandatorily measured
Disclosure of financial assets [line items]
Total financial assets	1,080	936
Fair value through profit or loss - mandatorily measured \| Other financial assets
Disclosure of financial assets [line items]
Total financial assets	1,080	$ 936
Fair value through other comprehensive income - designated
Disclosure of financial assets [line items]
Total financial assets	5,722
Fair value through other comprehensive income - designated \| Other financial assets
Disclosure of financial assets [line items]
Total financial assets	$ 5,722

Trade and other payables

12 Months Ended

Dec. 31, 2023

Trade and other payables.

Trade and other payables

21. Trade and other payables

Trade and other payables comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Payable to suppliers	182,949	219,020
Advances from customers	426	646
Total	183,375	219,666

Earnings (loss) per ordinary share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings (loss) per ordinary share

Schedule of earnings (loss) per share calculation


	2023	2022	2021
Basic profit (loss) per share (EPS)
Numerator:
Profit (Loss) for the year attributable to the Parent	82,662	440,314	(110,624)
Denominator:
Weighted-average number of shares outstanding to equity holders	187,872,191	187,815,672	176,508,144
Basic profit (loss) for the period attributable to equity holders	0.44	2.34	(0.63)

Diluted profit (loss) per share (EPS)
Numerator:
Profit (Loss) for the year attributable to the Parent	82,662	440,314	(110,624)
Denominator:
Weighted-average number of shares outstanding to equity holders	187,872,191	187,815,672	176,508,144
Effect of dilutive securities from equity incentive plans	2,417,617	1,809,523	—
Weighted-average number of shares outstanding - diluted to equity holders	190,289,808	189,625,195	176,508,144
Diluted profit (loss) for the period attributable to equity holders	0.43	2.32	(0.63)

Schedule of potential anti-dilutive securities.


	2023	2022	2021
Equity based awards issued and outstanding (in-the-money)	—	—	4,359,436

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment.

Schedule of property, plant and equipment, net of related accumulated depreciation and impairment



				Property, Plant		Other Items of	Other Items	Other Items
			Other Fixtures,	and Equipment		Property,	of Leased	of Leased	Accumulated
	Land and	Plant and	Tools and	in the Course of	Mineral	Plant and	Land and	Plant and	Depreciation	Impairment
	Buildings	Machinery	Furniture	Construction	Reserves	Equipment	Buildings	machinery	(Note 27.6)	(Note 27.8)	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance at January 1, 2022	197,214	1,202,624	7,479	113,962	59,019	33,589	17,156	27,762	(962,078)	(141,811)	554,914
Additions	3,170	15,329	2,883	59,532		131	4,714	4,624	(80,834)	(56,999)	(47,450)
Disposals and other	—	(18,544)	(122)	(595)	—	—	—	—	17,685	(90)	(1,666)
Transfers from/(to) other accounts	505	28,295	(349)	(33,485)	—	1,212	—	—	3,822	—	—
Exchange differences	(7,291)	(48,278)	(731)	(6,021)	(215)	(725)	(625)	(1,028)	42,157	4,273	(18,484)
Transfer to assets and disposal groups classified as held for sale	(18,108)	(56,571)	(470)	(320)	—	—	—	—	56,297	18,105	(1,067)
Balance at December 31, 2022	175,490	1,122,855	8,690	133,073	58,804	34,207	21,245	31,358	(922,951)	(176,522)	486,247
Additions	2,886	11,263	118	81,457	8,550	—	4,660	9,623	(72,869)	(25,768)	19,920
Disposals and other	(1,743)	(19,621)	(1,051)	(128)	—	—	(470)	(766)	12,970	4,969	(5,840)
Transfers from/(to) other accounts	1,289	69,560	(376)	(73,312)	—	61	2	767	—	(144)	(2,153)
Exchange differences	3,115	13,405	(176)	4,116	(263)	(562)	634	332	(14,276)	(3,103)	3,222
Balance at December 31, 2023	181,037	1,197,462	7,205	145,206	67,091	33,706	26,071	41,314	(997,126)	(200,568)	501,396

Schedule of impairment write downs / (reversals)


	2023	2022
	US$'000	US$'000
Puertollano	—	5,515
Boo	1,570	11,559
Monzon	—	5,915
Selma	21,008	—
Moi Rana	—	15,749
Polokwane	—	(5,017)
Thaba	—	(2,750)
Chateau Feuillet	—	5,994
Cee-Dumbria	3,619	20,034
Others	(429)	—
Total	25,768	56,999

Schedule of changes in asumptions

Excess of

Sensitivity on

recoverable

discount rate

long-term growth rate

EBITDA

Carrying

value over

Decrease

Increase

Decrease

Increase

Decrease

Increase

Value

carrying vale

by 10%

Polokwane

13,582

9,213

8,955

(7,135)

822

(850)

(15,022)

15,022

Other assets

12 Months Ended

Dec. 31, 2023

Other assets abstract

Other assets

11. Other assets

Other assets comprise the following at December 31:


	2023			2022
	Non-			Non-
	Current	Current	Total	Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Guarantees and deposits	21,530	420	21,950	17,492	293	17,785
Prepayments and accrued income	11	5,694	5,705	37	5,925	5,962
Advances to suppliers	—	11,296	11,296	—	—	—
Other assets	615	169,067	169,682	689	24,390	25,079
Total	22,156	186,477	208,633	18,218	30,608	48,826

As of December 31, 2023 and 2022, the amount within “Guarantees and deposits given” is mainly due to (i) a deposit made during 2021 with TAC (Tennessee Valley Authority) which supplies power to Ferroglobe USA Metals, LLC. (formerly Core Metals Group, LLC), (ii) the letter of credits related to the insurance company in “Global Specialty Metals, Inc” and (iii) deposits linked to factoring agreements.

As of December 31, 2023, the increase in “other assets” mainly relates to the Company’s benefit from the French regulated access to historic nuclear energy program (ARENH) and the additional agreement with EDF in which we have agreed different electricity prices throughout the year based on demand amounting to $164,259 thousand. The ARENH is a mechanism established which allows energy suppliers to obtain energy under favorable conditions set by the public authorities. The Company received the $164,259 thousand in the first quarter of 2024. The Company deducted this amount from its related expense in “Raw Materials and energy consumption for production” in the consolidated income statements (See Note 27.2).

In 2022, a provision of $18,000 thousand was recognized at Ferroglobe U.S.A Metallurgical, Inc. (formerly Globe Metallurgical Inc.) with respect to civil lawsuits arising out of a 2018 incident at its Selma, Alabama facility in which two employees were injured and one of whom later died. See Note 15. At the time, Ferroglobe U.S.A Metallurgical, Inc. also recorded an expected reimbursement from the Company’s insurer as “other assets” for the same amount. In Q1 2023, the Company settled these lawsuits fully.

Bank borrowings

12 Months Ended

Dec. 31, 2023

Bank borrowings

Bank borrowings

16. Bank borrowings

Bank borrowings comprise the following at December 31:


	2023
		Non-Current	Current
	Limit	Amount	Amount	Total
	US$'000	US$'000	US$'000	US$'000
Borrowings carried at amortized cost:
Credit facilities	100,000	—	—	—
Borrowings from receivable factoring facility (Note 9)	66,300	—	30,683	30,683
Other loans	—	14,913	952	15,865
Total		14,913	31,635	46,548


	2022
		Non-Current	Current
	Limit	Amount	Amount	Total
	US$'000	US$'000	US$'000	US$'000
Borrowings carried at amortized cost:
Credit facilities	100,000	—	—	—
Borrowings from receivable factoring facility (Note 9)	95,994	—	60,976	60,976
Other loans	—	15,774	1,083	16,857
Total		15,774	62,059	77,833

Credit facilities

In June 2022, a Company subsidiary entered into a five-year, $100 million asset-based revolving credit facility (the “ABL Revolver”), with the Bank of Montreal as lender and agent. The maximum amount available under the ABL Revolver is subject to a borrowing base test comprising North American inventory and accounts receivable. The revolver bears interest at SOFR plus a spread of between 150/175 basis points depending on levels of utilization.

As of December 31, 2023 and 2022, the ABL Revolver remains undrawn, respectively.

Under the ABL credit agreement, the borrowers commit to respect usual affirmative covenants, among others communicating any default or event of default, a change of control, the creation of acquisition of subsidiaries, a casualty or damage to any material used as collateral, maintenance of insurance, compliance with ERISA and the Canadian Pension

Laws, and compliance with environmental laws. The borrowers also commit not to create or incur any indebtedness, capital leases in excess of $7.5 million, create liens, merge, dissolve, divide any borrowers, change the nature of the business, pay dividends, repay indebtedness for the account of holder of Equity Interests of any Loan Party or its affiliates, maintain a financial covenant consolidated fixed charge coverage ratio to be less than 1.00 to 1.00.

Borrowings from receivable factoring facility

In 2020, the Company signed a factoring agreement with a financial institution, to anticipate the collection of receivables issued by the Company’s European entities. See Note 9 for further details.

Other Loans

French Loan: In 2020, a Company subsidiary entered into a loan agreement with BNP Paribas to borrow an aggregate principal amount, interest-free, of €4.3 million ($5.3 million), to finance Company’s activities in France. The French government guaranteed the loan in line with special measures taken in response to the COVID-19 pandemic. The loan is to be repaid by 2026. The Company is liable for a fee of 0.5% based on the total borrowed capital. The balance as of December 31, 2023 is $2,635 thousand ($3,456 thousand as of December 31, 2022).

The fair value of this loan as of December 31, 2023, based on discounted cash flows at a market interest rate (Level 2), amounts to $2,486 thousand.

New Market Tax Credit Structure: In June 2022, the Company, through one of its subsidiaries, and United Bank (“Investor”) invested through the New Markets Tax Credit (“NMTC”) program in the US to reactivate the Company’s plant in Selma, Alabama. The reactivation of the plant in Selma, Alabama, in 2022 resulted in us being granted with a $13,230 thousand allocation by the end of fiscal year 2022 under the NMTC Program.

