AMG Advanced Metallurgical Group N.V. Acquires Titanium Master Alloys Producer International Specialty Alloys

okt 9, 2019

Amsterdam, 9 October 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce the signing of a definitive agreement to acquire the assets of International Specialty Alloys (“ISA”), from Kennametal, Inc.

ISA, located in New Castle, PA, is a leading U.S. producer of titanium master alloys and other binary alloys for the aerospace market.

“The acquisition of ISA provides an excellent opportunity for AMG Titanium Alloys and Coatings (“AMG TAC”) to increase its market position in these key products for the aerospace market in North America and Europe,” stated Mr. Guido Loeber, President of AMG Technologies.

AMG TAC, based in Nuremberg, Germany, is a leading international supplier of titanium  master alloys and titanium aluminides to the aerospace industry. AMG TAC is an operating unit of AMG Technologies.

The transaction is expected to close during the fourth quarter of 2019.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal.  AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
Vice President Investor Relations
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

• 100919 ISA Acquisition

AMG Advanced Metallurgical Group N.V. and Shell Catalysts & Technologies Agree to form Shell & AMG Recycling B.V.

okt 8, 2019

Amsterdam, 8 October 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) and Shell Catalysts & Technologies have signed an agreement to form a joint venture which will be called Shell & AMG Recycling B.V.  The joint venture will provide a long-term sustainable solution for catalyst reclamation and recycling.

Dr. Heinz C. Schimmelbusch, Chairman & Chief Executive Officer of AMG, said “AMG has developed a world-leading spent-catalyst recycling technology and we are very pleased to be able to form this joint venture and thereby significantly expand and deepen our 17-year relationship with Shell. With the implementation of the IMO 2020 fuel sulfur regulation we expect significant spent-catalyst volume growth.  The end-to-end option that will be available to oil refineries will represent an outstanding CO2 reduction opportunity.”

Andy Gosse, President Shell Catalysts & Technologies said, “These changing regulations and an increased focus on oil to chemicals in our industry have significantly increased the number of residue-upgrading units already in operation, in construction or being planned.  With this opportunity comes the environmental challenge managing the large volume of catalysts that will be required.  Coupled with Shell Catalysts & Technologies’ existing offering, we will be able to deliver refiners the option of a truly circular solution, turning waste into value, replacing disposal with recycling and reuse, and significantly reducing pollution and emissions.”

Refineries will benefit from the combined technical capabilities and integrated resources of Shell & AMG Recycling B.V. by reducing the risk and cost of transporting and disposing of spent catalysts and eliminating the need to landfill.  In addition, they will benefit from the monetization of the valuable metals contained in their waste.

The process employed by Shell & AMG Recycling B.V. extracts critical materials, including vanadium, in the form of ferrovanadium from spent catalysts.  Ferrovanadium is an alloy which increases the strength of steel and is primarily used in infrastructure applications such as rebar or girders.  Through the reclamation of ferrovanadium from spent catalysts, steel manufacturers benefit from a low CO2 alternative compared to sourcing the vanadium through mining.

The joint venture will operate outside of North America and is subject to the necessary regulatory approvals.

Notes to Editors

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
Vice President Investor Relations
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.

About Shell Catalysts & Technologies

Shell Catalysts & Technologies provides catalysts, technology, technical advisory services and research and development expertise to the refining and petrochemical processing industries worldwide. Shell Catalysts & Technologies has approximately 5000 staff located in Shell Group’s primary commercial and technical centres operating in Houston, Amsterdam, and Bangalore and in an extensive network of offices around the world.

Shell Catalysts & Technologies supports the Shell Group’s business activities in R&D plus in downstream manufacturing, downstream marketing, gas & LNG, production and project management. Outside of the Shell Group, the company successfully services refining, chemicals, gas, metals, pulp and paper and motor-sport customers worldwide.

For further information, please contact:

Laura van Lingen
Shell spokesperson
Laura.vanLingen@shell.com
+31703774238

Shell Investor Relations: + 31 70 377 4540

Cautionary note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this press release “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this press release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition’, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2018 (available at www.shell.com/investor and www.sec.gov ). These risk factors also expressly qualify all forward looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, October 8 2019. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

We may have used certain terms, such as resources, in this press release that United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

Attachment

• 100819 AMG Shell Global Solutions Announce JV Agreement

AMG Signs Multi-Year Contract to Supply Available Production to Glencore

sep 26, 2019

Amsterdam, 26 September 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that it has signed a long-term agreement to supply 100% of its available ferrovanadium production from both the existing and the future Ohio facilities to Glencore AG, a subsidiary of Glencore plc (“Glencore”).

