| Organization and Subsidiaries |
2. Organization and Subsidiaries Ferroglobe has a diversified production base consisting of production facilities across North America, Europe, South America, South Africa and Asia. The subsidiaries of Ferroglobe PLC as of December 31, 2025 and 2024, classified by reporting segments, were as follows: 2025 Subsidiaries | | | | | | | | | | | Percentage of Ownership | | | | | | | Direct | | Total | | Reporting Segment | | Registered | ARL Services, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Core Metals Group Holdings, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Cuarzos Industriales de Venezuela, S.A. | | — | | 100.0 | | Other segments | | Venezuela | Ferroatlántica de México, S.A. de C.V. | | — | | 99.9 | | Other segments | | Nueva León - Mexico | Ferroatlántica de Venezuela (FerroVen), S.A. | | — | | 99.9 | | Other segments | | Venezuela | Ferroatlántica do Brasil Mineraçao Ltda. | | — | | 70.0 | | Other segments | | Brazil | Ferroglobe Advanced Materials, S.L. | | — | | 100.0 | | Other segments | | Spain | Ferroglobe Argentina, S.R.L | | — | | 100.0 | | Other segments | | Argentina | Ferroglobe Canada ULC | | — | | 100.0 | | North America – Silicon Metal | | Canada | Ferroglobe Corporate Services, S.L.U. | | — | | 100.0 | | Other segments | | Madrid - Spain | Ferroglobe Cuarzos Industriales Mining, S.A.U. | | — | | 100.0 | | Europe – Silicon Metal and Alloys | | A Coruña - Spain | Ferroglobe de Participaciones, S.L.U. | | — | | 100.0 | | Other segments | | Madrid - Spain | Ferroglobe Finance Company, PLC | | — | | 100.0 | | Other segments | | United Kingdom | Ferroglobe France SAS | | — | | 100.0 | | Europe – Silicon Metal and Alloys | | France | Ferroglobe Germany GmbH | | — | | 100.0 | | Other segments | | Germany | Ferroglobe Holding Company, LTD | | 100 | | 100.0 | | Other segments | | United Kingdom | Ferroglobe Innovation, S.L. | | — | | 100.0 | | Other segments | | Spain | Ferroglobe Mangan Norge A.S. | | — | | 100.0 | | Europe – Manganese | | Norway | Ferroglobe Manganese France S.A.S. | | — | | 100.0 | | Europe – Manganese | | France | Ferroglobe Monzón, S.L. | | — | | 99.9 | | Europe – Manganese | | Madrid - Spain | Ferroglobe Netherlands, B.V. | | — | | 100.0 | | Other segments | | Netherlands | Ferroglobe RAMSA Mining, S.A. | | — | | 100.0 | | Europe – Silicon Metal and Alloys | | A Coruña - Spain | Ferroglobe South Africa (Pty) Ltd | | — | | 100.0 (*) | | South Africa – Silicon Metal and Alloys | | Polokwane - South Africa | Ferroglobe Spain Metals, S.A.U. | | — | | 100.0 | | Europe – Manganese and Silicon Metal | | Madrid - Spain | Ferroglobe U.S.A Alloys I, Inc | | — | | 100.0 | | North America – Silicon Metal | | Delaware - U.S.A | Ferroglobe U.S.A Alloys II, Inc | | — | | 100.0 | | North America – Silicon Metal | | Delaware - U.S.A | Ferroglobe U.S.A ARLR, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A BG, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Bridgeport, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A ECPI, Inc. | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Financial, Inc. | | — | | 100.0 | | Other segments | | Delaware - U.S.A | Ferroglobe U.S.A GBG Financial, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A LF Resources, Inc | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A LFR, Inc | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Metallurgical, Inc | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Metals, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Mining Sales, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Mining Services, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Mining, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A MPM, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Quartz, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Sales, Inc. | | — | | 100.0 | | North America – Silicon Metal | | Delaware - U.S.A | Ferroglobe U.S.A, Inc | | — | | 100.0 | | Other segments | | Delaware - U.S.A | Ferroglobe USA Silica Fume Sales, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Florida - U.S.A | FerroManganese Mauritania S.A.R.L. | | — | | 90.0 | | Other segments | | Mauritania | Ferroquartz Holdings, Ltd. (Hong Kong) | | — | | 100.0 | | Other segments | | Hong Kong | FerroQuartz Mauritania S.A.R.L. | | — | | 90.0 | | Other segments | | Mauritania | Ferrosolar R&D S.L. | | — | | 50.0 | | Other segments | | Spain | FerroTambao, S.A.R.L. | | — | | 90.0 | | Other segments | | Burkina Faso | GBG Holdings, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Globe Metals Enterprises, Inc. | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | GSM Enterprises Holdings, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | GSM Enterprises, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Huntie (Ningxia) New Material Tech Co. Ltd. | | — | | 98.0 | | Other segments | | China | Kintuck (France) S.A.S. | | — | | 100.0 | | Europe – Manganese | | France | Kintuck