Ferroglobe PLC (GSM): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of Ferroglobe PLC (GSM)'s business model right now, and frankly, it's a fascinating, complex map connecting old-school metallurgy with the future of green energy. As a metals producer, their success in late 2025 hinges on supplying critical silicon metal and alloys to the EV and solar markets, evidenced by their Last Twelve Months (LTM) revenue hitting $1.37 billion as of Q3 2025. We're talking about a company balancing massive energy costs against securing long-term supply agreements with players like LONGi and actively advocating for trade protection in key Western markets. To see precisely how they structure their value proposition-from specialty alloys to their strong balance sheet-check out the full nine-block canvas we've mapped out below; it shows where the real value is being captured.

Ferroglobe PLC (GSM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Ferroglobe PLC has built to secure its position in the energy transition materials space. These aren't just handshake deals; they are critical supply chain anchors and technology accelerators.

Long-term supply agreement with LONGi for high-quality silicon

Ferroglobe PLC locked in a significant commitment with LONGi, the world's leading solar technology company, via a long-term supply agreement that became effective on January 1, 2024. This deal requires Ferroglobe PLC to supply high-quality quartzite and metallurgical grade silicon (MGS) to LONGi. This move supports LONGi's strategy to increase its purchases from leading Western suppliers of silicon materials. The partnership reflects a shared commitment to traceability, spanning from quartz extraction right through to the finished solar panel.

Joint development with Coreshell on silicon anode battery technology

The collaboration with Coreshell, a California-based battery technology innovator, is a major play for the future of electric vehicles (EVs). Ferroglobe PLC signed a Memorandum of Understanding (MoU) with Coreshell in the first quarter of 2024 to develop battery-ready metallurgical silicon, aiming to replace graphite in EV anodes. This effort is backed by a strategic funding round in March 2025, where Coreshell secured $24M, with Ferroglobe PLC anchoring the investment alongside Zeon Ventures. The goal is to unlock the potential of silicon anodes, which can store up to 10 times more energy than graphite. Prototype cells from this development have already achieved over 475 cycles while retaining greater than 90% of their original capacity. Ferroglobe PLC is positioning itself to capture a share of what is projected to be a $20.8B silicon anode market by 2034. As of Q3 2025, Coreshell began shipping pilot batteries to original equipment manufacturers (OEMs) for testing, with commercial deliveries planned for robotics and defense applications in early 2026.

Strategic alliances to capitalize on solar and electric vehicle growth

Ferroglobe PLC's partnerships are directly tied to the megatrends of solar and EV adoption. The company's Q2 2025 revenue reached $398 million, a sequential increase from $307.18 million in Q1 2025, showing the immediate impact of market stabilization and strategic positioning. The broader global silicon metal market was valued at $7.92 billion in 2024, and Ferroglobe PLC is clearly targeting the growth segments within it. The EV market in the U.S. alone is projected to grow at a 16% CAGR, making the Coreshell alliance a high-conviction, long-term bet. Also, to enhance its visibility and trading liquidity, Ferroglobe PLC joined the Russell 2000 and 3000 Indexes at the end of June 2025.

Here's a quick look at the financial context surrounding these strategic moves as of late 2025:

Collaboration with US/EU regulators on trade case advocacy

Ferroglobe PLC actively engages with regulatory bodies to ensure fair competition against low-priced imports. In April 2025, Ferroglobe USA, Inc. filed petitions with the U.S. Department of Commerce and the U.S. International Trade Commission (ITC). These petitions targeted unfairly priced and subsidized silicon metal imports from Angola, Australia, Laos, Norway, and Thailand, alleging dumping margins as high as 337.84%. This advocacy work is crucial for stabilizing pricing; for instance, the Q3 2025 Adjusted EBITDA was $18.3 million, and the company was awaiting a final EU safeguard decision expected around November 18, 2025. You can see the direct impact of these efforts on the company's financial health in the table above, where Q3 2025 results reflect ongoing market softness but also the benefit of operational efficiencies.

The key advocacy actions and outcomes include:

• Filed U.S. petitions in April 2025 against imports from five countries.
• Alleged dumping margins reached up to 337.84% in U.S. filings.
• Anticipated final EU safeguard decision by November 18, 2025.
• Reported Q3 2025 Adjusted EBITDA of $18.3 million.

Finance: draft 13-week cash view by Friday.