AMG Vanadium specializes in the environmentally beneficial conversion of oil refinery and power plant waste products into ferrovanadium, nickel and molybdenum primarily used by global steel producers in automotive, energy transmission and infrastructure applications. By using materials that would otherwise be discarded as waste, AMG Vanadium creates environmental stewardship, energy conservation and resource recovery in line with AMG’s CO₂ reduction strategy.

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
Vice President of Investor Relations
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

• 92619 Glencore Contract

AMG Advanced Metallurgical Group N.V. Completes Share Repurchase Program

aug 10, 2019

Amsterdam, 10 August 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce the completion of its share repurchase program.

The company repurchased a total of 2,915,630 shares for a total consideration of EUR 72,234,898 from April 9, 2019 to August 9, 2019. These repurchases were made as part of the company’s repurchase program, which was announced on April 8, 2019 and was initiated to return cash to shareholders and fund future share-based employee compensation programs. As such AMG intends to cancel 2,000,000 shares and is retaining the residual amount in treasury to satisfy employee compensation obligations.

 Share Repurchase Program

Overview of details of last 5 trading days:

¹All shares bought on Euronext Amsterdam
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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal.  AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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

• AMG Completes Share Repurchase Program

AMG Advanced Metallurgical Group N.V. Reports Second Quarter 2019 Results and Updates Full Year 2019 Guidance

jul 31, 2019

Financial Highlights

• Revenue decreased by 8% to $303.6 million in the second quarter 2019 from $329.3 million in the second quarter 2018
• EBITDA⁽²⁾ was $23.8 million in the second quarter 2019, a 53% decrease over the same period in 2018
• Annualized return on capital employed was 19.0% in the second quarter 2019, as compared to 30.6% in the second quarter 2018
• AMG has returned $81 million to shareholders in 2019 through its share repurchase program and dividend payments
• AMG declares an interim dividend of €0.20 per ordinary share, unchanged from the interim dividend in the prior year 

Amsterdam, 31 July 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reported second quarter 2019 revenue of $303.6 million, an 8% decrease from $329.3 million in the second quarter 2018. EBITDA for the second quarter 2019 was $23.8 million, a 53% decrease from $50.7 million in the second quarter 2018, largely due to lower vanadium prices versus the second quarter of last year. EBIT decreased 68% to $13.7 million in the second quarter 2019 from $42.8 million in the second quarter 2018.

Revenue was relatively stable with an 8% drop in the second quarter 2019. The 53% decrease in EBITDA to $23.8 million was largely due to the Critical Materials segment, which achieved an EBITDA of $12.4 million in the second quarter 2019. That drop is almost entirely explained by prices of ferrovanadium, as well as chrome metal prices and additional ramp-up costs of the lithium concentrate plant. Actual production in June averaged 85% of capacity for the month. 

AMG Technologies achieved an EBITDA of $11.4 million, a 20% decrease from the second quarter of 2018, due to lower profitability in Titanium Alloys and Coatings and timing effects in the Engineering business.

Second quarter net income, adjusted for the non-cash impairments, was $6.0 million. The 2019 interim dividend of €0.20 per ordinary share is unchanged from the interim dividend of €0.20 per ordinary share in the prior year.  

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “We obviously had a disappointing quarter. Profitability was negatively impacted by deteriorating market prices as current spot prices across all of AMG’s portfolio are significantly below the prices which we experienced in the first quarter of 2019.

The second quarter of 2019 was particularly impacted by an unusual market price development in vanadium over the past several quarters. Market prices climbed consistently from the beginning of 2018 into the first quarter of 2019 and then plunged in a very short period beginning late in the first quarter of 2019 until present. We have seen spikes and crashes in the vanadium market before, however, this pattern is unique in the history of the metal. Traditionally, vanadium prices follow a consistent pattern – a short spike followed by a swift decline. This parallel pattern has a minimal effect on our inventory position as we build only a limited volume of high-priced inventory in the short spike period. In contrast, the sustained period of price acceleration in 2018 and into 2019 resulted in the buildup of a significant volume of high-priced vanadium inventory. This unusual pattern resulted in a substantial impact to our profitability as our inventory position experienced cost adjustments due to the sudden and severe decline in market price which eliminate the profitability on sales for the entire working capital cycle.

