European Union announces safeguard measures on imports of certain ferroalloys from third countries including Norway and Iceland

Oslo, Norway - 18 November 2025

The European Union (EU) today announced the introduction of safeguard measures with regard to imports of certain ferroalloys from third countries, including the European Economic Area (EEA) countries. Approximately 75 per cent of Elkem's ferrosilicon produced in Norway and Iceland is sold to the EU.

The European Commission decided in December 2024 to initiate a safeguard investigation concerning imports of silicon and manganese-based alloying elements to shield EU industry from rising third-country imports. The Commission has now concluded that EU ferroalloys producers are suffering serious injury caused by increased imports and that safeguard measures are required.

In the safeguard proposal approved by the required majority of EU member states on 18 November 2025, it was decided to impose measures in the form of country -specific tariff rate quotas (TRQs) per type of ferroalloy, limiting the volume of imports to enter the EU duty-free. Imports exceeding these quota volumes may enter the EU duty-free if their price exceeds the established threshold. For imports priced below the established threshold, the applicable duty shall be equivalent to the difference between the net free-at-Union-frontier price and the established price threshold for each product type. The EU Commission will conduct trimonthly consultations with Norway and Iceland and will review the impact of the measure.

The measures will be effective as of 18 November 2025 and will be in place for a period of three years, expiring on 17 November 2028. Silicon metal was not included among the products affected by these safeguard measures.

"For Elkem, the safeguard measure could result in a reduction in sales volumes of ferrosilicon allocated to the EU market from the production sites in Rana, Bremanger and Bjølvefossen in Norway, and from Iceland. This will be compensated by sales to other regions. We also expect the reduction in sales volume to the EU to be compensated by increased EU market prices. The net impact on Elkem's earnings depends on how much the market prices in EU will increase due to this safeguard measure," says Elkem Senior Vice President of Silicon Products Inge A. Grubben-Strømnes.

"This said, Elkem regrets the Commission's decision to not exempt Norway and Iceland from the safeguard measure introduced on ferroalloys, as was done previously for steel. Significant investments have been made to establish complete and efficient value chains within the ferroalloy and silicon sector across the EU, Norway and Iceland. At a time of mounting geopolitical uncertainty and security risks, it is important that European countries unite and leverage existing assets and cross-border infrastructure to secure critical value chains and a strong, competitive economy," adds Grubben-Strømnes.

Elkem exports approximately 160.000 mt of ferrosilicon products to the EU per year from Rana, Bremanger and Bjølvefossen in Norway, and from Hvalfjörður in West Iceland, primarily to major steel producers in the EU. The materials go into products ranging from EVs to electronics, renewable energy production and military applications.

For further information, please contact:

Odd-Geir Lyngstad VP Finance & Investor Relations Tel: +47 976 72 806 Email: odd-geir.lyngstad@elkem.com

Marianne Stigset VP Corporate Communications & Public Affairs Tel: +47 411 88 482 Email: marianne.stigset@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 7,200 people has a joint commitment to stakeholders: Delivering your potential. In 2024, Elkem achieved an operating income of NOK 33 billion. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com