Cash from operating activities was
In 000’s US dollars | Q4 ‘23 | Q4 ‘22 | Change | FY ‘23 | FY ‘22 | Change |
Revenue | (6%) | (1%) | ||||
Adjusted EBITDA (1) | 71,142 | 104,061 | (32%) | 350,491 | 342,550 | 2% |
Cash from operating activities | 44,704 | 56,969 | (22%) | 223,000 | 167,567 | 33% |
Return on Capital Employed | 26.3% | 30.8% | 26.3% | 30.8% |
Note:
(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.
Dr.
Cash from operating activities was
AMG Engineering signed
Through its critical materials science-based solutions, AMG, as its mission, seeks to contribute to CO2 reduction by way of “enabling” its customers to increase the efficiency of renewable energy production, and to “enable” energy saving strategies. We measure the enabled contribution to CO2 reduction at our customer level via stringent third-party developed life cycle assessments. We based this mission on the belief that in this obviously high growth environment, we could achieve both above average financial returns and use our proprietary technologies to be at the forefront of the industrial contribution to atmospheric CO2 reduction. Our Enabling CO2 Reduction Portfolio (ECO2RP) in 2023 enabled 110.3 million tons of CO2 reduction, 11% more than the 99.4 million tons of enabled CO2 reduction in 2022.”
Lithium
- In
Brazil , our lithium concentrate plant will temporarily stop production for the change-over period inMarch 2024 in order to facilitate the expansion from 90,000 tons to 130,000 tons. We expect to produce 93,000 tons for the full year of 2024 and will operate at the full expanded capacity rate, or 130,000 tons per year, in the fourth quarter of 2024. - AMG’s lithium hydroxide refinery’s first 20,000-ton module in Bitterfeld,
Germany , is in advanced phases of commissioning, and the product qualification process is planned to start in the third quarter of 2024.
Vanadium
- The
Zanesville, Ohio facility exceeded our target production volumes in the fourth quarter of 2023. The production from both the roasting operation and the melt shop exceeded historical averages achieved by theCambridge, Ohio operation. - Enacted by the Inflation Reduction Act of 2022, AMG Vanadium qualified for Section 45X effective from 2023 onwards, which provides a production credit for domestic manufacturing of critical materials. Based on preliminary regulations as issued by the
IRS , AMG expects to receive a subsidy of approximately$6 million for full year 2023. The ruling is still in the comment period and, as such, is subject to a final determination. - AMG’s innovative lithium vanadium battery (“LIVA”) projects are integral for industrial power management applications and accelerate the energy transition. The batteries are currently under various stages of bidding and development. One is operational, three are currently under contract and being engineered, and 15 are in bidding and development stages, with a total megawatt hour (MWh) capacity of 749 MWh.
AMG LIVA has agreed to acquire the Vanadium Redox Flow Battery (“VRFB”) activities fromJ.M. VOITH SE & CO. KG (“VOITH”). VOITH has developed an advanced technology for controlling and balancing large-scale high-voltage VRFB energy storage systems. The technology complements LIVA’s VRFB system development. LIVA will continue to develop the technology and integrate it into its large-scale energy storage systems.- The vanadium electrolyte plant at AMG Titanium in Nuremberg,
Germany is under construction. The target capacity is 6,000 m³ vanadium electrolyte, the equivalent of approximately 100 MWh, which will serve the electricity storage market, including a vertical integration into LIVA batteries. We expect to have nameplate capacity available by the second half of 2024. - AMG Vanadium has acquired the processing technologies and IP related activities from
Transformation Technologies Inc. (“TTI”), a US company based inOregon . This unique thermal treatment of spent catalyst and other oil refinery wastes into valuable products is complementary to AMG’s existing spent catalyst processing technology and know-how. AMG will integrate the TTI technology into its global strategic growth initiatives conducted through Shell &AMG Recycling (“SARBV”). - SARBV’s “Supercenter” project in the
Middle East is a facility to produce high-purity vanadium oxides for applications such as chemicals and aerospace as well as vanadium electrolyte for the long duration energy storage market in theKingdom of Saudi Arabia . The facility will operate under a long-term supply contract with Saudi Aramco for vanadium-containing gasification ash from its power plants in the Kingdom. For illustration purposes, Phase 1 of the Supercenter plans to produce 8 million pounds of vanadium oxide from 7,000 metric tons of gasification ash located at a site in Jubail,Kingdom of Saudi Arabia . The FEL3 basic engineering has been submitted. The full Supercenter project will also include the processing of spent catalysts, a Fresh Catalyst R&D facility and a LIVA Hybrid Energy Storage System.
