Elkem

Scope affirms Elkem's investment grade rating and changes outlook from stable to negative

Oslo, 21 December 2023

Scope has today affirmed its BBB issuer rating of Elkem ASA and changed the

outlook from stable to negative.

The affirmed investment grade rating reflects Elkem's sound financial policy,

strong cost position, good global footprint, and integrated position in the

silicone industry. The change in outlook reflects the deterioration in revenue

and profitability in 2023 and the prospects of a prolonged economic slowdown in

the company's main markets.

Scope also affirms the S-2 short-term debt rating, and the BBB senior unsecured

debt rating.

The rating report from Scope is attached.

For further information, please contact:

Odd-Geir Lyngstad

VP Finance and Investor Relations

Tel: +47 976 72 806

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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

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