- Elkem announced restructuring measures targeting NOK 1.9 billion in financial improvements.
- The company plans workforce reductions and production adjustments amid challenging market conditions.
The Elkem ASA corporate restructuring plan was announced on March 11 as part of a broader effort to strengthen financial resilience and improve competitiveness. Following approval of the Silicones transaction, the company introduced cash optimization initiatives totaling NOK 1.3 billion along with permanent annual cost reductions of approximately NOK 0.6 billion expected to begin in the third quarter of 2026.
Workforce Reduction and Operational Adjustments
As part of the restructuring strategy, Elkem plans to reduce its global workforce by roughly 300 full-time positions by the end of 2026, representing about 10 percent of employees after the planned sale of the majority stake in its Silicones division. Ongoing geopolitical tensions in the Middle East have disrupted supply chains affecting many customers, prompting the company to scale back production at several facilities and temporarily halt operations at its Rana and Salten plants in Norway while awaiting market recovery.
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