Foreign currency exposure of bank borrowings

The breakdown by currency of bank borrowings consist of the following at December 31:


	2023
	Non-Current	Current
	Principal	Principal
	Amount	Amount	Total
	US$'000	US$'000	US$'000
Borrowings in USD	13,230	—	13,230
Borrowings in EUR	1,683	31,635	33,318
Total	14,913	31,635	46,548


	2022
	Non-Current	Current
	Principal	Principal
	Amount	Amount	Total
	US$'000	US$'000	US$'000
Borrowings in USD	13,230	170	13,400
Borrowings in EUR	2,544	61,889	64,433
Total	15,774	62,059	77,833

Contractual maturity of bank borrowings

The contractual maturity of bank borrowings at December 31, 2023, was as follows:


	2023
	2024	2026	2029	Total
	US$'000	US$'000	US$'000	US$'000
Borrowings from supplier factoring facility	30,683	—	—	30,683
Other loans	952	1,683	13,230	15,865
Total	31,635	1,683	13,230	46,548

Guarantee commitments to third parties and contingent liabilities

12 Months Ended

Dec. 31, 2023

Guarantee commitments to third parties and contingent liabilities

Guarantee commitments to third parties and contingent liabilities

26. Guarantee commitments to third parties and contingent liabilities

Guarantee commitments to third parties

As of December 31, 2023 and 2022, the Company has provided commitments to third parties amounting to $7,249 thousand and $7,905 thousand, respectively. The Company has estimated a remote likelihood for potential loss allowance and has not recorded an associated provision.

Contingent liabilities

In the ordinary course of its business, Ferroglobe is subject to lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes and employment, environmental, health and safety matters. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against it, we do not believe any currently pending legal proceeding to which it is a party will have a material adverse effect on its business, prospects, financial condition, cash flows, results of operations or liquidity.

Stamp Tax litigation procedure

In February 2021, the Central Economic-Administrative Court ruled against the interest of Ferroglobe in a stamp duty litigation procedure initiated in 2015, where the taxpayer is Abanca. Ferroglobe agreed with Abanca that it continues the litigation at the judiciary level by filing an appeal before the Audiencia Nacional. In January 2023, Audiencia Nacional affirmed the stamp duty reassessment against Abanca but voided the proposed penalty of approximately €600 thousand ($663 thousand). Request for appeal for review of the stamp duty reassessment has been filed before the Spanish Supreme Court. As a result of the continuation of this litigation process, with the appropriate granting of bank guarantee by the taxpayer (Abanca), the tax reassessment of approximately €1.4 million ($1.6 million) plus delayed interest is not due at this stage of the process.

Asbestos-related claims

Certain employees of Ferroglobe France, SAS (formerly known as Pechiney Electrometallurgie, S.A. and then known as FerroPem, SAS) may have been exposed to asbestos at its plants in France (Le Giffre which closed in 1993 and Marginac which closed in 2003) in the decades prior to Ferroglobe Group’s purchase of that business in December 2004. During the period in question, PEM was wholly-owned by Pechiney Bâtiments, S.A., which had certain indemnification obligations to Ferroglobe pursuant to the 2004 Share Sale and Purchase Agreement under which Ferroglobe acquired PEM. As of December 31, 2022, approximately 100 such employees have “declared” asbestos-related injury to the French social security agencies. Approximately three quarters of these cases now have been closed. Of the remaining cases, approximately half include assertions of “inexcusable negligence” (“faute inexcusable”) which, if upheld, may lead to material liability in the aggregate on the part of Ferroglobe France. Other employees may declare further asbestos-related injuries in the future, and may likewise assert inexcusable negligence. Litigation against, and material liability on the part of, Ferroglobe France will not necessarily arise in each case, and to date a majority of such declared injuries have been minor and have not led to significant liability on Ferroglobe France’s part. Whether liability for “inexcusable negligence” will be found is determined case-by-case, often over a period of years, depending on the evolution of the claimant’s asbestos-related condition, the possibility that the claimant was exposed while working for other employers and, where asserted, the claimant’s ability to prove inexcusable negligence on PEM’s part. Because of these and other uncertainties, no reliable estimate can be made of Ferroglobe France’s eventual liability in these matters, with exception of three grave cases that were litigated through the appeal process and in which claimants’ assertions of inexcusable negligence were upheld against Ferroglobe France. As of December 31, 2023 and 2022, the Company has recorded $611 thousand and $955 thousand, respectively, in Provisions in the consolidated statements of financial position.

Environmental matters

In August 2023, Ferroglobe Metallurgical USA, Inc. (formerly known as Globe Metallurgical Inc.) entered into Consent Decree with the U.S. Department of Justice and the U.S. Environmental Protection Agency (the “EPA”) to resolve two

Notices of Violation/Findings of Violation (“NOV/FOV”) that the EPA issued to the Beverly, Ohio, facility. The first NOV/FOV was issued on July 1, 2015 and alleged certain violations of the Prevention of Significant Deterioration (“PSD”) and New Source Performance Standards provisions of the Clean Air Act associated with a 2013 project performed at the Beverly facility. The second NOV/FOV was issued on December 6, 2016 and alleged opacity exceedances at certain units, the failure to prevent the release of particulate emissions through the use of furnace hoods at a certain unit, and the failure to install Reasonably Available Control Measures (as defined) at certain emission units at the Beverly facility. Pursuant to the terms of the Consent Decree, the Company is required to install additional pollution control equipment, implement other measures to reduce emissions from the facility, including limits on sulfur content in raw materials, as well as pay a civil penalty of $2,639 thousand. The Court entered the Consent Decree on October 12, 2023, and the Company paid the civil penalty on November 6, 2023.

Other legal procedures

In the first quarter of 2023, Ferroglobe Metallurgical USA, Inc. (formerly known as Globe Metallurgical Inc.) reached full and final settlements of civil lawsuits arising out of 2018 incident at the Selma, Alabama, facility in which two employees were injured, one of whom later died. The Company’s insurer settled those claims for $18,000 thousand and paid the amounts directly.

Segment reporting - Major customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of major customers [abstract]
Sales	$ 1,650,034	$ 2,597,916	$ 1,778,908
Top Ten Customers
Disclosure of major customers [abstract]
Sales	$ 840,705	$ 1,322,724	$ 870,039
Dow Silicones Corporation
Disclosure of major customers [abstract]
Percentage of Company's sales	17.00%	16.80%	12.20%
Accounts receivables	$ 29,161	$ 10,612

Segment reporting - Consolidated income statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit (loss) [abstract]
Sales	$ 1,650,034	$ 2,597,916	$ 1,778,908
Raw materials and energy consumption for production	(879,286)	(1,285,086)	(1,184,896)
Other operating income	100,992	147,356	110,085
Staff costs	(305,859)	(314,810)	(280,917)
Other operating expense	(270,090)	(346,252)	(296,809)
Depreciation and amortization charges	(73,532)	(81,559)	(97,328)
Impairment (loss) gain	(25,290)	(56,999)	137
Other (loss) gain	(29)	(19)	2,206
Operating profit	196,940	660,547	31,386
Operating segments \| North America Silicon Metal
Profit (loss) [abstract]
Sales	505,472	671,290	370,109
Raw materials and energy consumption for production	(313,162)	(305,545)	(265,653)
Other operating income	6,605	6,464	5,089
Staff costs	(67,160)	(61,378)	(51,163)
Other operating expense	(44,304)	(33,708)	(22,222)
Depreciation and amortization charges	(32,313)	(33,708)	(40,489)
Impairment (loss) gain	(21,008)
Other (loss) gain	(71)	(522)	(347)
Operating profit	34,059	242,893	(4,676)
Operating segments \| North America Silicon Alloys
Profit (loss) [abstract]
Sales	283,180	339,414	154,699
Raw materials and energy consumption for production	(165,193)	(68,490)	(57,663)
Other operating income	3,896	122	296
Staff costs	(37,744)	(41,923)	(31,300)
Other operating expense	(26,840)	(37,859)	(20,848)
Depreciation and amortization charges	(15,183)	(15,135)	(15,281)
Other (loss) gain	(115)	(126)	741
Operating profit	42,001	176,003	30,644
Operating segments \| Europe Manganese
Profit (loss) [abstract]
Sales	277,508	701,140	476,287
Raw materials and energy consumption for production	(183,839)	(541,034)	(326,257)
Other operating income	36,628	42,882	34,142
Staff costs	(28,326)	(28,996)	(33,696)
Other operating expense	(69,897)	(111,741)	(105,290)
Depreciation and amortization charges	(7,835)	(13,005)	(18,634)
Impairment (loss) gain	(1,571)	(33,222)	(376)
Other (loss) gain	1	(178)
Operating profit	22,669	15,846	26,176
Operating segments \| Europe Silicon Metals
Profit (loss) [abstract]
Sales	307,230	536,753	437,533
Raw materials and energy consumption for production	(103,304)	(241,936)	(303,811)
Other operating income	40,321	76,255	48,828
Staff costs	(79,114)	(81,175)	(77,608)
Other operating expense	(71,632)	(99,513)	(105,712)
Depreciation and amortization charges	(6,325)	(4,605)	(7,330)
Impairment (loss) gain			14
Other (loss) gain	79	230	733
Operating profit	87,255	186,009	(7,353)
Operating segments \| Europe Silicon Alloys
Profit (loss) [abstract]
Sales	216,465	259,419	227,804
Raw materials and energy consumption for production	(108,409)	(139,687)	(170,073)
Other operating income	21,149	23,622	16,924
Staff costs	(42,069)	(50,467)	(42,679)
Other operating expense	(44,132)	(33,265)	(23,043)
Depreciation and amortization charges	(3,005)	(8,086)	(9,522)
Impairment (loss) gain	(3,619)	(26,028)	(455)
Other (loss) gain	47	82	295
Operating profit	36,427	25,590	(750)
Operating segments \| South Africa Silicon Metals
Profit (loss) [abstract]
Sales	50,071	17,337	12,604
Raw materials and energy consumption for production	(44,003)	(9,270)	(8,240)
Other operating income	594	156	278
Staff costs	(5,007)	(1,736)	(1,542)
Other operating expense	(11,223)	(2,649)	(1,904)
Depreciation and amortization charges	(1,840)	(748)	(546)
Impairment (loss) gain	478	5,357	288
Operating profit	(10,930)	8,447	938
Operating segments \| South Africa Silicon Alloys
Profit (loss) [abstract]
Sales	109,684	122,262	104,591
Raw materials and energy consumption for production	(82,201)	(65,373)	(68,377)
Other operating income	(142)	66	485
Staff costs	(10,412)	(11,652)	(11,726)
Other operating expense	(10,718)	(13,193)	(11,352)
Depreciation and amortization charges	(4,056)	(5,278)	(4,535)
Impairment (loss) gain		2,408	2,396
Operating profit	2,155	29,240	11,482
Operating segments \| Other segments
Profit (loss) [abstract]
Sales	54,921	81,560	43,568
Raw materials and energy consumption for production	(35,280)	(46,759)	(33,445)
Other operating income	50,655	59,840	49,901
Staff costs	(36,027)	(37,483)	(31,203)
Other operating expense	(48,309)	(74,626)	(51,960)
Depreciation and amortization charges	(2,975)	(994)	(991)
Impairment (loss) gain	430	(5,514)	(1,730)
Other (loss) gain	30	495	784
Operating profit	(16,555)	(23,481)	(25,013)
Adjustments/Eliminations
Profit (loss) [abstract]
Sales	(154,497)	(131,259)	(48,287)
Raw materials and energy consumption for production	156,105	133,008	48,623
Other operating income	(58,714)	(62,051)	(45,858)
Other Operating Expense Adjustment	56,965	$ 60,302	$ 45,522
Operating profit	$ (141)