Financial Highlights
- AMG’s full year 2023 adjusted EBITDA was a record-setting
$350 million due largely to high profitability in our lithium and vanadium businesses, offset by lower profit in AMG Critical Minerals. - Cash from operating activities was
$223 million in 2023, compared to$168 million in 2022, largely driven by the lithium and vanadium expansion projects as well as strong cash flows from our Silicon business driven by energy sales. - AMG’s free cash flow(1) was
$38 million in 2023. - AMG’s liquidity as of
December 31, 2023 was$540 million , with$345 million of unrestricted cash and$195 million of revolving credit availability. - Annualized return on capital employed was 26.3% for 2023, compared to 30.8% in 2022.
- AMG Engineering signed
$350 million in new orders during 2023, the highest in AMG’s history and 24% higher than in 2022. - The total 2023 dividend proposed is €0.60 per ordinary share, including the interim dividend of €0.40, paid on
August 9, 2023 .
Note:
(1) Free cash flow is defined as cash flows from operating activities less cash flows used in investing activities.
In 000’s US dollars | ||||||
Q4 ‘23 | Q4 ‘22 | Change | FY ‘23 | FY ‘22 | Change | |
Revenue | (6%) | (1%) | ||||
Gross profit | 55,252 | 119,981 | (54%) | 389,431 | 409,486 | (5%) |
Gross margin | 15.0% | 30.8% | 24.0% | 24.9% | ||
Operating profit | 19,503 | 82,319 | (76%) | 221,752 | 307,059 | (28%) |
Operating margin | 5.3% | 21.1% | 13.6% | 18.7% | ||
Net income attributable to shareholders | 2,173 | 60,697 | (96%) | 101,320 | 187,589 | (46%) |
EPS - Fully diluted | 0.07 | 1.85 | (96%) | 3.12 | 5.73 | (46%) |
EBIT (1) | 56,706 | 91,719 | (38%) | 295,855 | 297,251 | —% |
Adjusted EBITDA (2) | 71,142 | 104,061 | (32%) | 350,491 | 342,550 | 2% |
Adjusted EBITDA margin | 19.4% | 26.7% | 21.6% | 20.9% | ||
Cash from operating activities | 44,704 | 56,969 | (22%) | 223,000 | 167,567 | 33% |
Notes:
(1) EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment, inventory cost adjustments, environmental provisions, exceptional legal expenses and other exceptional items, equity-settled share-based payments, and strategic expenses.
(2) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization.
Operational Review
AMG Clean Energy Materials
Q4 ‘23 | Q4 ‘22 | Change | FY ‘23 | FY ‘22 | Change | |
Revenue | (10%) | 9% | ||||
Gross profit | 35,112 | 81,583 | (57%) | 274,387 | 267,862 | 2% |
Operating profit | 28,576 | 69,779 | (59%) | 217,309 | 222,590 | (2%) |
Adjusted EBITDA | 55,924 | 80,347 | (30%) | 297,190 | 259,480 | 15% |
AMG Clean Energy Materials’ revenue decreased 10% compared to the fourth quarter of 2022, to
Gross profit for the quarter decreased 57% compared to the same period in the prior year, primarily due to the lower sales prices. The primary driver was the lithium price decline, which fell 76% since the fourth quarter of 2022. Full year gross profit increased 2% compared to 2022, due to the higher prices and volumes noted above.
SG&A expenses of
The fourth quarter 2023 adjusted EBITDA decreased 30%, to
Enacted by the Inflation Reduction Act of 2022, AMG Vanadium qualifies for Section 45X which provides a production credit for domestic manufacturing of critical materials from 2023 onwards. Based on preliminary regulations as issued by the
AMG received a
During the fourth quarter of 2023, a total of 29,706 dry metric tons (“dmt”) of lithium concentrates were sold, 39% higher than the 21,329 dmt in the fourth quarter of 2022 due to shipping variances in 2023. The average realized sales price was
During 2023, a total of 95,097 dry metric tons (“dmt”) of lithium concentrates were sold, an increase of 8,384 dmt versus 2022. The average realized sales price for 2023 was
It is important to note that fourth quarter pricing benefited from the timing lag experienced related to the contractual pricing agreements with our lithium concentrate customers. The prices of lithium concentrate and lithium carbonate have declined 56% and 41%, respectively, since the end of the third quarter 2023.
