Elkem Reduces Ferrosilicon Output in Norway and Iceland
Key highlights
- Elkem curtails ferrosilicon production in Norway and Iceland.
- Temporary layoffs may occur due to production cuts.
- Weak European market and EU import investigation drive decision.
- Ferrosilicon is essential for the steel industry.
Production Curtailment
Elkem ASA is reducing ferrosilicon production at its plants in Rana, Norway, and Iceland. This decision is driven by challenging market conditions in Europe, leading to increased inventory levels and lower prices.
Market Challenges
The European Union's investigation into potential safeguard measures on imports of ferrosilicon and ferroalloys has added uncertainty to the market. Elkem aims to use the production shutdown to decrease inventories and support market balance.
Impact on Workforce
The production curtailment may result in temporary layoffs of employees at the affected plants.
Importance of Ferrosilicon
Ferrosilicon, the core product at the Rana and Iceland plants, is a critical raw material for the steel industry.
Source: Elkem