Events after the reporting period (Details) - USD ($) $ in Thousands		1 Months Ended
	Jul. 31, 2023	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023	Jun. 30, 2023
Senior Secured Notes due in 2025
Events after the reporting period
Interest rate (as a percent)					9.375%
Potential redemption of notes as a percentage of aggregate principal amount	102.3475%
Repurchase of Reinstated Senior Notes \| Senior Secured Notes due in 2025
Events after the reporting period
Interest rate (as a percent)			9.375%	9.375%
Potential redemption of notes as a percentage of aggregate principal amount			102.34375%
Debt repurchase, face amount			$ 147,624
Debt redemption premium			$ 4,075
Major ordinary share transactions
Events after the reporting period
Dividends paid, ordinary shares		$ 2,428

Tax matters - Components of current and deferred tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax matters
Current income tax charge	$ 62,110	$ 144,246	$ 5,284
Adjustments in current income tax in respect of prior period years	(1,533)	(5,681)
Total	60,577	138,565	5,284
Origination and reversal of temporary differences	(3,216)	15,032	(9,954)
Impact of tax rate changes	(555)	460
Write-down of deferred tax assets		(1,448)
Adjustments in deferred tax in respect of prior years	734	(4,626)	108
Total	(3,037)	9,418	(9,846)
Income tax expense (benefit)	$ 57,540	$ 147,983	$ (4,562)

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of other provisions [line items]

Schedule showing breakdown of non-current and current provisions


	2023			2022
	Non- Current	Current	Total	Non- Current	Current	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Environmental provision	174	1,909	2,083	168	1,396	1,564
Provisions for litigation	—	7,913	7,913	—	23,142	23,142
Provisions for third-party liability	10,596	—	10,596	5,960	—	5,960
Provisions for Carbon dioxide emissions allowances	—	90,471	90,471	7,956	94,800	102,756
Provision for restructuring cost	—	15,243	15,243	—	21,539	21,539
Other provisions	9,200	7,221	16,421	8,040	4,450	12,490
Total	19,970	122,757	142,727	22,124	145,327	167,451

Schedule of changes in provisions

The changes in the various line items of provisions in 2023 and 2022 were as follows:


		Provisions for	Provisions for	Provisions for	Provisions for
	Environmental	Litigation	Third	Carbon Dioxide Emissions	Restructuring	Other
	Provision	in Progress	Party Liability	Allowances	Cost	Provisions	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Balance at January 1, 2022	3,695	1,952	8,905	110,246	22,350	10,017	157,165
Charges for the year	13	22,134	454	114,185	9,092	7,022	152,900
Provisions reversed with a credit to income	—	(48)	—	(2,435)	(591)	(890)	(3,964)
Amounts used	(345)	(798)	(2,863)	(112,485)	(8,012)	(2,516)	(127,019)
Transfers from/(to) other accounts	(1,510)	—	—	—	—	(666)	(2,176)
Exchange differences and others	(289)	(98)	(536)	(6,755)	(1,300)	(477)	(9,455)
Balance at December 31, 2022	1,564	23,142	5,960	102,756	21,539	12,490	167,451
Charges for the year	1,292	7,142	267	81,424	—	6,914	97,039
Provisions reversed with a credit to income	—	(487)	—	(3,036)	—	(2,850)	(6,373)
Amounts used	(727)	(22,029)	(215)	(93,471)	(6,977)	(118)	(123,537)
Remeasurement through other comprehensive income (loss)	—	—	4,367	—	—	—	4,367
Exchange differences and others	(46)	145	217	2,798	681	(15)	3,780
Balance at December 31, 2023	2,083	7,913	10,596	90,471	15,243	16,421	142,727

France

Disclosure of other provisions [line items]

Schedule of changes in obligation


	2023	2022	2021
	US$'000	US$'000	US$'000
Obligations at the beginning of year	16,338	25,950	34,496
Service cost	733	(1,159)	1,082
Borrowing costs	596	310	212
Actuarial differences	2,039	(4,821)	(3,003)
Benefits paid	(1,200)	(1,181)	(995)
Exchange differences	616	(1,253)	(2,412)
Others	—	(1,508)	(3,430)
Obligations at the end of year	19,122	16,338	25,950

CANADA

Disclosure of other provisions [line items]

Schedule showing reconciliation of benefit obligations, plan assets and funded status

2023

2022

Canada

Post-

Pension

retirement

Pension

retirement

Plans

Total

Plans

Total

US$'000

Benefit obligation

20,196

5,742

25,938

18,266

5,497

23,763

Fair value of plan assets

(19,231)

—

(19,231)

(17,777)

—

(17,777)

Provision for pensions

965

5,742

6,707

489

5,497

5,986

Summary of the main actuarial assumptions used to calculate obligations


	Canada - 2023		Canada - 2022
	Pension	Postretirement	Pension	Postretirement
	Plan	Plan	Plan	Plan
Salary increase	2.75% - 3.00%	N/A	2.75% - 3.00%	N/A
Discount rate	4.65%	4.65%	5.25%	5.25%
Mortality	CPM2014-Private Scale CPM-B	CPM2014-Private Scale CPM-B	CPM2014-Private Scale CPM-B	CPM2014-Private Scale CPM-B
Retirement age	58-60	58-60	58-60	58-60

Schedule of changes in obligation

The changes to these obligations in the year ended December 31, 2023 and 2022 were as follows:


	2023			2022
	Canada			Canada
	Pension	Post-retirement		Pension	Post-retirement
	Plans	Plans	Total	Plans	Plans	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Obligations at the beginning of year	18,266	5,497	23,763	25,349	8,569	33,918
Service cost	110	205	315	162	301	463
Borrowing cost	943	287	1,230	773	271	1,044
Actuarial differences	1,449	(185)	1,264	(5,774)	(3,040)	(8,814)
Benefits paid	(985)	(183)	(1,168)	(870)	(162)	(1,032)
Exchange differences	413	121	534	(1,374)	(442)	(1,816)
Obligations at the end of year	20,196	5,742	25,938	18,266	5,497	23,763

Schedule of breakdown in percentage of plan assets


	2023		2022
Cash	—	%	—	%
Equity Mutual Funds	30	%	31	%
Fixed Income Securities	17	%	14	%
Assets held by insurance company	53	%	55	%
Total	100	%	100	%

Schedule showing fair value rollforward of plan assets

For the years ended December 31, 2023 and 2022, the changes in plan assets were as follows:


	2023	2022
	US$'000	US$'000
Fair value of plan assets at the beginning of the year	17,777	22,417
Interest income on assets	927	690
Benefits paid	(985)	(870)
Actuarial return on plan assets	803	(3,496)
Exchange differences	397	(1,269)
Other	312	305
Fair value of plan assets at the end of the year	19,231	17,777

Inventories - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories.
Finished goods	$ 162,962	$ 169,956
Raw materials in progress and industrial supplies	182,612	266,348
Other inventories	38,267	44,257
Advances to suppliers		19,519
Total inventories.	$ 383,841	$ 500,080

Bank borrowings - Other Loans - (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 EUR (€)
Bank Borrowings
Outstanding balance		$ 46,548	$ 77,833
Percentage of borrowed capital (as a percent)	0.50%
France
Bank Borrowings
Principal amount	$ 5,300
Other Loans
Bank Borrowings
Outstanding balance		15,865	16,857
Other Loans \| France
Bank Borrowings
Principal amount \| €				€ 4.3
Outstanding balance		2,635	3,456
Other Loans \| France \| Level 2 of fair value hierarchy \| Discounted cash flow [member]
Bank Borrowings
Financial liabilities, at fair value		$ 2,486
NMTC Program
Bank Borrowings
Amount allocated for reactivation			$ 13,230

Leases - Financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Non-current lease liabilities	$ (20,304)	$ (12,942)
Current lease liabilities	(8,083)	(8,929)
Accumulated depreciation and amortisation
Disclosure of quantitative information about right-of-use assets [line items]
Noncurrent assets	(42,540)	(34,622)
Land and buildings \| Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Noncurrent assets	26,071	21,245
Property, plant & equipment \| Gross carrying amount
Disclosure of quantitative information about right-of-use assets [line items]
Noncurrent assets	$ 41,314	$ 31,358

Derivative financial instruments

12 Months Ended

Dec. 31, 2023

Derivative financial instruments

Schedule of Derivative financial instruments

20. Derivative financial instruments

In August 2023, the Company entered into four virtual Purchase Price Agreements (“aggregated PPA”) with Adelanta to hedge its energy pricing. These agreements will become effective in the first half of 2024. The aggregated PPA includes two tranches, the first one from March 2024 to June 2025, when energy will be supplied to the Sabón plant at a fixed price of 75 EUR/MWh on a pay as produced basis, and the second tranche where energy will be supplied at a fixed price of 52 EUR/MWh on a pay as produced basis until June 2033. The fair value of the aggregated PPA as of December 31, 2023 is positive at $7,413 thousand, which is offset by approximately $(3,109 thousand) related to the initial fair value of the instrument which has been deferred and is being recognized over the life of the instrument.

