Elkem

Elkem curtails production capacity in Norway to accelerate maintenance

Elkem has decided to partially curtail its production in Norway by temporarily

shutting down two furnaces - one in Thamshavn and one in Rana. The decision will

have no impact on customers or employees.

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

planned maintenance and improvement work to position for the future. 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 200 million in maintenance and

improvement at the two smelters. As a result, Thamshavn and Rana will each have

one furnace out for approximately two months. Elkem's plant in Thamshavn mainly

produces silicon while the plant in Rana mainly produces ferrosilicon.

"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," Grubben-Strømnes adds.

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 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 45.9 billion. Elkem is listed on the Oslo

Stock Exchange (ticker: ELK). www.elkem.com

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