Elkem

Earnings Release • Jan 29, 2024

Elkem re-starts one furnace in Salten

Elkem re-starts one furnace in Salten

Elkem is today re-starting one out of three furnaces at its silicon plant in

Salten, Norway. Production will remain halted at the two other furnaces until

further notice.

A fire broke out at the Salten plant in Norway on 10 December 2023.  The fire

started in a building housing raw material, including carbon materials. It was

under control by emergency services and mostly extinguished within 24 hours. No

people were injured.

Following the incident, Elkem has been working together with external parties

for some weeks to map the damages and plan for necessary repairs.

"Unfortunately, the system for mixing and transportation of raw materials to two

of our furnaces require more restoration, and we are in the process to prepare

for this work. However, we are pleased that the raw material systems to one of

our furnaces was less damaged in the fire, and that we have been able to put in

place temporary measures to re-start production," says Ove Sørdahl, plant

manager for Elkem Salten.

One furnace is restarting on 29 January 2024 and production will gradually be

ramping up. The two other furnaces remain out and their respective start-up

dates are yet to be confirmed.

"I sincerely want to thank all of the people who have helped us in this

extraordinary period to help us protect health, safety and the environment,

first of all, and also getting us to this stage where we can re-start some of

our production of important materials for the green and digital transitions. We

know this progress is important both for our customers, for Elkem and for the

entire Salten community," says Sørdahl.

Elkem Salten is located in Straumen, in the Sørfold municipality in Nordland

county in the north of Norway. It is one of the world's largest and most modern

silicon plants exporting silicon and silica fume products worldwide. The plant

has around 200 employees. With its three furnaces, the plant has an annual

production capacity of 128,000 mt, of which silicon capacity is 80,000.

Elkem has adequate insurance cover for property damage and business

interruption.

For further information, please contact:

Odd-Geir Lyngstad

VP Finance & Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.com

Fredrik Norman

VP Corporate Communications & Public Affairs

Tel: +47 918 66 567

E-mail: fredrik.norman@elkem.com

About Elkem

Elkem is one of the world's leading providers of advanced silicon-based

materials 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

7,300 people has a joint commitment to stakeholders: Delivering your potential.

In 2022, Elkem achieved an operating income of NOK 45.9 billion and CDP ratings

of A- on climate and forest. Elkem is listed on the Oslo Stock Exchange (ticker:

ELK), where the company is also included in the ESG Index. www.elkem.com