In October 2023, the Company entered into an additional virtual Purchase Price Agreement with Energya VM Gestión de Energía, SLU (“Energya VM”), effective from November 2023 through June 2027. Energy will be supplied at a fixed price of 77 EUR/MWh on a pay as produced basis. The fair value of this PPA as of December 31, 2023 is negative at $699 thousand, and we have also recorded approximately $(1,815 thousand) related to the initial fair value of the instrument that has been deferred and will be recognized over the life of the instrument.

The fair value of this net settled power purchase agreements as of December 31, 2023 was estimated based on the discounted cash flow methodology. The fair value measurement is based on significant inputs that are directly or indirectly observable in the market, which IFRS 13 refers to as Level 2 inputs. Key assumptions include discount rates, energy volumes and the market electricity price. See Note 30 for further information.

The net value of the power purchase agreements as of December 31, 2023 is presented in the consolidated statements of financial position as follows:

Other financial
assets (Note 9)

Other financial
liabilities (Note 19)

Non-

Current

Total

Current

Total

Derivative financial instruments:

PPA Adelanta

5,722

—

5,722

—

(1,418)

PPA EnergyaVM

—

(1,541)

(882)

(2,423)

Total

5,722

—

5,722

(1,541)

(2,300)

(3,841)

The Company deems its PPAs to qualify for hedge accounting whereby we record the changes in the fair value of the instruments in “Arising from cash flow hedges” in the consolidated statements of comprehensive income (loss).

The following tables summarize the unrealized and realized gains (losses) related to the derivative instruments:


	Unrealized gain (loss) recognized in Other comprehensive loss	Realized gain (loss) reclassed from Other comprehensive loss to profit and loss
Derivative financial instruments:
PPA Adelanta	4,582	—
PPA EnergyaVM	(2,337)	83
Total	2,245	83

The purchase commitments for each PPA, in MWh, as of December 31, 2023 is as follows:


	2023
	Less than 1 year	Between 1-2 years	Between 2-5 years	After 5 years	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
PPA Adelanta	54,857	92,913	361,000	557,056	1,065,826
PPA Energya VM	30,750	30,000	45,000		105,750

Bank borrowings - (Tables)

12 Months Ended

Dec. 31, 2023

Bank borrowings

Schedule of non-current and current bank borrowings


	2023
		Non-Current	Current
	Limit	Amount	Amount	Total
	US$'000	US$'000	US$'000	US$'000
Borrowings carried at amortized cost:
Credit facilities	100,000	—	—	—
Borrowings from receivable factoring facility (Note 9)	66,300	—	30,683	30,683
Other loans	—	14,913	952	15,865
Total		14,913	31,635	46,548


	2022
		Non-Current	Current
	Limit	Amount	Amount	Total
	US$'000	US$'000	US$'000	US$'000
Borrowings carried at amortized cost:
Credit facilities	100,000	—	—	—
Borrowings from receivable factoring facility (Note 9)	95,994	—	60,976	60,976
Other loans	—	15,774	1,083	16,857
Total		15,774	62,059	77,833

Schedule of non-current and current bank borrowings by currency


	2023
	Non-Current	Current
	Principal	Principal
	Amount	Amount	Total
	US$'000	US$'000	US$'000
Borrowings in USD	13,230	—	13,230
Borrowings in EUR	1,683	31,635	33,318
Total	14,913	31,635	46,548


	2022
	Non-Current	Current
	Principal	Principal
	Amount	Amount	Total
	US$'000	US$'000	US$'000
Borrowings in USD	13,230	170	13,400
Borrowings in EUR	2,544	61,889	64,433
Total	15,774	62,059	77,833

Schedule of non-current bank borrowings by maturity


	2023
	2024	2026	2029	Total
	US$'000	US$'000	US$'000	US$'000
Borrowings from supplier factoring facility	30,683	—	—	30,683
Other loans	952	1,683	13,230	15,865
Total	31,635	1,683	13,230	46,548

Fair value measurement - Significant unobservable inputs (Details) - Recurring - Level 3 of fair value hierarchy - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in fair value measurement, liabilities [abstract]
Fair value, Beginning balance	$ (5,838)	$ (26,527)	$ (16,632)
Changes in fair value through profit or loss	(717)	1,758	(13,168)
Payments	4,823	18,931	3,273
Fair value, Ending balance	$ (1,732)	$ (5,838)	$ (26,527)

Financial assets and other receivables - Changes in impairment losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Financial assets at beginning of period	$ (766,881)
Financial assets at end of period	(472,116)	$ (766,881)
Accumulated impairment
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Financial assets at beginning of period	1,187	1,006
Collection of previously written off balances	(300)
Amounts used credited to income		(124)
Exchange differences	49	(56)
Impairment losses/(reversal) recognized	(1,970)	(361)
Financial assets at end of period	$ 2,906	$ 1,187

- Definition

+ References + Details

Income and expenses - Other operating income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Energy		$ (53,802)
Carbon dioxide emissions allowances	$ (80,316)	(88,952)	$ (103,044)
Others	(20,676)	(4,602)	(7,041)
Total other operating income	(100,992)	$ (147,356)	$ (110,085)
Income resulting from contingent consideration,	$ 10,164

Remuneration of key management personnel (Tables)

12 Months Ended

Dec. 31, 2023

Remuneration of key management personnel

Schedule of remuneration of key management personal


	2023	2022	2021
	US$'000	US$'000	US$'000
Fixed remuneration	5,894	5,404	5,244
Variable remuneration	4,492	5,199	1,209
Contributions to pension plans and insurance policies	299	315	373
Share-based compensation	7,402	5,937	3,627
Termination benefits	262	316	119
Other remuneration	18	16	17
Total	18,367	17,187	10,589

Financial assets and other receivables - Factoring of trade receivables (Details) € in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 02, 2020 EUR (€)	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of financial assets [line items]
Repaid			$ 456,506	$ 919,932	$ 671,467
Borrowings			46,548	77,833
Finance costs			38,793	61,015	$ 149,189
Factoring of receivables
Disclosure of financial assets [line items]
Upfront Cash Consideration			431,274	895,264
Cash consideration advanced for the financing facility	€ 60,000	$ 30,000
Percentage of accounts receivable	10.00%
Repaid			454,576	918,070
Borrowings			30,683	60,976
Bad debt losses \| €	€ 5,000
Accounts receivables			35,504	80,112
Finance costs			$ 2,568	$ 3,426
Receivable service fee		0.25%
Financing closing fees		0.25%
Annual renewal fee percentage		0.25%
Factoring of receivables \| Minimum
Disclosure of financial assets [line items]
Percentage of annual agent fee	0.18%
Factoring of receivables \| Maximum
Disclosure of financial assets [line items]
Percentage of annual agent fee	0.25%
Factoring of receivables \| EURIBOR.
Disclosure of financial assets [line items]
Financing cost percentage		1.00%

Income and expenses (Tables)

12 Months Ended

Dec. 31, 2023

Income and expenses

Sales by geographical area


	2023	2022	2021
	US$'000	US$'000	US$'000
Spain	169,390	282,387	251,528
Germany	276,333	442,331	292,774
Other European Countries	199,789	423,002	383,578
USA	670,854	966,161	515,095
Rest of World	333,668	484,035	335,933
Total	1,650,034	2,597,916	1,778,908

Schedule of raw materials and energy consumption for production


	2023	2022	2021
	US$'000	US$'000	US$'000
Purchases of raw materials, supplies and goods	732,661	793,014	581,991
Changes in inventories	83,033	(163,430)	(74,361)
Energy	(28,651)	324,218	351,083
Others	78,556	301,419	325,088
Write-down of raw materials	2,192	12,342	—
Write-down of finished goods	11,495	17,523	1,095
Total	879,286	1,285,086	1,184,896

Schedule of other operating income


	2023	2022	2021
	US$'000	US$'000	US$'000
Energy	—	53,802	—
Carbon dioxide emissions allowances	80,316	88,952	103,044
Others	20,676	4,602	7,041
Total	100,992	147,356	110,085

Schedule of staff costs


	2023	2022	2021
	US$'000	US$'000	US$'000
Wages, salaries and similar expenses	220,293	232,880	214,374
Pension plan contributions	7,978	7,977	7,571
Employee benefit costs	77,588	73,953	58,972
Total	305,859	314,810	280,917

Schedule of Plan awards


		Number of awards
Outstanding as of December 31, 2020		3,411,974
Granted during the period		1,307,934
Exercised during the period		(309,462)
Expired/forfeited during the period		(51,010)
Outstanding as of December 31, 2021		4,359,436
Granted during the period		848,710
Exercised during the period		(208,076)
Expired/forfeited during the period		(1,198,364)
Outstanding as of December 31, 2022		3,801,706
Granted during the period		1,044,449
Exercised during the period		(7,986)
Expired/forfeited during the period		(277,576)
Outstanding as of December 31, 2023		4,560,593

