Elkem

Elkem accelerates maintenance in Iceland

Elkem has decided to accelerate maintenance at its plant in Iceland. The

accelerated maintenance will curtail production by temporarily shutting down one

furnace at the ferrosilicon plant in Grundartangi, about 40 kilometres from the

capital Reykjavik. The decision will have no impact on customers or employees.

"We continue to utilise a period with somewhat lower sales to bring forward

planned maintenance and improvement work to position for the future, now at our

plant in Iceland. This will enable lower production costs once stronger market

conditions return," says Elkem's senior vice president for Silicon Products,

Inge A. Grubben-Strømnes.

Elkem will invest a total of around NOK 100 million in maintenance and

improvement at the plant. As a result, the plant will have one furnace out for

approximately ten weeks in the fourth quarter of 2023.

The core product at Elkem in Iceland is ferrosilicon (FeSi), which is a key

material for the steel industry. FeSi is either used for refining of steel or as

an ingredient to reach predetermined qualities. Elkem has always produced

standard FeSi in Iceland, but in recent years, the plant has expanded its

portfolio of specialty FeSi to meet increased market demand for such products.

Elkem has previously curtailed furnaces also in Thamshavn and Rana in Norway due

to maintenance and improvement work. These are now back to normal production.

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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