In the second quarter of 2021, Elkem reports that it delivered all-time high operating income for the third consecutive quarter and another strong quarterly result. Market conditions are good in all of Elkem’s main markets, with strong demand and high prices. Elkem’s total operating income for the second quarter 2021 was NOK 7.3 billion (approximately $818 million), an increase of 25% from the corresponding quarter last year.

“Elkem is in a very strong position,” said Helge Aasen, interim CEO. “In the second quarter, we delivered record sales and more than doubled our earnings compared to the same period last year. I want to give credit to our entire global team for this achievement. We see a positive market outlook and continue our work to position Elkem for the future.”

The Silicones division experienced good demand and high prices during the second quarter 2021. The result has improved significantly against last year’s second quarter, despite higher raw material costs and scheduled maintenance stops both in China and France.

CEO Michael Koenig handed in his resignation and left Elkem with effect from June 30, 2021. The board has initiated the process to find Elkem’s new CEO. Aasen is acting as interim CEO.

“Elkem’s strategy remains firm,” Aasen said. “In the interim period the board and management will focus on implementation of the ongoing strategic projects, including silicones expansions and the battery materials project.”

An expansion of Silicones Xinghuo has started, and the cornerstone for the project was laid in April 2021. The project is scheduled to be completed within three years and will strengthen Elkem’s position in the Asia-Pacific region.

A pilot plant for battery materials in Kristiansand, Norway, has started operations, and qualification processes with prospective customers have reached advanced levels. A fast-track option is being considered to address the strong demand from customers and shorten time to market. On that basis, the exact timing of the financial investment decision is pending.

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