Silicon metal provider Elkem toasts record earnings

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Silicon products division performed strongly in Q2 despite reduced demand of silicones in China due to Covid restrictions. Image: Elkem.

Silicon metal provider Elkem has posted a seventh consecutive quarter of climbing earnings, resulting in a record performance in Q2 2022.

Elkem’s performance was primarily driven by strong sales of silicon products while the firm’s carbon solutions division also posting its best quarter results ever.

Operating income for period reached NOK12,326 million (US$1.2 million), a 68% increase from the previous quarter, while BITDA almost trebled year-on-year to NOK3,924 million.

The silicon division’s strong results came despite Covid restrictions in China reducing demand of silicones, while an increase in capacity resulted in higher stock levels and falling prices for silicones.

Despite macro-economic uncertainties in the market, the company expects to see “robust demand” going into the third quarter with silicon demand in China gradually improving as Covid restrictions are eased.

Furthermore, logistics and raw material supply will challenge the carbon solutions department but will continue to benefit from strong market demand.

Helge Aasen, CEO at Elkem, said: “Elkem has continued to benefit from strong competitive positions, based on our integrated business model, operational excellence, favourable energy costs and access to critical raw materials.”

The company continues its strategy to focus on product specialisation and “strong cost positions”, added Aasen.

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