A.S. | | — | | 100.0 | | Europe – Manganese | | Norway | Mangshi FerroAtlántica Mining Industry Service Company Limited | | — | | 100.0 | | Other segments | | Mangshi, Dehong -Yunnan -China | Quebec Silicon General Partner | | — | | 51.0 | | North America – Silicon Metal | | Canada | Quebec Silicon Limited Partnership | | — | | 51.0 | | North America – Silicon Metal | | Canada | Rebone Mining (Pty.), Ltd. | | — | | 74.0 | | South Africa – Silicon Metal and Alloys | | Polokwane - South Africa | Silicon Technology (Pty.), Ltd. | | — | | 100.0 | | South Africa – Silicon Metal and Alloys | | South Africa | Solsil, Inc. | | — | | 92.4 | | Other segments | | Delaware - U.S.A | Thaba Chueu Mining (Pty.), Ltd. | | — | | 74.0 | | South Africa – Silicon Metal and Alloys | | Polokwane - South Africa | Ultracore Energy S.A. | | — | | 100.0 | | Other segments | | Argentina | West Virginia Alloys, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | WVA Manufacturing, LLC | | — | | 51.0 | | North America – Silicon Metal | | Delaware - U.S.A |
(*) 26% of the ownership of the ordinary shares of Ferroglobe South Africa (Pty) Ltd. is held by a limited partnership fund (The Palamo Mining Investment Fund No.1 LLP ), while 100% of preferred shares are fully retained by Group entity Ferroglobe Spain, S.A.U. 2024 Subsidiaries | | | | | | | | | | | Percentage of Ownership | | | | | | | Direct | | Total | | Reporting Segment | | Registered | ARL Services, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Core Metals Group Holdings, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Cuarzos Industriales de Venezuela, S.A. | | — | | 100.0 | | Other segments | | Venezuela | Ferroatlántica de México, S.A. de C.V. | | — | | 99.9 | | Other segments | | Nueva León - Mexico | Ferroatlántica de Venezuela (FerroVen), S.A. | | — | | 99.9 | | Other segments | | Venezuela | Ferroatlántica do Brasil Mineraçao Ltda. | | — | | 70.0 | | Other segments | | Brazil | Ferroglobe Advanced Materials II, S.L. | | — | | 100.0 | | Other segments | | Spain | Ferroglobe Advanced Materials, S.L. | | — | | 100.0 | | Other segments | | Spain | Ferroglobe Argentina, S.R.L | | — | | 100.0 | | Other segments | | Argentina | Ferroglobe Canada ULC | | — | | 100.0 | | North America – Silicon Metal | | Canada | Ferroglobe Corporate Services, S.L.U. | | — | | 100.0 | | Other segments | | Madrid - Spain | Ferroglobe Cuarzos Industriales Mining, S.A.U. | | — | | 100.0 | | Europe – Silicon Metal and Alloys | | A Coruña - Spain | Ferroglobe de Participaciones, S.L.U. | | — | | 100.0 | | Other segments | | Madrid - Spain | Ferroglobe Finance Company, PLC | | — | | 100.0 | | Other segments | | United Kingdom | Ferroglobe France SAS | | — | | 100.0 | | Europe – Silicon Metal and Alloys | | France | Ferroglobe Germany GmbH | | — | | 100.0 | | Other segments | | Germany | Ferroglobe Holding Company, LTD | | 100 | | 100.0 | | Other segments | | United Kingdom | Ferroglobe Innovation, S.L. | | — | | 100.0 | | Other segments | | Spain | Ferroglobe Mangan Norge A.S. | | — | | 100.0 | | Europe – Manganese | | Norway | Ferroglobe Manganese France S.A.S. | | — | | 100.0 | | Europe – Manganese | | France | Ferroglobe Monzón, S.L. | | — | | 99.9 | | Europe – Manganese | | Madrid - Spain | Ferroglobe Netherlands, B.V. | | — | | 100.0 | | Other segments | | Netherlands | Ferroglobe RAMSA Mining, S.A. | | — | | 100.0 | | Europe – Silicon Metal and Alloys | | A Coruña - Spain | Ferroglobe South Africa (Pty) Ltd | | — | | 100.0 (*) | | South Africa – Silicon Metal and Alloys | | Polokwane - South Africa | Ferroglobe Spain Metals, S.A.U. | | — | | 100.0 | | Europe – Manganese and Silicon Metal | | Madrid - Spain | Ferroglobe U.S.A Alloys I, Inc | | — | | 100.0 | | North America – Silicon Metal | | Delaware - U.S.A | Ferroglobe U.S.A Alloys II, Inc | | — | | 100.0 | | North America – Silicon Metal | | Delaware - U.S.A | Ferroglobe U.S.A ARLR, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A BG, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Bridgeport, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A ECPI, Inc. | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Financial, Inc. | | — | | 100.0 | | Other segments | | Delaware - U.S.A | Ferroglobe U.S.A GBG Financial, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A LF Resources, Inc | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A LFR, Inc | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Metallurgical, Inc | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Metals, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Mining Sales, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Mining Services, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Mining, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A MPM, LLC | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Quartz, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Ferroglobe U.S.A Sales, Inc. | | — | | 100.0 | | North America – Silicon Metal | | Delaware - U.S.A | Ferroglobe U.S.A, Inc | | — | | 100.0 | | Other segments | | Delaware - U.S.A | Ferroglobe USA Silica Fume Sales, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Florida - U.S.A | FerroManganese Mauritania S.A.R.L. | | — | | 90.0 | | Other segments | | Mauritania | Ferroquartz Holdings, Ltd. (Hong Kong) | | — | | 100.0 | | Other segments | | Hong Kong | FerroQuartz Mauritania S.A.R.L. | | — | | 90.0 | | Other segments | | Mauritania | Ferrosolar R&D S.L. | | — | | 50.0 | | Other segments | | Spain | FerroTambao, S.A.R.L. | | — | | 90.0 | | Other segments | | Burkina Faso | GBG Holdings, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Globe Metals Enterprises, Inc. | | — | | 100.0 | | North America – Silicon Alloys | | Delaware - U.S.A | GSM Enterprises Holdings, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | GSM Enterprises, LLC | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | Huntie (Ningxia) New Material Tech Co. Ltd. | | — | | 98.0 | | Other segments | | China | Kintuck (France) S.A.S. | | — | | 100.0 | | Europe – Manganese | | France | Kintuck A.S. | | — | | 100.0 | | Europe – Manganese | | Norway | Mangshi FerroAtlántica Mining Industry Service Company Limited | | — | | 100.0 | | Other segments | | Mangshi, Dehong -Yunnan -China | Quebec Silicon General Partner | | — | | 51.0 | | North America – Silicon Metal | | Canada | Quebec Silicon Limited Partnership | | — | | 51.0 | | North America – Silicon Metal | | Canada | Rebone Mining (Pty.), Ltd. | | — | | 74.0 | | South Africa – Silicon Metal and Alloys | | Polokwane - South Africa | Silicon Technology (Pty.), Ltd. | | — | | 100.0 | | South Africa – Silicon Metal and Alloys | | South Africa | Solsil, Inc. | | — | | 92.4 | | Other segments | | Delaware - U.S.A | Thaba Chueu Mining (Pty.), Ltd. | | — | | 74.0 | | South Africa – Silicon Metal and Alloys | | Polokwane - South Africa | Ultracore Energy S.A. | | — | | 100.0 | | Other segments | | Argentina | West Virginia Alloys, Inc. | | — | | 100.0 | | North America – Silicon Metal and Alloys | | Delaware - U.S.A | WVA Manufacturing, LLC | | — | | 51.0 | | North America – Silicon Metal | | Delaware - U.S.A |
(*) 26% of the ownership of the ordinary shares of Ferroglobe South Africa (Pty) Ltd. is held by a limited partnership fund (The Palamo Mining Investment Fund No.1 LLP ), while 100% of preferred shares are fully retained by Group entity Ferroglobe Spain, S.A.U. Subsidiaries are all companies over which Ferroglobe has control. Control is achieved when the Company: | ● | has power over the investee; |
| ● | is exposed, or has rights, to variable returns from its involvement with the investee; and |
| ● | has the ability to use its power over the investee to affect the amount of the investor’s returns. |
The Company has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: | ● | the total voting rights held by the Company relative to the size and dispersion of holdings of the other vote holders; |
| ● | potential voting rights held by the Company, other vote holders or other parties; |
| ● | rights arising from other contractual arrangements; and |
| ● | any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time these decisions need to be made, including voting patterns at previous shareholders’ meetings. |
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. The Company uses the acquisition method to account for the acquisition of subsidiaries. According to this method, the consideration transferred for the acquisition of a subsidiary corresponds to the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration transferred by the Company is recognized at fair value at the date of acquisition. Subsequent changes in the fair value of the contingent consideration classified as an asset or a liability are recognized in accordance with IFRS 9 Financial Instruments in the consolidated income statements. The costs related to the acquisition are recognized as expenses in the years incurred. The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are initially recognized at their fair value at the date of acquisition. Non-controlling interests in the subsidiaries’ equity and results are shown separately in the consolidated statements of financial position, consolidated income statements, consolidated statements of comprehensive income and consolidated statements of changes in equity. Additionally, the Company attributes total comprehensive income (loss) to the Parent of the Company and to the non-controlling interests even if the profit or loss of the non-controlling interests gives rise to a balance receivable. Accounting policies of subsidiaries are consistent with the policies adopted by the Company. Should differences arise, an adjustment is performed in the consolidation process. All assets and liabilities, equity, income, expenses and cash flows relating to transactions between subsidiaries are eliminated in full in consolidation.
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