Ferroglobe PLC (GSM) - Canvas Business Model: Key Activities

Smelting and production of silicon metal and ferroalloys globally

Ferroglobe PLC owns and operates efficient furnaces engaged in the smelting process globally. The company is the largest merchant producer of silicon metal in the Western World.

Key production and sales metrics for 2025 include:

• Q3 2025 Consolidated Sales: $311.7 million.
• Q2 2025 Consolidated Sales: $386.9 million.
• Q1 2025 Consolidated Sales: $307.2 million.
• Q3 2025 Silicon Metal Revenue: $99.0 million.
• Q2 2025 Manganese-Based Alloys Shipments: 88,188 metric tons.

Volume changes quarter-over-quarter (Q/Q) for Q3 2025 compared to Q2 2025 were:

The company serves end markets including solar, electronics, automotive, consumer products, construction, and energy.

Raw material sourcing and extraction for integrated supply chain

Ferroglobe PLC controls a meaningful portion of many of its raw materials through extraction activities.

The company's vertical integration includes:

• Quartz mining activities in Spain, the United States, Canada, and South Africa.
• Low-ash metallurgical quality coal mining activities in the United States.
• Interests in hydroelectric power in France.

Approximate self-supply percentages for core products are:

Operational excellence and cost management, like the S&OP rollout

Ferroglobe PLC was implementing Sales & Operations Planning (S&OP) throughout 2025 to manage production schedules and capacity to meet the production plan.

This focus contributed to working capital improvements; for instance, working capital generated $25 million in Q1 2025, partly driven by S&OP implementation.

Raw materials and energy consumption as a percentage of sales showed improvement:

• Q2 2025: 65.5% of sales.
• Q1 2025: 77.6% of sales.
• Q3 2025: Raw materials as a percentage of sales was 58%.

Advocating for anti-dumping and countervailing duties in key markets

On April 24, 2025, Ferroglobe USA, Inc. filed petitions with the U.S. Department of Commerce and U.S. International Trade Commission seeking relief against unfairly priced and subsidized silicon metal imports.

The petitions targeted imports from Angola, Australia, Laos, Norway, and Thailand.

Alleged dumping margins included up to 337.84% for Australia.

The scope of the U.S. investigation covered silicon metal containing at least 85.00% but less than 99.99% silicon, and less than 4.00% iron, by actual weight.

In parallel, a final decision on EU safeguard measures, which includes all Ferroglobe's main products, was expected by November 18, 2025.

Ferroglobe PLC (GSM) - Canvas Business Model: Key Resources

Ferroglobe PLC's core strength lies in its physical assets and financial stability, which underpin its global market position as a leading producer of silicon metal and specialty alloys.

The company maintains a significant global network of production facilities across multiple continents. This footprint is essential for serving a diverse, worldwide customer base and managing logistics.

This physical presence includes sites in the United States, Spain, France, Norway, South Africa, and China, among others, allowing Ferroglobe PLC to be the 1st merchant producer in the western world for silicon metal.

The firm possesses deep technical expertise in minimizing furnace energy consumption, a critical factor given the energy-intensive nature of electrometallurgy. For instance, an energy saving and efficiency project focused on furnace insulation was projected to save 95.84 toe per year. Furthermore, the company has the technological capacity to produce photovoltaic-grade silicon metal, positioning it competitively in high-growth sectors.

As of the third quarter of 2025, Ferroglobe PLC demonstrated a strong balance sheet, reporting total cash of $121.5 million and a net debt of only $5.2 million. This low leverage provides operational flexibility, even amid challenging market conditions. The company generated operating cash flow of $20.8 million in Q3 2025, resulting in $1.6 million in free cash flow for the quarter.

Ferroglobe PLC's intellectual property and know-how in specialty alloy formulation is evident in its foundry products, such as nodularisers used to improve the mechanical properties of cast iron. This expertise involves precise material science regarding the composition of these ferrosilicon-based alloys.

• Magnesium content in FeSiMg alloys is selected in a range between 5% to 10%.
• The formulation includes Calcium to retard the reaction rate of magnesium.
• Rare-earth elements (Cerium, Lanthanum) are incorporated as needed to counteract deleterious trace elements.

Finance: draft 13-week cash view by Friday.

Ferroglobe PLC (GSM) - Canvas Business Model: Value Propositions

Ferroglobe PLC offers essential materials that underpin several high-growth, future-facing markets. You are looking at a company positioned as the largest merchant producer of silicon metal in the Western World, commanding about 14% of the global silicon metal production capacity. Ferroglobe PLC operates with a total installed power of near 1,500 MW across its global footprint.