In 2024, we anticipate the cost per ton to rise due to unabsorbed costs during the ramp-up as well as lower relative tantalum sales volumes offsetting higher spodumene production. AMG is one of the lowest cost lithium concentrate mines in the world and we plan to maintain that position.
AMG Critical Minerals
Q4 ‘23 | Q4 ‘22 | Change | FY ‘23 | FY ‘22 | Change | |
Revenue | (21%) | (38%) | ||||
Gross (loss) profit | (6) | 19,017 | N/A | 21,953 | 46,721 | (53%) |
Operating (loss) profit | (7,407) | 10,961 | N/A | (6,872) | 63,995 | N/A |
Adjusted EBITDA | 1,618 | 14,001 | (88%) | 6,947 | 38,280 | (82%) |
AMG Critical Minerals’ revenue for the fourth quarter of 2023 decreased by 21%, to
Gross profit in the fourth quarter of 2023 was
SG&A expenses in 2023 of
The fourth quarter 2023 adjusted EBITDA decreased 88% compared to the same period in 2022, to
AMG Silicon operated one of four furnaces in the fourth quarter of 2023. We plan to run two of four furnaces for the remainder of 2024. The operational parameters of the silicon business will continue to be reviewed on an ongoing basis. Due to the noted interruptions in AMG Silicon’s operations, the financial impact of the business will be excluded from adjusted EBITDA during this period of abnormal operations. However, AMG Silicon generated
AMG Critical Materials Technologies
Q4 ‘23 | Q4 ‘22 | Change | FY ‘23 | FY ‘22 | Change | |
Revenue | 7% | 10% | ||||
Gross profit | 20,146 | 19,381 | 4% | 93,091 | 94,903 | (2%) |
Operating (loss) profit | (1,666) | 1,579 | N/A | 11,315 | 20,474 | (45%) |
Adjusted EBITDA | 13,600 | 9,713 | 40% | 46,354 | 44,790 | 3% |
AMG Critical Materials Technologies' fourth quarter 2023 revenue increased by
SG&A expenses increased by 10% in 2023 compared to 2022, due to additional personnel at AMG Engineering and
AMG Critical Materials Technologies’ adjusted EBITDA was
AMG Engineering signed
Financial Review
Tax
AMG recorded an income tax expense of
AMG paid taxes of
Exceptional Items
AMG’s fourth quarter and full year 2023 gross profit includes exceptional items, which are not included in the calculation of adjusted EBITDA.
A summary of exceptional items included in gross profit in 2023 and 2022 are below:
Exceptional items included in gross profit
Q4 ‘23 | Q4 ‘22 | Change | FY ‘23 | FY ‘22 | Change | |
Gross profit | (54%) | (5%) | ||||
Inventory cost adjustment | 15,260 | 1,589 | 860% | 26,731 | 1,589 | 1,582% |
Restructuring expense | 6,115 | 389 | 1,472% | 9,223 | 582 | 1,485% |
Asset impairment expense (reversal) | 9,585 | (990) | N/A | 8,818 | 10,597 | (17%) |
Silicon’s partial closure | (1,854) | — | N/A | (4,502) | — | N/A |
Strategic project expense | 107 | 1,201 | (91%) | 511 | 5,540 | (91%) |
Gross profit excluding exceptional items | 84,465 | 122,170 | (31%) | 430,212 | 427,794 | 1% |
AMG had
In mid 2023, AMG initiated a restructuring program to improve efficiencies and reduce headcount. The largest restructuring expenses are in AMG Titanium with
As a result of the restructuring program, certain non-core assets were also impacted. Asset impairments were recorded due to the retirement of these assets in the fourth quarter of 2023 at AMG Titanium and AMG Graphite of
SG&A
AMG’s fourth quarter 2023 SG&A expenses were
Full year 2023 SG&A expenses were
Liquidity
Change | |||
Senior secured debt | (3%) | ||
Cash & cash equivalents | 345,308 | 346,043 | —% |
Senior secured net (cash) debt | (7,906) | 2,579 | N/A |
Other debt | 13,107 | 14,959 | (12%) |
Net debt excluding municipal bond | 5,201 | 17,538 | (70%) |
Municipal bond debt | 319,002 | 319,244 | —% |
Restricted cash | 1,451 | 6,920 | (79%) |
Net debt | 322,752 | 329,862 | (2%) |
AMG continued to maintain a strong balance sheet and adequate sources of liquidity during the fourth quarter. As of
Net Finance Costs
AMG’s fourth quarter 2023 net finance income was
Final Dividend Proposal
AMG intends to declare a dividend of €0.60 per ordinary share over the financial year 2023. The interim dividend of €0.40, paid on
A proposal to resolve upon the final dividend distribution will be included on the agenda for the Annual General Meeting to be held on
Outlook
Our ongoing cost reduction and efficiency programs will reduce our headcount by approximately 200 which will essentially be offset by the ramp-up of our expansions in
Capital expenditures for 2024 are expected to be approximately
AMG has no expected financing needs in 2024. AMG refinanced its
AMG’s two main lithium expansion projects are heading towards completion: our lithium concentrate expansion project from 90,000 tons to 130,000 tons in
Regarding 2024 outlook, from the lithium concentrate and lithium carbonate market price highs in
On
Our analysis of the long-term supply and demand trends in lithium gives us confidence that the present low prices are unsustainable.
