Add the lack of improvement on training a local workforce and...

Add the lack of improvement on training a local workforce and depending too much on expats. Also tied in to the tax incentive discussion, but it basicly boils down to social license issues.

Well, they have the refinancing to redeem themselves.

If indeed they have this cost advantage and great assets, would major shareholders be prone to ponder a takeover offer. Ferroglobe is sitting on a pile of cash, even after debt repayment that they rather not return to shareholders, and have stated in their latest Q that they would like more share of the asian market.