By Sam Boughedda
Investing.com — Silicon metal, silicon-based alloys, and manganese-based alloys producer Ferroglobe PLC (NASDAQ: GSM ) announced Friday that it has taken small steps to counter the effects of rising energy prices 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.
Marco Levi, Ferroglobe's CEO, told investors that "during this unprecedented time where energy prices in Spain have more than quadrupled over the past few months, we are constantly seeking ways to minimize the impact.
Levi added that the "latest set of actions enables us to fulfil our customer obligations in Spain, in part by utilizing other assets in the region, with the goal of optimizing each order."
Ferroglobe shares are down 11% as the S&P 500 is trading down 2%..
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