Despite the decline in price, if you exclude the transitional implications of the higher cost inventory on profitability, AMG’s vanadium business is robust and very profitable at the current market price. Additionally, we believe that the profitability associated with catalyst recycling will benefit dramatically over the next several years from the various macro trends impacting the industry.”

Key Figures

Note: 

1. EBIT is defined as earnings before interest and income taxes. EBIT excludes restructuring, asset impairment and equity-settled share-based payments and includes foreign currency gains or losses.
2. EBITDA is defined as EBIT adjusted for depreciation and amortization.

Operational Review

AMG Critical Materials

AMG Critical Materials’ revenue in the second quarter decreased by $25.3 million, or 11%, to $198.5 million, driven largely by lower average prices across all seven business units during the quarter, partially offset by higher sales volumes of chrome metal, antimony, silicon metal, and lithium.

Gross (loss) profit in the second quarter decreased by $76.8 million to ($25.2) million. The reduction in gross profit was largely driven by lower vanadium profitability including a non-cash expense related to a vanadium inventory adjustment. In addition, AMG recorded non-cash impairments of $5.2 million associated with capitalized costs for the engineering of Spodumene II in the second quarter 2019. 

SG&A expenses in the second quarter of 2019 decreased by $3.0 million, or 14%, compared to the same period in the prior year, primarily due to lower variable compensation expense.

The second quarter 2019 EBITDA margin was 6% due to lower profitability in the quarter.

AMG Technologies

Despite an 11% decrease versus March 31, 2019, order backlog maintained a high level of $198.5 million as of June 30, 2019 and the Company signed $33.2 million in new orders during the second quarter of 2019. This represents a 0.54x book to bill ratio. This lower book to bill ratio was negatively impacted by timing, as several large orders were delayed into the third quarter. Order intake of over $40 million was achieved in July, driven by strong orders of turbine blade coating and induction furnaces for the aerospace market.

AMG Technologies’ second quarter 2019 revenue was relatively unchanged versus the prior year as revenue generated from the delivery of turbine blade coating furnaces and nuclear waste recycling furnaces remained strong.

Second quarter 2019 gross profit decreased by $6.5 million, or 24%, to $21.0 million and gross margin was 20% compared to 26% in the second quarter 2018, due to lower prices in the Titanium Alloys and Coatings business during the quarter.

SG&A expenses decreased slightly to $15.9 million in the second quarter, compared to $16.3 in the same period in 2018, primarily due to lower variable compensation expense.

AMG Technologies’ second quarter EBITDA decreased by 20%, or $2.8 million, to $11.4 million from $14.2 million in the second quarter of 2018 due to lower prices in the Titanium Alloys and Coatings business and timing effects in the Engineering business.

Financial Review

Tax

AMG recorded an income tax benefit of $13.5 million in the second quarter 2019 as compared to a tax expense of $19.5 million in the same period in 2018. The tax benefit is due primarily to losses in the United States related to the decline in vanadium profitability and vanadium inventory cost adjustments in the current year.

AMG paid taxes of $6.3 million in the second quarter 2019 as compared to tax payments of $7.0 million in the same period in 2018. As a result of the year-over-year volatility in income and the timing of cash tax payments, the present cash tax rate is not indicative of the current year performance as payments in the current year are reflective of the income in 2018 and not 2019 which is significantly impacted by the decline in vanadium prices. We do believe that once earnings have stabilized, the cash tax rate is the more meaningful metric with regards to AMG’s taxes due to the volatile nature of the company’s deferred tax balances.

Exceptional Items

AMG’s second quarter 2019 gross loss of ($4.2) million includes exceptional items, which are not included in the calculation of EBITDA.

A summary of exceptional items included in gross profit in the second quarter of 2019 and 2018 are below:

Exceptional items included in gross (loss) profit

AMG had a $44.8 million exceptional non-cash expense related to a net realizable value adjustment to the vanadium inventory cost position on June 30, 2019. This adjustment was driven by a combination of the high vanadium prices at which the Company purchased its inventory in the end of 2018 and beginning of 2019 and the lower comparable price on June 30, 2019. The vanadium price nearly doubled from September to November of 2018, and then declined dramatically. This exceptional price movement impacted our inventory cost position and resulted in a non-cash balance sheet adjustment which has been adjusted in EBITDA.