Segmental Realignment
The Company has changed its organizational structure effective
AMG’s 2023 pro forma segmental information for AMG Lithium, AMG Vanadium, and AMG Technologies is shown below:
AMG Lithium
Q1 ‘23 | Q2 ‘23 | Q3 ‘23 | Q4 ‘23 | FY ‘23 | |
Revenue | |||||
Gross profit | 92,013 | 90,006 | 26,769 | 20,569 | 229,357 |
Operating profit | 83,589 | 79,904 | 16,390 | 7,900 | 187,783 |
Adjusted EBITDA | 89,799 | 86,345 | 29,638 | 30,758 | 236,540 |
AMG Vanadium
Q1 ‘23 | Q2 ‘23 | Q3 ‘23 | Q4 ‘23 | FY ‘23 | |
Revenue | |||||
Gross profit | 26,424 | 17,227 | 17,182 | 16,237 | 77,070 |
Operating profit (loss) | 13,103 | (3,217) | 3,539 | 13,524 | 26,949 |
Adjusted EBITDA | 20,331 | 15,693 | 15,067 | 29,520 | 80,611 |
AMG Technologies
Q1 ‘23 | Q2 ‘23 | Q3 ‘23 | Q4 ‘23 | FY ‘23 | |
Revenue | |||||
Gross profit | 21,405 | 20,301 | 22,852 | 18,446 | 83,004 |
Operating profit (loss) | 3,331 | 1,480 | 4,130 | (1,921) | 7,020 |
Adjusted EBITDA | 7,981 | 5,415 | 9,080 | 10,864 | 33,340 |
Profit for the period to adjusted EBITDA reconciliation
Q4 ‘23 | Q4 ‘22 | FY ‘23 | FY ‘22 | |
Profit for the period | ||||
Income tax expense | 19,958 | 23,827 | 95,002 | 84,097 |
Net finance (income) cost | (2,455) | (4,177) | 20,739 | 30,941 |
Equity-settled share-based payment transactions | 1,443 | 1,414 | 5,799 | 5,552 |
Restructuring expense | 6,115 | 389 | 9,223 | 582 |
Pension adjustment | (1,410) | — | 5,290 | — |
Net contract settlements | — | 971 | — | (45,436) |
Silicon’s partial closure | (966) | — | (1,520) | — |
Inventory cost adjustment | 15,260 | 1,589 | 26,731 | 1,589 |
Asset impairment expense (reversal) | 9,585 | (990) | 8,818 | 10,597 |
Strategic project expense (1) | 6,777 | 5,885 | 19,179 | 17,070 |
Share of loss of associates | 734 | — | 3,723 | 1,250 |
Others | 399 | 142 | 583 | 238 |
EBIT | 56,706 | 91,719 | 295,855 | 297,251 |
Depreciation and amortization | 14,436 | 12,342 | 54,636 | 45,299 |
Adjusted EBITDA | 71,142 | 104,061 | 350,491 | 342,550 |
Notes:
(1) The Company is in the initial development and ramp-up phases for several strategic expansion projects, including the joint venture with Shell, the LIVA Battery System, and the lithium expansion in
Consolidated Income Statement | ||
For the quarter ended | ||
In thousands of US dollars | 2023 | 2022 |
Unaudited | Unaudited | |
Continuing operations | ||
Revenue | 367,235 | 390,004 |
Cost of sales | (311,983) | (270,023) |
Gross profit | 55,252 | 119,981 |
Selling, general and administrative expenses | (45,582) | (36,579) |
Other expenses | (313) | (1,083) |
Other income | 10,146 | — |
Net other operating income (expense) | 9,833 | (1,083) |
Operating profit | 19,503 | 82,319 |
Finance income | 15,222 | 5,459 |
Finance cost | (12,767) | (1,282) |
Net finance income | 2,455 | 4,177 |
Share of loss of associates and joint ventures | (734) | — |
Profit before income tax | 21,224 | 86,496 |
Income tax expense | (19,958) | (23,827) |
Profit for the period | 1,266 | 62,669 |
Profit attributable to: | ||
Shareholders of the Company | 2,173 | 60,697 |
Non-controlling interests | (907) | 1,972 |
Profit for the period | 1,266 | 62,669 |
Basic earnings per share | ||
Basic earnings per share | 0.07 | 1.90 |
Diluted earnings per share | 0.07 | 1.85 |
Consolidated Income Statement | ||
For the year ended | ||
In thousands of US dollars | 2023 | 2022 |
Unaudited | ||
Continuing operations | ||
Revenue | 1,625,861 | 1,642,774 |
