Elkem curtails production capacity at Bremanger in Norway

02 Feb 2023 12:45 CET

Elkem has decided to partially curtail its production at Bremanger in Norway by
temporarily shutting down one furnace. This is due to lower silicon sales and
high power prices. The decision will have no impact on customers or employees.

Elkem's plant in Bremanger manufactures metallurgic silicon-based products for
the world market. For iron foundries, the plant has specialised in the
manufacture of specialty inoculants and ferrosilicon.

The furnace is expected to remain shut for about six weeks. Elkem's previously
announced curtailment at Thamshavn has now been reversed, while Rana is expected
to resume production early next week.

Elkem has twelve furnaces in total in Norway and temporary curtailments may also
be relevant at other sites, depending on market developments and power prices.

"When temporarily shutting down furnaces, we will bring forward maintenance and
improvement work at our plants to position for the future. We currently see
significant uncertainty in global markets, resulting in lower short-term demand,
so we will also use the opportunity to optimise our inventories," says Elkem's
senior vice president for Silicon Products, Inge A. Grubben-Strømnes

He adds: "Elkem is well-positioned with long-term power contracts securing the
company's electricity consumption in Norway at competitive rates. The current
market uncertainty underlines why it is so important for the industry to secure
competitive and predictable framework conditions through changing business
cycles."

For further information, please contact:

Fredrik Norman
VP Corporate Communications and Public Affairs
Tel: +47 918 66 567
Email: fredrik.norman@elkem.com

Odd-Geir Lyngstad
VP Finance and Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com

About Elkem
Elkem is one of the world's leading providers of advanced material solutions
shaping a better and more sustainable future. The company develops silicones,
silicon products and carbon solutions by combining natural raw materials,
renewable energy and human ingenuity. Elkem helps its customers create and
improve essential innovations like electric mobility, digital communications,
health and personal care as well as smarter and more sustainable cities. With a
strong track record since 1904, its global team of more than 7,000 people has a
joint commitment to stakeholders: Delivering your potential. In 2022, Elkem
obtained a Platinum score from EcoVadis, which rated the company among the
world's top 1% on sustainability transparency, and the company achieved an
operating income of NOK 33.7 billion. Elkem is listed on the Oslo Stock Exchange
(ticker: ELK). www.elkem.com

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