EFTA01387060.pdf

"excessive" selloff after ITC "shocked the market" March 23 in overturning Dept. of Commerce's silicon metal tariffs (no anti- dumping or countervailing duties will be issued as a result). GSM drops as much as 6.2%, adding to Friday's 24% selloff. * Lowers ests. for 2018 and 2019 EPS to 84c and 80c from $1.16 and $1.35, respectively, to reflect expectation of lower silicon metal prices; PT to $13.50 from $18, but believes current stock price presents attractive entry point * Current stock price of —$11 implies U.S. silicon metal selling price of $0.83/1b, all else being equal, which is a level not breached since 2006 * Gambardella adds that in second set of negative news, GSM's largest shareholder, Grupo Villar Mir (55% interest in stock), plans to sell 1.9m shares (Bloomberg data says Grupo owns 94.55m shares) * GSM has 5 buys, 0 holds, 0 sells; avg PT $21: Bloomberg data * NOTE: March 23, Ferroglobe Defended at Stifel, Oppenheimer After ITC Decision To contact the reporter on this sto Janet Freund in New York at To contact the editors res onsible for this story: Arie Shapira at Richard Richtmyer CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089113 CONFIDENTIAL SDNY GM_00235297 EFTA01387060