Cost of sales | (1,236,430) | (1,233,288) |
Gross profit | 389,431 | 409,486 |
Selling, general and administrative expenses | (178,162) | (147,963) |
Other expenses | (313) | (14,544) |
Other income | 10,796 | 60,080 |
Net other operating income | 10,483 | 45,536 |
Operating profit | 221,752 | 307,059 |
Finance income | 28,989 | 9,061 |
Finance cost | (49,728) | (40,002) |
Net finance cost | (20,739) | (30,941) |
Share of loss of associates and joint ventures | (3,723) | (1,250) |
Profit before income tax | 197,290 | 274,868 |
Income tax expense | (95,002) | (84,097) |
Profit for the period | 102,288 | 190,771 |
Profit attributable to: | ||
Shareholders of the Company | 101,320 | 187,589 |
Non-controlling interests | 968 | 3,182 |
Profit for the period | 102,288 | 190,771 |
Earnings per share | ||
Basic earnings per share | 3.15 | 5.87 |
Diluted earnings per share | 3.12 | 5.73 |
Consolidated Statement of Financial Position | ||
In thousands of US dollars | ||
Assets | ||
Property, plant and equipment | 921,178 | 797,611 |
40,313 | 41,404 | |
Derivative financial instruments | 22,847 | 33,042 |
Equity-accounted investees | 18,266 | — |
Other investments | 38,160 | 29,324 |
Deferred tax assets | 26,882 | 37,181 |
Restricted cash | 387 | 5,875 |
Other assets | 12,060 | 8,612 |
Total non-current assets | 1,080,093 | 953,049 |
Inventories | 260,945 | 277,311 |
Derivative financial instruments | 3,397 | 3,516 |
Trade and other receivables | 164,027 | 162,548 |
Other assets | 100,128 | 121,834 |
Current tax assets | 7,845 | 7,289 |
Restricted cash | 1,064 | 1,045 |
Cash and cash equivalents | 345,308 | 346,043 |
Total current assets | 882,714 | 919,586 |
Total assets | 1,962,807 | 1,872,635 |
Consolidated Statement of Financial Position | ||
(continued) | ||
In thousands of US dollars | ||
Equity | ||
Issued capital | 853 | 853 |
Share premium | 553,715 | 553,715 |
(10,593) | (14,685) | |
Other reserves | (52,269) | (44,869) |
Retained earnings (deficit) | 70,077 | (4,461) |
Equity attributable to shareholders of the Company | 561,783 | 490,553 |
Non-controlling interests | 44,220 | 27,296 |
Total equity | 606,003 | 517,849 |
Liabilities | ||
Loans and borrowings | 656,265 | 661,270 |
Lease liabilities | 46,629 | 44,224 |
Employee benefits | 133,333 | 117,160 |
Provisions | 17,951 | 12,361 |
Deferred revenue | 17,836 | 20,000 |
Other liabilities | 4,784 | 15,009 |
Derivative financial instruments | 27 | 284 |
Deferred tax liabilities | 6,664 | 27,269 |
Total non-current liabilities | 883,489 | 897,577 |
Loans and borrowings | 5,566 | 15,164 |
Lease liabilities | 5,725 | 4,710 |
Short-term bank debt | 7,678 | 6,391 |
Deferred revenue | 14,083 | 28,277 |
Other liabilities | 77,052 | 69,917 |
Trade and other payables | 259,339 | 240,101 |
Derivative financial instruments | 2,828 | 7,746 |
Advance payments from customers | 60,561 | 51,054 |
Current tax liability | 24,279 | 23,548 |
Provisions | 16,204 | 10,301 |
Total current liabilities | 473,315 | 457,209 |
Total liabilities | 1,356,804 | 1,354,786 |
Total equity and liabilities | 1,962,807 | 1,872,635 |
Consolidated Statement of Cash Flows | ||
For the year ended | ||
In thousands of US dollars | 2023 | 2022 |
Unaudited | ||
Cash from operating activities | ||
Profit for the period | 102,288 | 190,771 |
Adjustments to reconcile net profit to net cash flows: | ||
Non-cash: | ||
Income tax expense | 95,002 | 84,097 |
Depreciation and amortization | 54,636 | 45,299 |
