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