AMG also recorded non-cash impairments of $5.2 million associated with capitalized costs for the engineering of Spodumene II in the second quarter 2019. In AMG Brazil, the Company has decided to shift attention to increasing capacity at the Spodumene I plant. This project is known as Spodumene I+, and the Company expects it to add an incremental thirty thousand tons of capacity. The significant advantage of Spodumene I+ over Spodumene II is that Spodumene I+ can be done within the infrastructure of Spodumene I and therefore implies substantially lower capital expenditures and a higher return on capital employed compared to Spodumene II. The decision to pursue Spodumene I+ resulted in having to write-off the capitalized preliminary engineering expense associated with Spodumene II.

Liquidity

AMG had a net debt position of $108.7 million as of June 30, 2019. Net debt increased by $109.2 million mainly due to AMG returning $81.4 million in cash to shareholders through the share buyback program and dividends, as well as capital expenditures related to our expansion projects.

Cash (used in) operating activities decreased by $9.8 million to ($11.0) million in the second quarter of 2019 compared to the same period in 2018, primarily due to lower profitability.

Capital expenditures decreased to $12.4 million in the second quarter of 2019 compared to $18.4 million in the same period in 2018. Capital spending in the second quarter 2019 included $3.5 million of maintenance capital. The remaining $8.9 million of capital spending is primarily attributable to expansion projects at AMG’s vanadium, titanium aluminide, lithium and heat treatment facilities.

Including the $271.7 million of cash, AMG had $441.4 million of total liquidity as of June 30, 2019.

Net Finance Costs

AMG’s second quarter 2019 net finance costs increased to $6.8 million compared to $5.3 million in the second quarter 2018. This increase is primarily driven by interest expense associated with lease liabilities due to the adoption of IFRS16 on January 1, 2019.

SG&A

AMG’s second quarter 2019 SG&A expenses were $33.8 million compared to $37.2 million in the second quarter of 2018, primarily due to lower variable compensation expense.

Subsequent Events

On July 11, 2019, AMG closed on a $307 million tax-exempt bond, generating proceeds of $325 million.  The bond is unsecured, has a 30-year maturity and yields 4.28%.  The use of proceeds will be to build a catalyst recycling facility near its current recycling facility in Cambridge, Ohio.

Outlook

In the short-term, our financial results will be impacted by lower prices as we work through our higher cost inventories. Current spot prices across all of AMG’s portfolio are significantly below the prices we experienced in the first quarter of 2019.  As such we have decided to update our full year EBITDA guidance for 2019 from the previously announced target of $150 million to $120 million.

Regarding our long-term guidance, we are extremely pleased with the advancement of our strategic projects.  We made excellent progress in operating Spodumene I during the quarter. The plant operated at 85% of capacity during June and we continue to increase production levels.  With respect to our vanadium strategy, substantial advancements were made during the quarter as we secured all the necessary financing to build a new catalyst recycling facility near our current recycling facility in Cambridge, Ohio. Lastly, the evaluation of a separate listing of AMG Technologies is progressing as planned.

These transformational projects in lithium, catalyst recycling and in AMG Technologies confirm our confidence in our long-term guidance. Our long-term guidance therefore remains unchanged at an EBITDA level of $350 million, or more, in 5 years, or less.

Net income to EBITDA reconciliation

*Excludes foreign exchange expense (income).

Net income adjusted for non-cash impairments

*The Company applied IFRS 16 (lease accounting) for the first time as of January 1, 2019. The Company recognized new assets and liabilities for its operating leases which are primarily comprised of buildings, equipment, machinery and automobiles. Right of use assets are included within property, plant and equipment and classified in the same manner as if the underlying assets were owned by the Company. The lease liabilities are presented as a separate line item on the consolidated statement of financial position. The nature and pattern of expense recognition in relation to these leases has changed. The Company recognizes depreciation on the right of use assets on a straight-line basis over the expected term of the lease. Interest expense related to the lease liabilities are recognized over the expected term of the lease using the effective interest method. Comparative figures have not been adjusted. Assets and liabilities increased per January 1, 2019 by $37 million.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal.  AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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

• Second Quarter 2019 Results & Updated Guidance

AMG Advanced Metallurgical Group N.V. Announces 2019 Interim Dividend

jul 31, 2019

Amsterdam, 31 July 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce an interim dividend of €0.20 per ordinary share unchanged from the interim dividend of €0.20 per ordinary share in the prior year.

