What Ferroglobe PLC told the SEC could break it.

~57% of coal is bought from third parties, and 86% of those purchases came from Colombia in 2025 — a single-country input concentration the company itself flags by diversifying to Australian material over Colombian availability concerns.

“Although we have begun to source Australian material in an effort to diversify from Colombia given concerns regarding the future availability of their coal, in 2025, approximately 86% of our third party purchase came from Colombia.”

Manganese ore for the alloys business comes mostly from South Africa and Gabon (high-grade ore is globally concentrated in Australia, Gabon, South Africa, Brazil); the filing notes severe shipment delays from Gabon in 2025 — a realized logistics disruption.

“The majority of the manganese ore Ferroglobe purchased in 2025 came from suppliers located in South Africa and Gabon with additional procurement from Ghana and Mexico.”

Sales are concentrated in a small set of industrial buyers: the 10 largest customers were 44.9% of FY2025 consolidated sales (56.0% in 2024), led by Dow Silicones Corporation at 12.3%.

“For the year ended December 31, 2025, our 10 largest customers accounted for 44.9% of the Company's consolidated sales.”

Post-SCOTUS, the administration imposed a 10% global tariff under Section 122 with intent to raise to 15%; layered on steel/aluminum tariff-rate quotas and China tariffs on products Ferroglobe both produces and consumes — a two-sided tariff exposure for a transatlantic metals producer.

“Following the Court's decision, the administration imposed a new global tariff of 10% under Section 122 of the Trade Act of 1974 and has signaled its intent to raise it to 15% and generally pursue alternative legal avenues to maintain its tariff strategy.”