Supply of critical materials for high-growth EV and solar markets

The value proposition here is direct linkage to the energy transition. Silicon is a foundational material for both solar panels and electric vehicle battery technologies. Ferroglobe PLC is actively strengthening its position in this space through strategic alliances. For instance, the company is advancing its partnership with Coreshell to develop silicon anode technology for EV batteries, with pilot battery deliveries to leading OEMs already underway as of the third quarter of 2025. This aligns with the long-term trajectory of the EV market, which sees a projected growth rate of 16% CAGR in the U.S. alone.

The company's commitment to these sectors is clear through its product focus and strategic moves, such as the acquisition of a quartz mine in South Carolina to secure raw materials for these specific applications.

High-purity silicon metal for semiconductors and silicone chemicals

The high-purity silicon metal segment is critical for electronics and chemical inputs. In the third quarter of 2025, revenue from silicon metal specifically was $99.0 million. This material is essential for producing silicon compounds in the chemical industry and the silicon wafers used in photovoltaic solar cells and electronic semiconductors.

However, this segment faced headwinds in late 2025; silicon metal shipments saw a decrease of 24.8% in the third quarter compared to the second quarter, primarily due to weaker demand from the chemical sector.

Reliable, local Western producer status amid geopolitical trade shifts

You value supply chain security, and Ferroglobe PLC offers a Western-based alternative to overseas sourcing. The company is recognized as the leading domestic producer of silicon metal in both Europe and the U.S. This local presence is supported by its operational footprint, which includes four metallurgical production facilities and three mining sites in North America.

This local status is being reinforced by trade actions. As of the third quarter of 2025, there was encouraging progress on the preliminary U.S. silicon metal trade case concerning antidumping and countervailing duties, with a final EU safeguard decision expected around November 18, 2025. Still, market pressures led to a strategic decision to temporarily halt all silicon metal production in Europe starting in October 2025, citing the need to restore fair competition against low-cost imports.

The company is the leading producer of ferroalloys in the European Union, with a capacity that exceeds 1 million tons per year.

Customized specialty alloys for specific industrial customer needs

Beyond base silicon metal, Ferroglobe PLC provides customized silicon- and manganese-based specialty alloys to a diverse industrial base, including aluminum, steel, and foundry customers.

Here's a quick look at the revenue contribution from the alloy segments in Q3 2025:

The silicon-based alloy segment showed resilience in pricing, with the average selling price increasing by 2.1% in Q3 2025, even as volumes dipped. The company's focus on operational efficiency is evident, as raw materials and energy consumption as a percentage of sales declined to 57.9% in Q3 2025 from 65.5% in Q2 2025.

You'll want to watch the end-markets for these alloys; volumes for silicon-based alloys decreased due to lower activity in the steel and foundry sectors.

Finance: draft 13-week cash view by Friday.

Ferroglobe PLC (GSM) - Canvas Business Model: Customer Relationships

You're looking at how Ferroglobe PLC manages its connections with the industrial giants and specialized buyers that depend on its materials. The approach is clearly segmented, mixing high-touch service for key accounts with standardized contract structures for volume stability.

Ferroglobe PLC focuses on serving manufacturers across dynamic end markets like solar, electronics, automotive, consumer products, construction, and energy. The company has actively worked to reinforce these ties, implementing a target portfolio prioritization and re-designing its commercial operating model to define clear objectives for each customer, all while pushing for long-term partnership building. They use digitally-enabled tools, including a new customer relationship management tool, to elevate their team's performance in managing these relationships.

The relationship structure is tailored to the product and customer size. For large, established industrial customers, the relationship involves direct sales engagement and technical support, which is crucial given the specialized nature of silicon metal and various alloys. This is supported by the fact that in 2023, the ten largest customers accounted for 51.0% of Ferroglobe PLC's consolidated sales.

The company's sales structure reflects a blend of commitment and market responsiveness:

• Long-term supply contracts are the backbone for silicone producers, typically lasting one year or longer.
• For aluminum-producing customers, contracts are generally shorter, ranging from one month to three months.
• All contracts usually feature a volume framework and a price formula tied to the spot market price plus production cost elements.
• Ferroglobe PLC also executes spot sales and quarterly agreements reflecting current market spot prices for customers without longer-term arrangements.

