Revenue during the year dropped 22.51 percent to $1,580.52 million from $2,039.61 million in the previous year. Gross margin for the year contracted 636 basis points over the previous year to 33.57 percent. Operating margin for the year stood at negative 11.52 percent as compared to a negative 2.17 percent for the previous year.

Operating loss for the year was $182.07 million, compared with an operating loss of $44.17 million in the previous year.

However, the adjusted EBITDA for the year stood at $72.94 million compared with $294.80 million in the prior year period. At the same time, adjusted EBITDA margin contracted 984 basis points in the year to 4.61 percent from 14.45 percent in the last year.

"Our fourth quarter earnings are in line with the guidance provided at our recent trading update. Stabilized pricing along with strong demand resulted in a more than 8% revenue increase from the prior quarter," said chief executive officer Pedro Larrea. "Overall, market trends continue to move in our favor with gradual price improvements in silicon metal and silicon alloys and a dramatic increase in manganese alloys margins. We continue to see strong demand in our end markets and have entered into sales contracts for 2017 that are 15-20% above fourth quarter spot prices, partially offset in the short term by the roll-off of high-priced legacy contracts. After one year as a combined company, we have successfully integrated the organization, captured enhanced synergies, strengthened our commercial strategy and restructured our balance sheet, setting us up for a healthy improvement of our financials in the wake of the market recovery."

Debt remains almost stable