Exercisable as of December 31, 2023		336,399

Schedule of share based payment arrangements


				Fair Value at
Grant Date	Performance Period	Expiration Date	Exercise Price	Grant Date		2023	2022
May 30, 2023	December 31, 2025	May 30, 2033	0.01	$	6.64	1,044,449	—
September 22, 2022	December 31, 2024	September 22, 2032	0.01	$	8.53	571,134	848,710
September 9, 2021	December 31, 2021	September 9, 2031	0.01	$	8.83	1,255,824	1,255,824
December 16, 2020	December 31, 2020	December 16, 2030	nil	$	1.23	1,352,788	1,352,788
March 13, 2019	December 31, 2021	March 13, 2029	nil	$	2.69	129,824	136,682
June 14, 2018	N/A	June 14, 2028	nil	$	9.34	44,650	44,650
March 21, 2018	December 31, 2020	March 21, 2028	nil	$	22.56	51,690	52,819
June 20, 2017	December 31, 2019	June 20, 2027	nil	$	15.90	—	—
June 1, 2017	N/A	June 1, 2027	nil	$	10.96	—	—
June 1, 2017	December 31, 2019	June 1, 2027	nil	$	16.77	77,712	77,712
November 24, 2016	December 31, 2018	November 24, 2026	nil	$	16.66	32,522	32,521
						4,560,593	3,801,706

Schedule of performance condition of share options granted

Vesting Conditions

40% based cumulative earnings before interest and tax (EBIT)

40% based on cumulative operational cash flow

20% based on total shareholder return (TSR) relative to a comparator group

Schedule of assumptions used to estimate the fair value of Ferroglobe stock option


	Grant date
	May 30, 2023			September 22, 2022			September 9, 2021
Grant date share price	$	4.50		$	5.76		$	8.57
Exercise price		0.01			0.01			0.01
Expected volatility		87.7	%		94.28	%		104,75	%
Option life		3.00 years			3.00 years			2.31 years
Dividend yield		—			—			—
Risk-free interest rate		4.13	%		4.12	%		0.28	%
Remaining performance period at grant date (years)		3.00			3.00			2,31
Company TSR at grant date		0,64	%		(27.2)	%		N/A	%
Median comparator group TSR at grant date		10.5			10.5			N/A

Schedule of other operating expenses


	2023	2022	2021
	US$'000	US$'000	US$'000
Carbon dioxide credit	81,870	100,220	129,267
Services of independent professionals	40,687	74,552	40,891
Freight cost	51,415	78,245	56,941
Insurance premiums	15,506	14,963	11,019
Tax	11,280	15,919	12,892
Other operating expenses	69,332	62,353	45,799
Total	270,090	346,252	296,809

Schedule of depreciation and amortization charges, operating allowances and write-downs


	2023	2022	2021
	US$'000	US$'000	US$'000
Amortization of intangible assets (Note 7)	663	725	7,241
Depreciation of property, plant and equipment (Note 8)	72,869	80,834	90,087
Total	73,532	81,559	97,328

Schedule of finance income


	2023	2022	2021
	US$'000	US$'000	US$'000
Other finance income	5,422	2,274	253
Total	5,422	2,274	253

Schedule of finance costs


	2023	2022	2021
	US$'000	US$'000	US$'000
Interest on debt instruments (Note 18)	24,414	40,913	42,579
Interest on loans and bank borrowings (Note 16 and Note 19)	3,794	9,482	12,584
Interest on leases (Note 17)	1,715	1,587	1,100
Interest on note and bill discounting	127	125	88
Other finance costs	8,743	8,908	92,838
Total	38,793	61,015	149,189

Schedule of changes in impairment losses


	2023	2022	2021
	US$'000	US$'000	US$'000
Impairment of intangible assets (Note 7)	—	—	(1,153)
Impairment of property, plant and equipment (Note 8)	(25,768)	(56,999)	1,663
Impairment of non-current financial assets	478	—	(373)
Impairment loss (gain)	(25,290)	(56,999)	137

Inventories

12 Months Ended

Dec. 31, 2023

Inventories.

Inventories

10. Inventories

Inventories comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Finished goods	162,962	169,956
Raw materials in progress and industrial supplies	182,612	266,348
Other inventories	38,267	44,257
Advances to suppliers	—	19,519
Total	383,841	500,080

For the year ended December 31, 2023, the Company recognized an expense for the write-down of inventory to net realizable value of $13,687 thousand ($29,865 thousand in 2022), of which $11,495 related to finished goods ($17,523 thousand in 2022) and $2,192 to raw material ($12,342 thousand in 2022). The Company records expense for the write-down of inventories to “Raw Materials and energy consumption for production” in the consolidated income statements. See Note 4.8.

As of December 31, 2023 and 2022, inventories in the Company’s subsidiaries in the United States, Canada, Norway, France and Spain ($314,681 thousand in 2023 and $435,347 thousand in 2022) were pledged forming part of the collateral for debt instruments, see Note 18.

Financial risk management

12 Months Ended

Dec. 31, 2023

Financial risk management

Financial risk management

29. Financial risk management

Ferroglobe operates in an international and cyclical industry which exposes it to a variety of financial risks such as currency risk, liquidity risk, interest rate risk, credit risk and risks relating to the price of finished goods, raw materials and power.

The Company’s management model aims to minimize the potential adverse impact of such risks upon the Company’s financial performance. Risk is managed by the Company’s executive management, supported by the Risk Management, Treasury and Finance functions. The risk management process includes identifying and evaluating financial risks in conjunction with the Company’s operations and quantifying them by project, region and subsidiary. Management provides written policies for global risk management, as well as for specific areas such as foreign currency risk, credit risk, interest rate risk, liquidity risk, the use of hedging instruments and derivatives, and investment of surplus liquidity.

The financial risks to which the Company is exposed in carrying out its business activities are as follows:

a) Market risk

Market risk is the risk that the Company’s future cash flows or the fair value of its financial instruments will fluctuate because of changes in market prices. The primary market risks to which the Company is exposed comprise foreign currency risk, interest rate risk and risks related to power.

Foreign currency risk

Ferroglobe generates sales revenue and incurs operating costs in various currencies. The prices of finished goods are to a large extent determined in international markets, primarily in USD and Euros. Foreign currency risk is partly mitigated by the generation of sales revenue, the purchase of raw materials and other operating costs being denominated in the same currencies. Although it has done so on occasions in the past, and may decide to do so in the future, the Company does not generally enter into foreign currency derivatives in relation to its operating cash flows. As of December 31, 2023 and December 31, 2022, the Company was not party to any foreign currency forward contracts.

In July 2021, the Company completed a restructuring of its $350,000 thousand of senior unsecured Notes due 2022. This included the issue of additionally $60,000 thousand (which were fully repaid in June 2022) of super senior secured Notes due 2025 (see Note 18) and the repayment of certain existing indebtedness denominated in a number of currencies across its subsidiaries. The Company is exposed to foreign exchange risk as the interest and principal of the Notes is payable in USD, whereas its operations principally generate a combination of USD and Euro cash flows. As of December 31, 2023 the debt balance related to the Reinstated Notes was $154,780 thousand, which has been fully repaid in February 2024.

During the year ended December 31, 2023 and 2022 the Company did not enter into any cross currency swaps.

Foreign currency sensitivity analysis

The Company’s exposure to foreign currency risk arises from the translation of the foreign currency exchange gains and losses on cash and cash equivalents, accounts receivable, accounts payable and inventories that are denominated in foreign currency.

Depreciation or appreciation of the USD by 10% against EUR, CAD and ZAR at December 31, 2023, while all other variables were remained constant, would have increased or (decreased) the net profit before tax of $16,502 thousand ($62,764 thousand in 2022).

Interest rate risk

Ferroglobe is exposed to interest rate risk in respect of its financial liabilities that bear interest at floating rates. These primarily comprise credit facilities (see Note 16) and lease commitments (see Note 17).

During the years ended December 31, 2023 and 2022, the Company did not enter into any interest rate derivatives in relation to its interest bearing credit facilities.

Interest Rate Sensitivity analysis

At December 31, 2023, an increase of 1% in interest rates would have given rise to additional borrowing costs of $604 thousand (2022: $812 thousand).

Power risk

Power generally constitutes one of the larger expenses for most of Ferroglobe’s products. Ferroglobe focuses on minimizing energy prices and unit consumption throughout its operations by concentrating its silicon and manganese-based alloy production during periods when energy prices are lower. In 2023, Ferroglobe’s total power consumption was 5,834 gigawatt-hours (6,431 in 2022), with power contracts that vary across its operations.

In 2023, Ferroglobe has engaged discussions with energy companies to secure Purchasing Power Agreements (“PPAs”) based on Solar and wind generation. Two wind PPAs were signed in 2023 with a total volume of 130 GWh at a fixed price between 77 and 50 EUR/MWh.

Certain of the Company’s subsidiaries have their power needs covered by a three-year agreement ending in 2025. Regulation enacted in 2015 enables French subsidiaries of the Company to benefit from reduced transmission tariffs, interruptibility compensation (an agreement whereby the companies agree to interrupt production in response to surges in demand across the French electricity grid), as well as receiving compensation for indirect carbon dioxide costs under the EU Emission Trading System (ETS) regulation.

Power Risk Sensitivity analysis

At December 31, 2023 a 10% change in total power consumption would yield a $22,333 thousand increase or (decrease) in our energy expenditures and resulting opposite impact to net profit before tax.

b) Credit risk

Credit risk refers to the risk that a customer or counterparty will default on its contractual obligations resulting in financial loss. The Company’s main credit risk exposure related to financial assets is set out in Note 9 and includes trade and other receivables and other financial assets.

Trade and other receivables consist of a large number of customers, spread across diverse industries and geographical areas. The Company has established policies, procedures and controls relating to customer credit risk management. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, the Company insures its trade receivables with reputable credit insurance companies.

Since October 2020, the Company entered into a factoring program where the receivables of some of the Company’s French and Spanish entities are prefinanced by a factor (see Note 9 and 16). In February 2022, Ferroglobe Spain Metals (formerly Grupo FerroAtlántica, S.A.U) signed an additional factoring agreement with Bankinter.

c) Liquidity risk

The purpose of the Company’s liquidity and financing policy is to ensure that the Company keeps sufficient funds available to meet its financial obligations as they fall due. Changes in financial assets and liabilities are monitored on an ongoing basis.

