Elkem

Elkem postpones start-up of Iceland furnace

Elkem will postpone the start-up of its furnace 3 on Iceland by one month. This

follows a notice from the national power company about the need for electricity

curtailment for large energy users due to low water levels in key hydropower

reservoirs.

Elkem's furnace 3 on Iceland was temporarily shut down in the fourth quarter of

this year in order to accelerate maintenance, with a ramp-down starting from 30

September. The planned start-up has now been postponed until the end of January

2024. This postponement will have no impact on customers or employees.

The national power company, Landsvirkjun, recently notified large energy users

in the southwestern part of Iceland that energy needed for their operations has

to be curtailed. Precipitation in the region has been deficient this December,

and water levels are severely low. Neither the curtailment nor the postponement

has been influenced by the volcano eruption on the Reykjanes peninsula, which

has had no direct or indirect impact on Elkem's operations.

The core product at Elkem in Iceland is speciality ferrosilicon, which is a key

material for the steel industry.

For further information, please contact:

Odd-Geir Lyngstad

VP Finance & Investor Relations

Tel: +47 976 72 806

Fredrik Norman

VP Corporate Communications & Public Affairs

Tel: +47 918 66 567

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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