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Ferroglobe swings to net profit in Q1

Ferroglobe PLC on May 21 posted an attributable net profit of US$36.7 million in the first quarter, swinging from a year-ago net loss of US$6.6 million.

Sales in the period totaled US$560.7 million, up from US$396.0 million in the first quarter of 2017. EBITDA, meanwhile, soared to US$93.5 million in the quarter, from US$30.9 million a year earlier.

The leading producer of silicon metal in the world shipped a total of 91,615 tonnes of silicon, up from 75,753 tonnes shipped in the year-ago period. Shipments of silicon-based alloys reached 76,328 tonnes, higher from 75,386 tonnes on a yearly basis, with shipments of manganese-based alloys totaling 71,176 tonnes, rising from 63,700 tonnes.

Ferroglobe's board decided to reinstate the company's dividend, declaring an interim payment of 6 cents per share. The dividend is payable June 29 to shareholders on record as of June 8.

The company's net debt was about US$449.3 million at the end of March, up from US$386.9 million at the end of 2017, mainly due to the US$55.5 million working capital increase from the recent acquisition of Glencore International AG's France and Norway-based manganese plants.