Elkem

Regulatory Filings • Feb 2, 2023

Elkem curtails production capacity at Bremanger in Norway

Elkem curtails production capacity at Bremanger in Norway

Elkem has decided to partially curtail its production at Bremanger in Norway by

temporarily shutting down one furnace. This is due to lower silicon sales and

high power prices. The decision will have no impact on customers or employees.

Elkem's plant in Bremanger manufactures metallurgic silicon-based products for

the world market. For iron foundries, the plant has specialised in the

manufacture of specialty inoculants and ferrosilicon.

The furnace is expected to remain shut for about six weeks. Elkem's previously

announced curtailment at Thamshavn has now been reversed, while Rana is expected

to resume production early next week.

Elkem has twelve furnaces in total in Norway and temporary curtailments may also

be relevant at other sites, depending on market developments and power prices.

"When temporarily shutting down furnaces, we will bring forward maintenance and

improvement work at our plants to position for the future. We currently see

significant uncertainty in global markets, resulting in lower short-term demand,

so we will also use the opportunity to optimise our inventories," says Elkem's

senior vice president for Silicon Products, Inge A. Grubben-Strømnes

He adds: "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."

For further information, please contact:

Fredrik Norman

VP Corporate Communications and Public Affairs

Tel: +47 918 66 567

Email: fredrik.norman@elkem.com

Odd-Geir Lyngstad

VP Finance and Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.com

About Elkem

Elkem is one of the world's leading providers of advanced material solutions

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 7,000 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 33.7 billion. Elkem is listed on the Oslo Stock Exchange

(ticker: ELK). www.elkem.com