NEW YORK (TheStreet) -- Shares of Ferroglobe (GSM) were diving 9.68% to $8.49 on heavy trading volume Friday afternoon after the company posted weaker-than-anticipated results for the 2016 second quarter.
After yesterday's market close, the London-based producer of silicon metal reported an adjusted loss of 1 cent per diluted share, while analysts were expecting earnings of 2 cents per share.
Revenue for the period was $397.95 million, below Wall Street's estimates of $437.65 million.
"The pricing environment in silicon metal has remained tough this quarter, primarily due to increased pressure from low-priced imports," CEO Pedro Larrea said in a statement.
"While in silicon metal we continue to achieve spot sales prices above the index, as we said last quarter, we do not expect overall market pricing to begin recovering before late 2016," Larrea added.
About 1.56 million of the company's shares changed hands so far today, well above its average 30-day volume of 510,656 shares per day.