As of December 31, 2023 and 2022, Ferroglobe had restricted cash and cash and cash equivalents of $137,649 thousand and $322,943 thousand, respectively. As of December 31, 2023, the Company’s total outstanding debt is $310,998 thousand, consisting of $61,535 thousand in short-term, including the current portion of long-term debt and $249,463 in long-term debt.

The Company’s main sources of financing are as follows:

●

In 2021, the Company exchanged 98.6% of its 350 million 9.375% senior unsecured notes due in March 2022 (“Old Notes") for total consideration of $1,000 of principal amount, which is comprised of (i) $1,000 aggregate principal amount of the new 9.375% senior secured notes due in 2025 (the “Reinstated Senior Notes”) plus (ii) cash amount to $51.6 million, which the Company’s Parent applied as cash consideration for a subscription of new ordinary shares of the Company.

The Company issued $60.0 million in new 9% senior secured notes due in 2025 (“Super Senior Notes”). In July 2022, the Super Senior Notes were redeemed at 100% of the principal amount thereof plus accrued interest.

In July 2023, the Company via its subsidiary issuers of the 9.375% Senior Secured Notes due 2025 (the “Notes”) partially redeemed such Notes at 102.34375% of the principal amount plus accrued interest. The issuers elected to redeem an aggregate principal amount of $150.0 million of the Notes plus accrued and unpaid interest of $14.0 million.

●

In 2016, a Company subsidiary entered into a loan agreement with the Spanish Ministry of Industry, Tourism and Commerce (the “Ministry”) to borrow an aggregate principal amount of €44.9 million ($50.2 million) in connection with the industrial development projects relation to a silicon purification project at an annual interest rate of 3.6%. The Company is required to repay this loan in seven instalments commencing in 2023 and to be completed by 2030.

●

In October 2020, the Company signed a new factoring agreement with a financial institution for anticipating the collection of receivables of the Company’s European subsidiaries. During 2023, the factoring agreement provided upfront cash consideration of $431,274 thousand ($835,388 thousand in 2022). The Company has repaid $454,576 thousand ($863,192 thousand in 2022), showing at December 31, 2023, an on-balance sheet bank borrowing debt of $30,683 thousand (2022: $$56,157 thousand), see Note 9 and 16.

●

In 2020, a Company subsidiary entered into a loan agreement with BNP Paribas to borrow an aggregate principal amount, interest-free, of €4.5 million ($5.3 million), to finance Company’s activities in France. The French government guaranteed the loan in line with special measures taken in response to the COVID-19 pandemic. The loan is to be repaid by 2026. The Company is liable for a fee of 0.5% equal based on the total borrowed capital.

●

In 2020, a Company subsidiary entered into a loan agreement with Investissement Québec to borrow an aggregate principal amount, interest-free, of $7.0 million to finance its capital expenditures activities in Canada. The loan is to be repaid over a seven-year period, with payments deferred for the first three years from inception of the loan.

●

In March 2022, Ferroglobe Spain Metals (formerly Grupo FerroAtlántica) and Ferroglobe Corporate Services (formerly Grupo FerroAtlántica de Servicios) (together the “Beneficiaries”) and the Sociedad Estatal de Participaciones Industriales (“SEPI”), a Spanish state-owned industrial holding company affiliated with the Ministry of Finance and Administration, entered into a loan agreement of €34.5 million ($38.3 million). This loan is part of the SEPI fund intended to provide assistance to non-financial companies operating in strategically important sectors within Spain as a result of the COVID-19 pandemic.

Quantitative information

Interest rate risk:

At December 31, the Company’s interest-bearing financial liabilities were as follows:


	2023
	Fixed rate	Floating rate	Total
	U.S.$'000	U.S.$'000	U.S.$'000
Bank borrowings (Note 16)	15,865	30,683	46,548
Obligations under leases (Note 17)	—	28,387	28,387
Tolling agreement lease liability (Note 22)	37,863	—	37,863
Debt instruments (Note 18)	154,780	—	154,780
Other financial liabilities (Note 19)	57,218	20,224	77,442
	265,726	79,294	345,020


	2022
	Fixed rate	Floating rate	Total
	U.S.$'000	U.S.$'000	U.S.$'000
Bank borrowings (Note 16)	16,857	60,976	77,833
Obligations under leases (Note 17)	—	21,871	21,871
Debt instruments (Note 18)	343,442	—	343,442
Other financial liabilities (Note 19)	80,388	18,273	98,661
	440,687	101,120	541,807

ii.

Liquidity risk:

The table below summarizes the Company’s financial liabilities to be settled by the Company based on their maturity as of December 31, 2023, based on contractual undiscounted payments. The table includes both interest and principal cash flows. The table below assumes that the principal will be paid at maturity date.


	2023
	Less than 1 year	Between 1-2 years	Between 2-5 years	After 5 years	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings	31,635	—	1,683	13,230	46,548
Leases	9,240	6,413	10,897	11,939	38,489
Debt instruments	19,692	168,705	—	—	188,397
Financial loans from government agencies	14,653	51,243	15,444	3,586	84,926
Payables to related parties	2,198	—	—	—	2,198
Payable to non-current asset suppliers	9,791	336	—	—	10,127
Contingent consideration	400	983	677	—	2,060
Tolling agreement liability	3,683	7,366	11,049	114,172	136,270
Trade and other payables	183,375	—	—	—	183,375
	274,667	235,045	39,750	142,927	692,389


	2022
		Less than 1 year	Between 1-2 years	Between 2-5 years	After 5 years	Total
		US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings		62,059	—	2,544	13,230	77,833
Leases		8,928	7,349	6,888	—	23,166
Debt instruments		32,439	423,235	—	—	455,674
Financial loans from government agencies		61,796	4,336	41,239	2,792	110,163
Payables to related parties		1,790	—	—	—	1,790
Payable to non-current asset suppliers		4,149	183	—	—	4,332
Contingent consideration		1,945	3,930	1,257	—	7,132
Tolling agreement liability		3,555	7,110	10,665	113,759	135,089
Trade and other payables		219,666	—	—	—	219,666
		396,327	446,143	62,593	129,781	1,034,845

Additionally, as of December 31, 2023, the Company has long-term power purchase commitments amounting to $434,507 thousand ($526,841 thousand in 2022), which represents minimum charges that are enforceable and legally binding, and do not represent total anticipated purchase.

Debt instruments for the Reinstated Notes, and the Reindus and the SEPI loans classified as financial loans from government agencies have early redemption options.

Changes in liabilities arising from financing activities

The changes in liabilities arising from financing activities during the year ended December 31, 2023 and 2022 were as follows:


	January 1, 2023	Changes from financing cash flows	Effect of changes in foreign exchange rates	Interest expenses	Other changes	December 31, 2023
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings (Note 16)	77,833	(26,798)	1,716	2,568	(8,771)	46,548
Obligations under leases (Note 17)	21,871	(11,363)	403	1,715	15,761	28,387
Debt instruments(Note 18)	343,442	(209,245)	—	22,989	(2,406)	154,780
Financial loans from government agencies (Note 19)	98,661	(23,740)	2,565	4,847	(4,891)	77,442
Tolling agreement lease liability (Note 22)	36,665	(3,604)	1,318	3,484	—	37,863
Total liabilities from financing activities	578,472	(274,750)	6,002	35,603	(307)	345,020
Other amounts paid due to net financing activities		(7,397)
Net cash (used) in financing activities		(282,147)


	January 1, 2022	Changes from financing cash flows	Effect of changes in foreign exchange rates	Changes in fair values	Interest expenses	Other changes	December 31, 2022
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
Bank borrowings (Note 16)	98,967	(24,529)	(5,991)	—	3,185	6,201	77,833
Obligations under leases (Note 17)	18,358	(11,590)	(750)	—	1,587	14,266	21,871
Debt instruments(Note 18)	440,297	(136,260)	—	190	34,404	4,811	343,442
Financial loans from government agencies (Note 19)	67,013	35,924	(5,289)	—	5,239	(4,226)	98,661
Total liabilities from financing activities	624,635	(136,455)	(12,030)	190	44,415	21,052	541,807
Other amounts paid due to net financing activities		(4,003)
Net cash (used) in financing activities		(140,458)

Financial risk management - Interest-bearing financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial instruments by type of interest rate [line items]
Bank borrowings	$ 46,548	$ 77,833
Obligations under leases	28,387	21,871	$ 18,358
Tolling agreement liability	37,863	36,665
Debt instruments	154,780	343,442
Other financial liabilities	65,231	38,279
Interest rate risk
Disclosure of financial instruments by type of interest rate [line items]
Bank borrowings	46,548	77,833
Obligations under leases	28,387	21,871
Tolling agreement liability	37,863
Debt instruments	154,780	343,442
Other financial liabilities	77,442	98,661
Financial liabilities	345,020	541,807
Interest rate risk \| Fixed rate
Disclosure of financial instruments by type of interest rate [line items]
Bank borrowings	15,865	16,857
Tolling agreement liability	37,863
Debt instruments	154,780	343,442
Other financial liabilities	57,218	80,388
Financial liabilities	265,726	440,687
Interest rate risk \| Floating rate
Disclosure of financial instruments by type of interest rate [line items]
Bank borrowings	30,683	60,976
Obligations under leases	28,387	21,871
Other financial liabilities	20,224	18,273
Financial liabilities	$ 79,294	$ 101,120

CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit (loss) [abstract]
Sales	$ 1,650,034	$ 2,597,916	$ 1,778,908
Raw materials and energy consumption for production	(879,286)	(1,285,086)	(1,184,896)
Other operating income	100,992	147,356	110,085
Staff costs	(305,859)	(314,810)	(280,917)
Other operating expense	(270,090)	(346,252)	(296,809)
Depreciation and amortization charges	73,532	81,559	97,328
Impairment (loss) gain	(25,290)	(56,999)	137
Other (loss) gain	(29)	(19)	2,206
Operating profit	196,940	660,547	31,386
Finance income	5,422	2,274	253
Finance costs	(38,793)	(61,015)	(149,189)
Exchange differences	(7,551)	(9,995)	(2,386)
Profit (Loss) before tax	156,018	591,811	(119,936)
Income tax (expense) benefit	(57,540)	(147,983)	4,562
Total Profit (Loss) for the year	98,478	443,828	(115,374)
Profit (loss) attributable to the Parent (US$'000)	82,662	440,314	(110,624)
Profit (loss) attributable to non-controlling interests	15,816	3,514	(4,750)
Earnings per share
Profit (loss) attributable to the Parent (US$'000)	$ 82,662	$ 440,314	$ (110,624)
Weighted average number of basic shares outstanding	187,872,191	187,815,672	176,508,144
Weighted average number of dilutive shares outstanding	190,289,808	189,625,195	176,508,144
Basic earnings (loss) per ordinary share (U.S.$)	$ 0.44	$ 2.34	$ (0.63)
Diluted earnings (loss) per ordinary share (U.S.$)	$ 0.43	$ 2.32	$ (0.63)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Profit (Loss) for the year	$ 98,478	$ 443,828	$ (115,374)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax expense (benefit)	57,540	147,983	(4,562)
Depreciation and amortization charges	73,532	81,559	97,328
Finance income	5,422	2,274	253
Finance costs	38,793	61,015	149,189
Exchange differences	7,551	9,995	2,386
Impairment loss (gain)	25,290	56,999	(137)
Share-based compensation	7,402	5,836	3,627
Other loss (gain)	29	19	(2,206)
Changes in operating assets and liabilities:
Decrease (increase) in inventories	102,179	(220,823)	(60,296)
Decrease (increase) in trade and other receivables	126,458	(72,558)	(161,434)
Decrease (Increase) in energy receivable.	(159,807)	(21,684)	5,476
(Decrease) increase in trade and other payables	(70,573)	30,640	64,382
Other changes in operating assets and liabilities	(9,770)	(34,993)	24,327
Income taxes (paid) received	(113,308)	(80,524)	(3,794)
Net cash provided by (used in) operating activities	178,372	405,018	(1,341)
Cash flows from investing activities:
Interest and finance income received	3,725	1,520	207
Payments due to investments:
Intangible assets	(2,787)	(1,147)
Property, plant and equipment	(83,679)	(52,147)	(27,597)
Disposals:
Other non-current assets	935		3,542
Net cash used in investing activities	(81,806)	(51,774)	(23,848)
Cash flows from financing activities:
Payment for debt and equity issuance costs		(853)	(43,755)
Proceeds from equity issuance			40,000
Proceeds from debt issuance			60,000
Repayment of debt instruments	(179,075)	(84,823)
Increase (decrease) in bank borrowings:
Borrowings	432,274	898,586	659,083
Payments	(456,506)	(919,932)	(671,467)
Payments for lease liabilities	(14,967)	(11,590)	(11,232)
Proceeds from other financing liabilities		38,298
Other (payments) receipts from financing activities	(21,666)	678
Interest paid	(42,207)	(60,822)	(22,177)
Net cash (used in) provided by financing activities	(282,147)	(140,458)	10,452
Total net (decrease) increase in cash and cash equivalents	(185,581)	212,786	(14,737)
Beginning balance of cash and cash equivalents	322,943	116,663	131,557
Exchange differences on cash and cash equivalents in foreign currencies	287	(6,506)	(157)
Restricted cash and cash equivalents	1,179	5,008	2,272
Cash and cash equivalents	136,470	317,935	114,391
Ending balance of cash and cash equivalents	$ 137,649	$ 322,943	$ 116,663

Financial assets and other receivables

12 Months Ended

Dec. 31, 2023

Financial assets and other receivables

Financial assets and other receivables

9. Financial assets and other receivables

The company’s financial assets and their classification under IFRS 9 are as follows:


		2023 classification
	Note	Amortized cost	Fair value through profit or loss - mandatorily measured	Fair value through other comprehensive income - designated	Total
		US$'000	US$'000	US$'000	US$'000
Other financial assets	9.1	12,992	1,080	5,722	19,794
Receivables from related parties	23	4,430	—	—	4,430
Trade and other receivables	9.2	310,243	—	—	310,243
Restricted cash and cash equivalents		1,179	—	—	1,179
Cash and cash equivalents		136,470	—	—	136,470
Total financial assets		465,314	1,080	5,722	472,116


		2022 classification
	Note	Amortized cost	Fair value through profit or loss - mandatorily measured	Fair value through other comprehensive income - designated	Total
		US$'000	US$'000	US$'000	US$'000
Other financial assets	9.1	13,253	936	—	14,189
Receivables from related parties	23	4,275	—	—	4,275
Trade and other receivables	9.2	425,474	—	—	425,474
Restricted cash and cash equivalents		5,008	—	—	5,008
Cash and cash equivalents		317,935	—	—	317,935
Total financial assets		765,945	936	—	766,881

Restrictions on the use of group assets

As of year ended December 31, 2023 and 2022, Cash and cash equivalents and restricted cash comprise the following:


	2023	2022
	US$'000	US$'000
Cash and cash equivalents	136,470	317,935
Non-Current restricted cash presented as Cash	—	2,133
Current restricted cash presented as Cash	1,179	2,875
Total	137,649	322,943

As of December 31, 2023, the Company holds $1,179 thousand in current restricted cash associated with cash held explicitly to fund our Selma plant as part of the New Markets Tax Credit Program (NMTC Program). The NMTC helps economically distressed communities attract private capital. The Company intends to use the remaining restricted cash in early 2024.

The Company also has certain restrictions in the partnerships with Dow as of December 31, 2023 and 2022.

9.1 Other financial assets

As of December 31, 2023, other financial assets comprise the following:


	2023
	Non-
	Current	Current	Total
	US$'000	US$'000	US$'000
Other financial assets held with third parties:
Other financial assets at amortized cost	12,992	—	12,992
Equity securities	1,078	2	1,080
Derivative financial instruments (Note 20)	5,722	—	5,722
Total	19,792	2	19,794

As of December 31, 2022, other financial assets comprise the following:


	2022
	Non-
	Current	Current	Total
	US$'000	US$'000	US$'000
Other financial assets held with third parties:
Other financial assets at amortized cost	13,253	—	13,253
Equity securities	933	3	936
Total	14,186	3	14,189

Other financial assets at amortized cost

Other financial assets at amortized cost comprise the investment fund of $9,909 thousand in Selma Globe Investment Fund, LLC as a result of the NMTC Program. The reactivation of the plant in Selma, Alabama, in 2022 resulted in us being granted with a $13,230 thousand allocation by the end of fiscal year 2022 under the NMTC Program (See Note 16). This allocation was subscribed by Ferroglobe U.S.A Metallurgical, Inc. (also “FG USA Metallurgical”, formerly Globe Metallurgical, Inc.) as owner of the plant and United Bank as investor and beneficiary of the tax credit resulting from this grant.

Other financial assets at amortized cost also comprise deposits given to the French government by Ferroglobe France (formerly Ferropem) ($3,024 thousand in 2023 and $2,770 thousand in 2022), a Ferroglobe subsidiary, in respect of effort de construction. The law in France requires employers and companies of a certain size to invest a portion of their budgets in the construction or renovation of housing (including through direct investment, providing mortgages, and other) every year. In this case, the mandatory contributions are made in the form of a loan, to be returned by the French government in twenty years.

The carrying amount of other financial assets at amortized cost is considered to approximate their fair value.

9.2 Trade and other receivables

Trade and other receivables comprise the following at December 31:


	2023	2022
	US$'000	US$'000
Trade receivables	223,236	295,678
Less – allowance for doubtful debts	(2,906)	(1,187)
	220,330	294,491
Tax receivables	26,779	36,852
Government grant receivables	62,417	88,092
Other receivables	717	6,039
Total trade and other receivables	310,243	425,474

The trade and other receivables disclosed above are short-term in nature and therefore their carrying amount is considered to approximate their fair value.

The changes in the allowance for doubtful debts during 2023 and 2022 were as follows:


		Allowance
		US$'000
Balance at January 1, 2022		1,006
Impairment losses recognized		361
Collection of previously written off balances		(124)
Exchange differences		(56)
Balance at December 31, 2022		1,187
Impairment losses recognized		1,970
Collection of previously written off balances		(300)
Exchange differences		49
Balance at December 31, 2023		2,906

Factoring of trade receivables

In October 2020, the Company signed a factoring agreement with a financial institution to anticipate the collection of receivables issued by the Company’s European subsidiaries with the following main terms:

●

maximum cash consideration advanced is up to €60.0 million;

●

overcollateralization of 10% of accounts receivable as guarantee provided to the Agent until payment has been satisfied;

●

a 0.18% to 0.25% fee charges on total invoices and credit notes sold to the Agent; and

●

a financing commission set at IBOR plus 1% charged on the drawdowns;

Other conditions are set in relation to credit insurance policy which has been structured in an excess of loss policy where the first €5,000 thousand of bad debt losses are not covered by the insurance provider. The Company has assumed the cash collateralization for the entire excess of loss, as agreed in contractual terms.

For the year ended December 31, 2023, the factoring agreement provided upfront cash consideration of $431,274 thousand ($895,264 thousand in 2022). The Company has repaid $454,576 thousand ($918,070 thousand in 2022), recording as of

December 31, 2023, an on-balance sheet bank borrowing debt of $30,683 thousand (2022: $60,976 thousand). See Note 16.

As of December 31, 2023, the Company held $35,504 thousand of trade and other receivables recognized in the consolidated statements of financial position in respect of factoring agreements ($80,112 thousand at December 31, 2022). Finance costs incurred during the year ended December 31, 2023, amounted to $2,568 thousand ($3,426 thousand at December 31, 2022) recognized in finance costs in the consolidated income statements.

