The Company will change its organizational structure effective January 1, 2021. This change will result in three reporting segments: AMG Clean Energy Materials (“CEM”), AMG Critical Materials Technologies (“CMT”) and AMG Critical Minerals (“CMI”).
The construction of AMG’s second ferrovanadium plant in Zanesville, Ohio is proceeding as planned. As of September 30, 2020, AMG has committed $184 million in construction and engineering contracts for the project.
AMG continued basic engineering for its lithium hydroxide refinery project in Sachsen-Anhalt, Germany and a final investment decision is presently expected in early 2021.
Shell & AMG Recycling B.V. signed a memorandum of understanding (MOU) with Shandong Yulong Petrochemical Co., Ltd. to enter into exclusive arrangements to evaluate the potential for construction and operation of a spent catalyst recycling facility in Yantai, China.
AMG’s first and most important priority is to ensure the health and safety of our employees.
We are focused on three priorities:
preserving our strong liquidity position;
reducing costs and improving our productivity to maintain our low-cost position and prepare the Company for an economic upturn;
driving long-term value creation by executing our transformational strategic projects in vanadium recycling and our lithium downstream expansion.
We believe second quarter EBITDA was the low point and we expect to continue to progress our EBITDA growth in 2021.