Ferroglobe (GSM)  announced its financial performance results for the third quarter of 2020, ended September 30.

Key highlights of the third quarter performance

The company reported sales of $262.7 million in the third quarter ended September 30, 2020, compared to $381.7 million in the third quarter of 2019.

The company suffered a net loss of $46.8 million $0.28 per share on a fully diluted basis in the reported quarter, compared to $7.2million or $0.14 per share on a fully diluted basis in the third quarter of 2019. The netloss includes a property, plant and equipment impairment charge of $34.3 million.

The Ferroglobe has a Gross debt of $442 million at the end of the third quarter of 2020. The company has a positive operating cash flow of $23.0 million which was partially offset by the senior unsecured notes coupon payment of $(16.4) million and partial ABL paydown of $7.8 million. The Company adjusted EBITDA was $22.2 million compared to $7.2million in the third quarter of 2019.The Company reported an adjusted EBITDA margin of 8.5% for Q3 2020.

The company generated $23.0 million in cash from operations during Q3 2020, including a $33 million in respect to the sale of CO2 emission rights. The company’s working capital was $354 million at September 30, 2020, with an increase of $33 million compared to the previous quarter.