The focus on specialty, high-value products necessitates relationship-based selling. This is where the deep technical understanding of products like silicon-based and manganese-based specialty alloys comes into play, ensuring alignment with the customer's specific manufacturing processes in sectors like polysilicon and solar. For instance, a long-term supply agreement announced in early 2024 with LONGi, a solar technology leader, was for high-quality quartz and silicon over a three-year agreement, effective January 1, 2024.

To give you a clearer picture of the customer landscape and sales dynamics as of late 2025, here's a snapshot based on the most recent reporting:

In terms of capital return, Ferroglobe PLC maintains a commitment to shareholders through dividends, which is a key part of the overall relationship with the investment community. The most recently declared quarterly dividend was $0.014 per share, with an ex-dividend date of December 22, 2025, and a payment date of December 29, 2025. This translates to an annual dividend of $0.056 per share based on the quarterly frequency. If onboarding new customers for specialty products takes longer than expected, churn risk rises, which is why maintaining these dividend payments is important for investor confidence.

Finance: draft 13-week cash view by Friday.

Ferroglobe PLC (GSM) - Canvas Business Model: Channels

Direct sales force serving global industrial end-users

Ferroglobe PLC serves global industrial end-users across diverse sectors including solar, electronics, automotive, and construction. Sales performance reflects the reach of this distribution network.

• Consolidated Sales for the second quarter of 2025 were $\text{\$386.9 million}$.
• Consolidated Sales for the third quarter of 2025 were $\text{\$311.7 million}$.
• Year-to-Date 2025 Sales reached $\text{\$1,005.7 million}$.
• Silicon metal sales increased by $\text{\$25.5 million}$ in the second quarter of 2025 compared to the prior quarter.
• Manganese-based alloy revenue in the second quarter of 2025 was $\text{\$106.2 million}$.
• Adjusted EBITDA for the manganese-based alloys portfolio in Q2 2025 was $\text{\$16.8 million}$.

Strategically located production facilities for local supply

Ferroglobe PLC maintains a broad industrial footprint to support local and regional supply chains. This physical presence is key to serving end-users directly or through established distribution channels.

Specific facility capabilities support specialized local markets.

• The Mo i Rana plant in Norway operates $\text{two}$ smelting furnaces with a capacity of $\text{125,000 mt/y}$ for SiMn and FeMn.
• The Puertollano plant in Spain produces purified silicon metal with a concentration up to $\text{99,995% Silicon}$.
• Ferroglobe has plans to increase silicon metal production capacity in North America.

Investor relations and public affairs for market communication

Market communication channels include formal financial reporting and public affairs engagement to manage market perception and shareholder relations.

• Investor Relations Contact: Alex Rotonen, CFA, Vice President, Investor Relations.
• Media & Public Affairs Contact: Cristina Feliu Roig, Vice President, Communications & Public Affairs.
• Ferroglobe was added to the Russell $\text{2000}$ and $\text{3000}$ indexes on June 30, 2025.
• The Q2 2025 financial results were announced with an earnings call on August 6, 2025.
• The Q3 2025 financial results were announced with an earnings call on November 6, 2025.

Finance reported total cash of $\text{\$135.5 million}$ as of June 30, 2025.

Ferroglobe PLC (GSM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Ferroglobe PLC's specialized materials as of late 2025. Ferroglobe PLC serves a global customer base across several dynamic and fast-growing end markets, supplying silicon metal, silicon-based alloys, and manganese-based specialty alloys.

The customer segments are distinct based on the product they consume and the end-use industry:

• Solar energy manufacturers
• Automotive and battery producers (EV sector)
• Steel and foundry industries (ferrosilicon, manganese alloys)
• Chemical companies and electronics sector

For context on the scale of the business supplying these segments, here are the product revenue figures from the third quarter of 2025:

Here's a closer look at the specific customer group dynamics based on Q3 2025 performance:

• Solar energy manufacturers: Mentioned as a dynamic and fast-growing end market for Ferroglobe PLC's materials.
• Automotive and battery producers (EV sector): Weakness was noted in the automotive sector during the third quarter of 2025. Ferroglobe PLC's subsidiary, Coreshell, began shipping pilot batteries to OEMs for testing, with commercial battery deliveries planned for robotics and defense applications in early 2026.
• Steel and foundry industries (ferrosilicon, manganese alloys): Volumes for silicon-based alloys decreased due to lower activity in the steel and foundry sectors in EMEA and the U.S. Shipments of manganese-based alloys were impacted by reduced carbon steel production. The U.S. ferrosilicon trade case progress is expected to help domestic producers regain market share.
• Chemical companies and electronics sector: Weaker demand, primarily from the chemical sector, contributed to a shipment decrease for silicon metal in the third quarter of 2025. The electronics sector remains a key end market served by Ferroglobe PLC.

