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
Email: odd-geir.lyngstad@elkem.com
Fredrik Norman
VP Corporate Communications & Public Affairs
Tel: +47 918 66 567
Email: fredrik.norman@elkem.com
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