The interim dividend in respect of the period from 1 January 2019 to 30 June 2019 of €0.20 per ordinary share, is payable on 15 August 2019, to shareholders of record as of 6 August 2019. The ex-dividend date will be 5 August 2019. Dutch withholding tax will be deducted from the dividend at a rate of 15%.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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

• Interim Dividend July 2019

AMG Advanced Metallurgical Group N.V. Successfully Prices $307.2 Million of Tax-Exempt Bonds, Generating $325 Million in Proceeds

jun 26, 2019

Amsterdam, 27 June 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) announces that AMG Vanadium LLC (“AMG-V”), the borrower, has successfully priced $307.2 million of bonds in the US tax-exempt market, generating a total of $325 million in proceeds through the Ohio Air Quality Development Authority. Financial closing is scheduled for July 11, 2019. The bonds are guaranteed by AMG.

The bonds will fund a new greenfield resid spent catalyst recycling facility near Zanesville, Ohio approximately 25 miles from AMG-V’s current spent catalyst recycling facility in Cambridge, Ohio. The facility will create approximately 100 new, permanent production and management jobs in addition to 500-600 temporary jobs during construction.

AMG-V entered the market this morning offering a 5.00% coupon to yield 4.35%, maturing on July 1, 2049. In response to the over $940 million of orders (3.0x principal amount) received from 46 institutional investors, the yield was reduced to 4.28%, representing a spread of 197 bps to MMD (the tax-exempt AAA benchmark index). In order to provide flexibility in the future, the bonds are callable at 100% beginning on July 1, 2029.

“AMG has a stated objective to maintain our presence as the world leader in the recycling of resid spent catalysts not only now, but in the future,” said Dr. Heinz Schimmelbusch, CEO of AMG. “Essentially doubling our recycling capacity in Southeast Ohio represents a decisive step toward achieving that objective.”

Moody’s Investors Service has affirmed its B1 corporate family rating for AMG with a stable outlook, upgraded its secured rating from B1 to Ba3 and assigned a rating of B3 to the unsecured tax-exempt bonds.

S&P Global Ratings, a division of The McGraw Hill Companies, Inc. has affirmed its BB-issuer credit rating for AMG with a stable outlook, upgraded its secured rating from BB- to BB and assigned a rating of B with a stable outlook to the unsecured tax-exempt bonds.

The transaction was underwritten by Citigroup Global Markets Inc. and Morgan Stanley.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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

• Successful Tax-Exempt Bond Pricing

AMG Advanced Metallurgical Group N.V. Receives Approval from the Ohio Air Quality Development Authority to Issue Tax-Exempt Bonds and Updates Capital Markets on Recent Events

jun 14, 2019

Amsterdam, 14 June 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) has launched the marketing of $300 million of senior unsecured 30-year tax-exempt bonds to expand its resid spent catalyst recycling capacity by building a new, greenfield plant in the operational vicinity of its current resid spent catalyst processing plant in Cambridge, Ohio.  The Ohio Air Quality Development Authority has approved the issuance of the bonds.

Moody’s Investors Service has affirmed its B1 corporate family rating for AMG with a stable outlook, upgraded its secured rating from B1 to Ba3 and assigned a rating of B3 to the unsecured tax-exempt bonds. 

S&P Global Ratings, a division of The McGraw Hill Companies, Inc. has affirmed its BB-issuer credit rating for AMG with a stable outlook, upgraded its secured rating from BB- to BB and assigned a rating of B with a stable outlook to the unsecured tax-exempt bonds.

As part of the Preliminary Official Statement associated with the issuance of the tax-exempt bonds, which was published today, AMG has included a recent events section highlighting new developments post the publication of our first quarter results.

These recent events are as follows:

AMG is currently in the process of executing a buyback program for the purposes of returning cash to shareholders and funding future share-based employee compensation programs. The program will remain open until October 9, 2019.  ABN AMRO Bank N.V. as purchase agent is managing the process through purchases during open and closed periods.

On May 1, 2019, AMG’s shareholders approved the payment of a dividend of €0.50 per ordinary share over the financial year 2018.

In terms of liquidity, AMG’s balance sheet is strong, and the Company is in full compliance with all debt covenants as of March 31st, 2019.

Though the Critical Materials business continues to experience strong demand for its products, it is experiencing very high price volatility, with spot prices for vanadium, chrome, silicon, tantalum and spodumene down significantly versus year end 2018. In light of this and similar weaknesses in other materials, in conjunction with the first quarter 2019 press release, the Company updated the adjusted EBITDA target for 2019 to be $150 million and announced a target adjusted EBITDA of $200 million for 2020. Subsequent to this announcement, market conditions and index prices have continued to weaken in the second quarter of 2019 for many of the business’s materials. 

