Ferroglobe is one of the world's largest producers of silicon metal and ferroalloys, operating submerged electric arc furnaces across North America, Europe, South America, South Africa, and Asia. The company sells silicon metal, ferrosilicon, manganese-based alloys, and other silicon-based products to industrial customers in more than 40 countries. Silicon metal is used by chemical producers to make silicones, by aluminum producers to strengthen alloys, and as a primary input for polysilicon used in solar cells and semiconductors. Ferrosilicon and manganese-based alloys are sold almost exclusively to steelmakers, where they serve as deoxidizing and strengthening agents. Ferroglobe's business model is essentially commodity processing: raw materials (quartz, coal, and manganese ore) are converted into refined metal and alloys using energy-intensive furnaces, and output is sold at prices tied to global commodity indices. Energy is the single largest cost variable, with silicon metal requiring roughly 12 MWh of electricity per ton produced. Ferroglobe self-supplies about 59% of its quartz needs from owned mines and operates coal mines in Kentucky to supply a portion of its North American carbon reductant needs. The company can also convert certain furnaces between silicon metal and ferrosilicon based on relative margins. Beyond its core business, Ferroglobe is investing in higher-value silicon applications, including high-purity silicon for semiconductors and battery materials, a strategic stake in Coreshell (a silicon anode battery startup), and licensing its patented ELSA furnace electrode technology to other producers globally.