EU imposes ferroalloy safeguards, impacting Elkem's sales

The European Union has implemented safeguard measures on certain ferroalloy imports from third countries, including Norway and Iceland, effective November 18, 2025, for three years. These measures introduce country-specific tariff rate quotas (TRQs), limiting duty-free import volumes and imposing duties for imports below an established price threshold. Approximately 75% of Elkem's ferrosilicon produced in Norway and Iceland is sold to the EU.

Elkem, a major producer, exports around 160,000 metric tons of ferrosilicon to the EU annually from its sites in Norway and Iceland. The company anticipates a potential reduction in sales volumes to the EU, which it expects to compensate through increased EU market prices and sales to other regions. Silicon metal products are not included in these safeguard measures.

Elkem expressed regret over the EU Commission's decision not to exempt Norway and Iceland, citing significant investments in cross-border value chains crucial for critical industries like EVs, electronics, and military applications. The net financial impact on Elkem's earnings will depend on the extent of future EU market price increases.