As noted above, AMG had a $9.9 million exceptional non-cash expense related to a net realizable value adjustment to the vanadium inventory cost position on March 31, 2019. As the index prices for vanadium continued to decline in the second quarter of 2019, an additional non-cash net realizable value adjustment of approximately $40 million has been recorded using the index price as of May 31, 2019.

In AMG Brazil, the lithium concentrate plant startup is proceeding well. In terms of future lithium projects, the Company has decided to shift attention to increasing capacity at the Spodumene I plant. This project is known as Spodumene I+, and the Company expects it to add an incremental thirty thousand tons of capacity. The significant advantage of Spodumene I+ over Spodumene II is that Spodumene I+ can be done within the infrastructure of Spodumene I and therefore implies substantially lower capital expenditures and a higher return on capital employed compared to Spodumene II. As a result of this change in strategic plans, AMG recorded non-cash impairments of approximately $6 million associated with capitalized costs for the engineering of Spodumene II in the second quarter 2019.

The AMG Technologies segment continues to grow given increasing market share for low pressure turbine blades destined for the LEAP-X program and focus on titanium aluminide powders for additive manufacturing. Given the growth opportunities across the technology offerings of AMG Engineering and the product offerings of AMG Titanium & Coatings into the aerospace engine value chain and given the business opportunities embedded in opening up the Build-Own-Operate business model, successfully demonstrated by Heat Treatment Services for applications in the metallurgical upgrading value chain, AMG is presently completing a long-term business plan that lays the groundwork for the option to organize AMG Technologies as a separately listed company.

On May 1, 2019, Dr. Heinz Schimmelbusch, CEO and Chairman of the Management Board, presented a comprehensive update on the Company’s strategic growth projects, including guidance on AMG’s long-term financial goals. Based on the growth opportunities that exist throughout AMG’s portfolio, including AMG Vanadium’s spent catalyst recycling expansion in Cambridge, Ohio, AMG Mineração’s Lithium project in Brazil and the creation of AMG’s new segment, AMG Technologies, AMG expects to deliver an adjusted EBITDA level of $350 million, or more, in 5 years, or less.

On June 10, 2019, AMG’s Supervisory Board announced that it has authorized the Management Board to explore a separate public listing of AMG Technologies. As previously announced, AMG Technologies was formed on January 1, 2019 by combining AMG Titanium Alloys and Coatings and AMG Engineering.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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

• June 14 2019

AMG Advanced Metallurgical Group N.V. Announces Authorization to Explore a Separate Public Listing for its AMG Technologies Segment

jun 11, 2019

   
Amsterdam, 11  June 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that its Supervisory Board at its meeting on June 10th, 2019, has authorized the Management Board to explore a separate public listing of AMG Technologies. As previously announced, AMG Technologies was formed on January 1, 2019 by combining AMG Titanium Alloys and Coatings and AMG Engineering. AMG will select financial advisors regarding this matter and will update markets in due course.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal.  AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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

• June 11 2019.pdf

AMG Advanced Metallurgical Group N.V. Announces Approval to Expand its Spent Catalyst Recycling Capacity

mei 21, 2019

Amsterdam, 21 May 2019 (Regulated Information) — AMG Advanced Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) is pleased to announce that its Supervisory Board has approved a capital project to double its spent catalyst recycling capacity by building a new, greenfield plant in the operational vicinity of its current spent catalyst processing plant in Cambridge Ohio.  

This new plant will be financed with the proceeds from the sale of up to $350 million tax exempt  bonds to be issued by the Ohio Air Quality Development Authority. The proceeds of the bonds will be lent to AMG Vanadium LLC, a subsidiary of AMG, and AMG will guarantee the repayment of the bonds.  The bonds will be senior, unsecured obligations of AMG. AMG has engaged Citigroup Global Markets and Morgan Stanley to act as underwriters with respect to the bonds.  Subject to necessary approvals from the Ohio Air Quality Development Authority, AMG expects the bonds to be marketed at the end of June.

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 is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal.  AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

About AMG Vanadium LLC

Located in Cambridge, Ohio, AMG Vanadium specializes in the environmentally beneficial conversion of oil refinery and power plant waste products into ferrovanadium, nickel and molybdenum primarily used by global steel producers in automotive, energy transmission and infrastructure applications. By using materials that would otherwise be discarded as waste, AMG Vanadium creates environmental stewardship, energy conservation and resource recovery.

For further information, please contact:
AMG Advanced Metallurgical Group N.V.         +1 610 975 4979
Michele Fischer
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.