Ferroglobe, a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, recently announced its financial results for the second quarter 2023 ¹²³. The company reported Q2-23 revenue of **$456.4 million**, up **14%** over the prior quarter. Q2-23 adjusted EBITDA was **$105.7 million**, up **136%** over the prior quarter. Gross debt was **$400.1 million** in Q2-23, flat versus the prior quarter and down $100 million from a year-ago quarter. Net debt declined to **$37 million**, down from $55 million in Q1-23 and $194 million in Q2-22. The company's total cash increased to **$363 million**, up from $344 million in Q1-23 and $307 million in Q2-22 ¹². Ferroglobe executed a partial redemption of the 2025 Senior Notes on July 31, redeeming $150 million of the 9 3/8% Senior Secured Notes due in 2025, reducing annual interest expense by $14 million ¹. The US recently added Silicon Metal as a critical material, highlighting its importance in the supply chain and reinforcing the onshoring opportunity for Ferroglobe ¹. Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We are pleased to report strong second quarter sales growth and an EBITDA improvement of 136%, highlighting our resilience and ability to navigate effectively through this volatile pricing environment as our end markets remain under pressure."¹Source: Conversation with Bing, 8/18/2023(1) Ferroglobe Reports Strong Second Quarter 2023 Financial Results. https://www.ferroglobe.com/news-releases/news-release-details/ferroglobe-reports-strong-second-quarter-2023-financial-results.(2) Ferroglobe Reports Strong Second Quarter 2023 Financial Results. https://markets.*.com/news/stocks/ferroglobe-reports-strong-second-quarter-2023-financial-results-1032553138.(3) Ferroglobe Reports Strong Second Quarter 2023 Financial Results. https://finance.yahoo.com/news/ferroglobe-reports-strong-second-quarter-210000898.html.
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