The total consolidated sales for Ferroglobe PLC in the third quarter of 2025 were $311.7 million.

Ferroglobe PLC (GSM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Ferroglobe PLC's production of silicon metal and specialty alloys. The cost structure is heavily weighted toward inputs necessary for power-intensive smelting.

Significant energy costs for power-intensive smelting operations and raw material procurement and logistics expenses are the largest variable components. For the second quarter of 2025, the combined cost for raw materials and energy consumption for production hit $253.2 million. To put that in perspective, this represented 65.5% of the total sales for that quarter. The restart of French assets in Q2 2025 helped improve fixed cost absorption, which is key when energy prices fluctuate.

The capital deployment side shows a clear commitment to maintaining and improving assets. Ferroglobe PLC's Capital expenditures for the first half of 2025 (YTD Q2 2025) totaled $29.9 million. For the second quarter alone, Capex was $15.6 million, which was a 9.0% increase sequentially from Q1 2025's $14.3 million. The company also made strategic investments, such as $4 million in Coreshell during Q2 2025.

Here's a quick look at the key financial figures related to production costs and investment for the period ending June 30, 2025:

The geographic footprint introduces cost variability. Ferroglobe PLC incurs operating costs in higher-cost regions like the US and South Africa, which naturally impacts the overall cost base compared to operations in other jurisdictions. The company noted that U.S. antidumping duties were positively impacting the ferrosilicon market, suggesting that regulatory actions can alter the competitive cost landscape for Ferroglobe PLC in that region.

You should keep an eye on how fixed costs are absorbed, as that's a major lever for profitability when volumes shift. For instance, the Adjusted EBITDA margin improved from -9% in Q1 2025 to 6% in Q2 2025, largely due to higher fixed cost absorption from increased production volumes.

• Power for smelting is the primary driver of variable production cost.
• Logistics expenses are tied to global raw material sourcing and product delivery.
• Capex is being managed with a 2025 target of approximately $60 million.
• The Manganese-Based Alloys segment saw revenue increase 42.5% sequentially in Q2 2025, driven by a 31.2% shipment increase.

Finance: draft 13-week cash view by Friday.

Ferroglobe PLC (GSM) - Canvas Business Model: Revenue Streams

You're looking at how Ferroglobe PLC brings in the money, which is almost entirely through selling specialized metals and alloys. As of late 2025, the revenue picture is clearly segmented across three main product lines, though the overall top-line performance in Q3 2025 reflected market softness.

The total revenue for the last twelve months (LTM) ending with Q3 2025 stood at $1.37 billion. That's the big picture for the year leading up to that quarter. For the third quarter itself, Ferroglobe PLC reported total sales of $311.7 million, which was a sequential drop of 19.4% from Q2 2025. This decline was mostly volume-driven, even with some average selling price increases across the portfolio.

Here is a breakdown of the primary revenue streams for Ferroglobe PLC based on the Q3 2025 results:

The Silicon Metal segment, which is Ferroglobe PLC's largest, saw its Q3 2025 revenue hit $99.0 million. That segment's shipments fell by 25% quarter-over-quarter, largely because of a 51% drop in European shipments due to import pressures. Still, the average selling price (ASP) managed a slight lift of 1.2%.

For the Silicon-based Alloys, the revenue was reported at $92 million for the quarter. Shipments here were down 19%, but the ASP increased by 2%. This product line saw its adjusted EBITDA margin improve to 13% from 6% in the prior quarter, helped by lower energy costs in Spain.

The Manganese-based Alloys revenue came in at $84 million. This segment experienced a 21% reduction in volumes, which was only partially offset by a 1% rise in ASP. The adjusted EBITDA margin for this segment contracted to 5% from 16% in Q2 2025.

You can see the revenue drivers by looking at the volume and pricing dynamics:

• Silicon Metal shipments: 34,000 tons in Q3 2025.
• Silicon-based Alloys shipments: 43,000 tons in Q3 2025.
• Manganese-based Alloys shipments: 70,000 tons in Q3 2025.
• Total Q3 2025 Shipments: 146.1kt, down from 185.8kt in Q2 2025.

The company is also looking at future revenue potential outside of these core sales, specifically through its partnership with Coreshell, which began shipping pilot batteries to OEMs for testing, with commercial deliveries planned for early 2026.