Stock Groups

Ferroglobe Down 11%, Takes Action to Counter Rising Energy Prices -Breaking

by Mike Robinson

[ad_1]

© Reuters.

Sam Boughedda

Investing.com — Ferroglobe PLC (NASDAQ) announced that on Friday it took small steps to combat rising energy costs in Spain.

The Nasdaq listed company said it has decided to idle one furnace at its Sabon facility and another at the Boo facility while aiming to reduce target production by 25% at the Monzón facility by adjusting output according to the volatility in energy prices.

Ferroglobe’s CEO Marco Levi stated that during this extraordinary time when energy prices have quadrupled in Spain over the last few months, he was constantly looking at ways to mitigate the effect. 

Levi stated that “the latest set of actions helps us fulfill our customer obligations to Spain”, in part, by using other assets from the region with the ultimate goal of optimizing any order.”

Ferroglobe shares have fallen 11% while the stock is down 2%.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]