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Elkem ASA: Weaker than expected development in Q2 2019

2019-06-13

Jun. 13, 2019 - Elkem’s guiding for the second quarter 2019 was an improvement in financial performance compared to first quarter, mainly due to cost improvements and better market conditions for silicones.


Elkem’s accelerated improvement programme proceeds according to plan and is expected to reach the target of NOK 500 million in 2019. However, the silicones market has developed significantly weaker than expected, following the new tariffs on US imports from China. Additional tariffs were introduced early May and has negatively impacted the silicones end markets, particularly in China, and resulted in lower prices and weaker demand. In addition, the Roussillon upstream silicones plant in France has had a delayed restart after the maintenance stop in May. The weaker market conditions in China and the production problems in France, will give a weaker than expected result for the Silicones division. Also, the market sentiment continues to be weak for silicon metal and ferrosilicon.


In the first quarter Elkem reported EBITDA of NOK 852 million. The result for the second quarter is estimated to be approximately 25% weaker than the first quarter.

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