Asset impairment expense | 8,818 | 10,597 |
Net finance cost | 20,739 | 30,941 |
Share of loss of associates and joint ventures | 3,723 | 1,250 |
Loss (gain) on sale or disposal of property, plant and equipment | 145 | (592) |
Equity-settled share-based payment transactions | 5,799 | 5,552 |
Movement in provisions, pensions, and government grants | (2,137) | (11,982) |
Working capital and deferred revenue adjustments | 58,187 | (123,281) |
Cash generated from operating activities | 347,200 | 232,652 |
Finance costs paid, net | (21,028) | (23,289) |
Income tax paid | (103,172) | (41,796) |
Net cash from operating activities | 223,000 | 167,567 |
Cash used in investing activities | ||
Proceeds from sale of property, plant and equipment | 39 | 2,538 |
Acquisition of property, plant and equipment and intangibles | (153,377) | (174,516) |
Investments in associates and joint ventures | (21,989) | (1,250) |
Use of restricted cash | 5,469 | 86,514 |
Interest received on restricted cash | 30 | 250 |
Capitalized borrowing cost paid | (15,519) | (16,652) |
Other | 3 | 12 |
Net cash used in investing activities | (185,344) | (103,104) |
Consolidated Statement of Cash Flows | ||
(continued) | ||
For the year ended | ||
In thousands of US dollars | 2023 | 2022 |
Unaudited | ||
Cash used in financing activities | ||
Proceeds from issuance of debt | 1,395 | 82 |
Repayment of borrowings | (15,995) | (33,863) |
Net repurchase of common shares | (6,960) | (1,523) |
Dividends paid | (28,212) | (19,885) |
Payment of lease liabilities | (5,764) | (5,101) |
Advanced contributions | — | 11,000 |
Contributions by non-controlling interests | 14,000 | — |
Net cash used in financing activities | (41,536) | (49,290) |
Net (decrease) increase in cash and cash equivalents | (3,880) | 15,173 |
Cash and cash equivalents at | 346,043 | 337,877 |
Effect of exchange rate fluctuations on cash held | 3,145 | (7,007) |
Cash and cash equivalents at | 345,308 | 346,043 |
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
About AMG
AMG's mission is to provide critical materials and related process technologies to advance a less carbon-intensive world. To this end, AMG is focused on the production and development of energy storage materials such as lithium, vanadium, and tantalum. In addition, AMG's products include highly engineered systems to reduce CO2 in aerospace engines, as well as critical materials addressing CO2 reduction in a variety of other end use markets.
AMG’s Lithium segment spans the lithium value chain, reducing the CO2 footprint of both suppliers and customers. AMG’s Vanadium segment is the world’s market leader in recycling vanadium from oil refining residues, spanning the Company’s vanadium, titanium, and chrome businesses. AMG’s Technologies segment is the established world market leader in advanced metallurgy and provides equipment engineering to the aerospace engine sector globally. It serves as the engineering home for the Company’s fast-growing LIVA batteries, and spans AMG’s mineral processing operations in graphite, antimony, and silicon metal.
With approximately 3,600 employees, AMG operates globally with production facilities in
For further information, please contact:
mfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are “forward looking.” Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.
Attachment
Fourth Quarter & FY 2023 Earnings Press Release
© OMX, source