The Company has assessed whether it has transferred substantially all risks and rewards, continuing to be exposed to the variable returns from its involvement in the factoring agreement as it is exposed to credit risk, so the conclusion is that the derecognition criteria is not met and therefore, the account receivables sold are not derecognized from the balance sheet and an obligation is recognized as bank borrowings for the amount of cash advanced by the Leasing and Factoring Agent. The amount repayable under the factoring agreements is presented as on-balance sheet factoring and the debt assigned to factoring is shown as bank borrowings.

Other agreements

In February 2022 the company signed a without recourse factoring agreement with Bankinter offers the possibility to sell the receivables corresponding to 11 pre-approved customers by the bank and its credit insurer. Receivables are pre-financed at 100% of their face value.

The main characteristics of this program are the following:

●

maximum cash consideration advanced is up to €30,000 thousand;

●

a 0.25% fee of the receivables face values;

●

a cost of financing at Euribor 12-month plus 1%;

●

a closing fee of 0.25% of the financing; and

●

an annual renewal fee of 0.25% of the financing.

The Company has concluded that we have not retained nor transferred substantially all of the risks and rewards but have transferred control of the receivables, and therefore the derecognition criteria is met and the account receivables sold have been derecognized from the balance sheet.

Government grants receivables

The Company has been awarded a compensation for the indirect carbon dioxide emissions costs included in its energy bills in France, Spain and Norway.

For the year ended December 31, 2023, the Company recognized $84,047 thousand of income (2022: $72,251 thousand) related to these compensations. The amount was deducted against the related expense in “Raw Materials and energy consumption for production” in the consolidated income statements. The Company has no unfulfilled conditions in relation to government grants, but certain grants would be repayable if the Company were to substantially curtail production or employment at certain plants.

Goodwill - Sensitivity to changes in assumptions (Details). - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Goodwill	$ 29,702	$ 29,702	$ 29,702
Excess of recoverable value over carrying value	378,206
Silicon Metal [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Goodwill	17,230
Excess of recoverable value over carrying value	87,454
Silicon Metal [Member] \| Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	(45,666)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	57,487
Silicon Metal [Member] \| Long-term Growth Rate [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	3,937
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	(3,749)
Silicon Metal [Member] \| EBITDA
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	75,506
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	(75,506)
Silicon Based Alloys [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Goodwill	12,472
Excess of recoverable value over carrying value	290,752
Silicon Based Alloys [Member] \| Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	(68,244)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	85,147
Silicon Based Alloys [Member] \| Long-term Growth Rate [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	7,648
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	(7,283)
Silicon Based Alloys [Member] \| EBITDA
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	102,254
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ (102,254)

Provisions - Employee obligations - France (Details) - France - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in net defined benefit liability (asset) [abstract]
Percentage change in cost of provision	1.00%	1.00%
Change in obligation	$ 2,216	$ 1,695
Weighted average duration of defined benefit obligation	14 years 2 months	14 years 9 months
Present value of defined benefit obligation [member]
Changes in net defined benefit liability (asset) [abstract]
Obligations at beginning of year	$ 16,338	$ 25,950	$ 34,496
Service cost	733	(1,159)	1,082
Borrowing costs	596	310	212
Actuarial differences	2,039	(4,821)	(3,003)
Benefits paid	(1,200)	(1,181)	(995)
Exchange differences	616	(1,253)	(2,412)
Others		(1,508)	(3,430)
Obligations at end of year	$ 19,122	$ 16,338	$ 25,950

Other liabilities - Tax Payables and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other liabilities
VAT	$ 17,384	$ 20,905
Accrued social security taxes payable	6,444	6,195
Personal income tax withholding payable	927	896
Other	3,205	9,632
Tax payables	$ 27,960	$ 37,628

Organization and Subsidiaries - Percentage of ownership (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Alabama Sand and Gravel, Inc \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Alden Resources, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Alden Sales Corporation, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
ARL Resources, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
ARL Services, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Core Metals Group Holdings, LLC \| North America Silicon Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Core Metals Group, LLC \| North America Silicon Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
ECPI, Inc. \| North America Silicon Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Gatliff Services, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Globe BG, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GBG Financial LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GBG Holdings, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	90.00%	100.00%
Ferroglobe USA Metallurgical, Inc. \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Globe Metals Enterprises, Inc. \| North America Silicon Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Alloys I, Inc. \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Alloys II, Inc. \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Enterprises Holdings, Inc. \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Enterprises, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Sales, Inc. \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Laurel Ford Resources, Inc. \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
LF Resources, Inc. \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Metallurgical Process Materials, LLC \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Metallurgical Process Materials, LLC \| North America Silicon Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
Norchem, Inc. \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
QSIP Canada ULC \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Quebec Silicon General Partner
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%
Quebec Silicon General Partner \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%	51.00%
Quebec Silicon Limited Partnership \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%
Quebec Silicon LP \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		51.00%
Tennessee Alloys Company, LLC \| North America Silicon Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
West Virginia Alloys, Inc. \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
WVA Manufacturing, LLC \| North America Silicon Metal
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	51.00%	51.00%
Cuarzos Industriales, S.A.U. \| Europe Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
FerroPem, S.A.S. \| Europe Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Rocas, Arcillas y Minerales, S.A. \| Europe Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferroglobe Advanced Materials II, S.L \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
Ferroatlantica del Cinca, S.L. \| Europe Manganese
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	99.90%	99.90%
Ferroglobe Mangan Norge AS \| Europe Manganese
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferroglobe Manganese France SAS \| Europe Manganese
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Grupo FerroAtlantica, S.A.U \| Europe - Manganese and Silicon
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Grupo FerroAtlantica, S.A.U \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
Kintuck (France) SAS \| Europe Manganese
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Kintuck AS \| Europe Manganese
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Rebone Mining (Pty.), Ltd. \| South Africa Silicon Metal And Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	74.00%	74.00%
Silicon Smelters (Pty.), Ltd. \| South Africa Silicon Metal And Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Silicon Technology (Pty.), Ltd. \| South Africa Silicon Metal And Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Thaba Chueu Mining (Pty.), Ltd. \| South Africa Silicon Metal And Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	74.00%	74.00%
Cuarzos Industriales de Venezuela (Cuarzoven), S.A. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Emix, S.A.S. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferroatlantica de Mexico, S.A. de C.V. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Grupo FerroAtlantica de Servicios, S.A.U \| Europe - Manganese and Silicon
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
Grupo FerroAtlantica de Servicios, S.A.U \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Ferroatlantica de Venezuela (FerroVen), S.A. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	99.90%	99.90%
Ferroatlantica Deutschland, GmbH \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferroatlantica Brasil Mineracao Ltda. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	70.00%	70.00%
Ferroglobe Holding Company, LTD \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary - Direct	100.00%	100.00%
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferroglobe de Participaciones, S.L.U \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
Ferroglobe Finance Company, PLC \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferroglobe Innovation, S.L \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
FerroManganese Mauritania SARL \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	90.00%
Ferroquartz Holdings, Ltd (Hong Kong) \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	90.00%	100.00%
FerroQuartz Mauritania SARL \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	90.00%
Ferrosolar OPCO Group SL. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Ferrosolar R&D SL. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	90.00%	50.00%
FerroTambao, SARL \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	50.00%	90.00%
Globe Metales S.R.L. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Globe Specialty Metals, Inc. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Financial, Inc. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
GSM Netherlands, BV \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Hidroelectricite de Saint Beron, S.A.S \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Mangshi FerroAtlantica Mining Industry Service Company Ltd \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Globe Metallurgical Inc \| North America Silicon Metal and Alloys
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%
Ningxia Yonvey Coal Industrial Co., Ltd. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	98.00%	98.00%
Photosil Industries, SAS \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Ferroglobe Innovation, S.L.U \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
Solsil, Inc. \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	92.40%	92.40%
Ultracore Energy SA \| Other segments
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%

Property, plant and equipment - Sensitivity to changes in assumptions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Excess of recoverable value over carrying value	$ 378,206
Polokwane Facility [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Excess of recoverable value over carrying value	9,213
Carrying Value	13,582
Polokwane Facility [Member] \| Discount rate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	(7,135)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	8,955
Polokwane Facility [Member] \| Long-term Growth Rate [Member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	(850)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	822
Polokwane Facility [Member] \| EBITDA
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	15,022
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ (15,022)

Other disclosures

12 Months Ended

Dec. 31, 2023

Other disclosures

Other disclosures

31. Other disclosures

Restricted Net Assets

Certain of our entities are restricted from remitting certain funds to us in the form of cash dividends or loans by a variety of, contractual requirements. These restrictions are related to standard covenant requirements included in our bank borrowings and debt instruments, such as the SEPI loan and the ABL Revolver. Additionally, the Company has certain restrictions in its partnerships with Dow Silicones Corporation. Consequently, net assets from Ferroglobe subsidiaries Ferroglobe USA Inc (formerly Globe Specialty Metals, Inc.), and other subsidiaries in the U.S.A, Ferroglobe Canada (formerly QSIP Canada ULC), Ferroglobe Spain Metals (formerly Grupo Ferroatlántica) and the partnerships with Dow are restricted. Please refer to Notes 9, 16 and 19 for further details of these restrictions.

As of December 31, 2023 and 2022 the restricted net assets of the Ferroglobe Group’s subsidiaries were $328,572 thousand and $496,983 thousand, respectively. The Company performed a test on the restricted net assets of combined subsidiaries in accordance with Securities and Exchange Commission Regulation rule 5-04 (c) ‘what schedules are to be filed’ and concluded the restricted net assets exceed 25% of the consolidated net assets of the Company at December 31, 2023 and 2022. Therefore the separate condensed financial statements, as per SEC rule S-X 12-04, of Ferroglobe PLC are presented as Appendix I to these consolidated financial statements.

Additionally, the Super Senior Notes restricts the ability of Ferroglobe PLC to pay dividends.