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REC Silicon ASA (REC.OL)

REC.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

REC Silicon lays off 25 pct of US plant workers, blames China-US solar trade war
Monday, 2 Jul 2018 

July 2 (Reuters) - REC Silicon ASA ::REC SILICON WILL EXECUTE A LAYOFF AFFECTING NEARLY 40% OF ITS CURRENT WORKFORCE IN MOSES LAKE, WASHINGTON ON JULY 2, 2018.THIS LAYOFF WILL IMPACT APPROXIMATELY 100 EMPLOYEES ACROSS COMPANY AND IS A DIRECT RESULT OF ON-GOING SOLAR TRADE DISPUTE BETWEEN CHINA AND UNITED STATES.DUE TO THIS ON-GOING TRADE DISPUTE, COMPANY HAS NOT BEEN ABLE TO ACCESS ITS CRITICAL MARKET IN CHINA SINCE 2014. THIS HAS CAUSED SUCCESSIVE REDUCTIONS IN REC SILICON'S OPERATIONS IN UNITED STATES..REC SILICON HAS DECIDED TO REDUCE ITS PRODUCTION AT MOSES LAKE TO APPROXIMATELY 25% OF TOTAL PRODUCTION CAPACITY.ACTIONS TAKEN TODAY WILL HELP MAINTAIN COMPANY'S LIQUIDITY, ITS ABILITY TO MEET FINANCIAL OBLIGATIONS, AND MAINTAIN REC SILICON'S CAPABILITY TO RESUME MANUFACTURING OPERATIONS WHEN ACCESS TO CHINA'S POLYSILICON MARKETS IS RESTORED.REC SILICON CURRENTLY HAS APPROXIMATELY $42 MILLION IN CASH DEPOSITS AND EXPECTS TO REPORT APPROXIMATELY $58 MILLION IN REVENUES FOR Q2 OF 2018.Q2 FBR PRODUCTION IS EXPECTED TO BE 2,040 MT OR 240 MT BELOW GUIDANCE ON APRIL 26, 2018.CURRENT MARKET CONDITIONS WILL NEGATIVELY IMPACT COMPANY'S PROFITABILITY AND CREDIT RISK EXPOSURE.REC SILICON EXPECTS TO RECOGNIZE ADDITIONAL IMPAIRMENTS TO INVENTORIES, ACCOUNTS RECEIVABLE, AND FIXED ASSETS IN ITS Q2 EARNINGS RELEASE ON JULY 19, 2018.REC SILICON WILL HOST A CONFERENCE-CALL TO ANSWER QUESTIONS FROM INVESTORS, ANALYSTS AND OTHER INTERESTED PARTIES ON 2 JULY AT 8:00 AM CET.  Full Article

Rec Silicon posts highest Q3 EBITDA in 3 years
Thursday, 26 Apr 2018 

April 26 (Reuters) - REC Silicon ASA ::REC SILICON ASA REPORTED Q1 2018 REVENUES OF USD 69.6 MILLION, DOWN FROM USD 78.0 MILLION IN PREVIOUS QUARTER.EBITDA DURING Q1 WAS USD 14.6 MILLION COMPARED TO USD 10.3 MILLION IN PREVIOUS QUARTER.$14.6 MILLION EBITDA IS STRONGEST EBITDA WE HAVE REPORTED IN 3 YEARS.SOLAR MARKET CONTINUES TO EXPAND AT A STRONG RATE AND REC SILICON WILL BE PART OF THAT GROWTH AS DEMAND FOR OUR FBR MATERIAL INCREASES.REC SILICON TARGETS POLYSILICON PRODUCTION OF 2,660MT DURING THE SECOND QUARTER OF 2018.CASH BALANCE OF USD 112.0 MILLION ON MARCH 31, 2018. THIS REPRESENTS AN INCREASE OF USD 7.4 MILLION COMPARED TO DECEMBER 31, 2017.AS EXPECTED, SECOND QUARTER PRODUCTION WILL DECLINE BY APPROXIMATELY 27 PERCENT DUE TO HIGH PRODUCTION VOLUMES DURING THE FIRST QUARTER DUE TO THE OPERATION OF BOTH MOSES LAKE SILANE UNITS AT REDUCED CAPACITY UTILIZATION.YULIN JV PLANT IS CURRENTLY OPERATING AT REDUCED CAPACITY UTILIZATION. PLANT PRODUCED APPROXIMATELY 800MT OF GRANULAR PRODUCT DURING Q1. FULL CAPACITY UTILIZATION IS EXPECTED DURING SECOND HALF OF THIS YEAR.POLYSILICON PRODUCTION TARGETS FOR 2018 ARE ESTIMATED AT APPROXIMATELY 11,590MT..SILICON GAS SALES VOLUMES ARE TARGETED AT 910MT FOR THE SECOND QUARTER OF 2018 AND 3,700MT FOR THE FULL YEAR 2018..TARGETS FBR CASH PRODUCTION COSTS OF USD 13.4/KG FOR THE SECOND QUARTER OF 2018 AND USD 11.6/KG FOR THE FULL YEAR 2018.  Full Article

REC posts higher Q3 revenues abvove forecast
Monday, 30 Oct 2017 

Oct 30 (Reuters) - Rec Silicon Asa :‍rec silicon asa (rec silicon) reported q3 revenues of usd 75.5 million (Reuters poll usd 68 million), up from usd 61.4 million in previous quarter​.‍ebitda during q3 was usd 3.6 million (Reuters poll usd 2.9 million) compared to usd 1.3 million in previous quarter​.‍company reported a cash balance of usd 88.0 million on september 30, 2017. This represents an increase of usd 16.6 million compared to june 30, 2017​.‍silicon gas sales volumes for quarter exceeded expectations at 904 mt. Q3 polysilicon production of 2,835mt was slightly below guidance given at previous quarter​.‍strong performance in both cash cost and cash balance shows that we are positioned to address our liquidity situation moving forward​.‍progress on yulin joint venture plant continues as planned​.‍jv facility expects to start up first silane unit and FBR reactors in q4 2017​.‍second silane unit is scheduled to start up in q1 2018​.‍company continues to negotiate deferral of remaining $169 million capital contributions until after 2018​.  Full Article

REC Silicon Q4 revenues beat forecasts, costs down
Thursday, 16 Feb 2017 

REC Silicon ASA : Rec Silicon Q4 revenues $80.4 million (Reuters poll $75.9 million) . REC Silicon says efforts to maintain liquidity and reduce costs have proven successful, with company reporting Q4 FBR cash cost at $11.2/kg and similar cash cost expected in Q1 . REC Silicon Q4 EBITDA $4.9 million (Reuters poll loss $0.2 million) . Q4 polysilicon sales of 3,801 mt were above expectations and finished goods inventory decreased by 585 mt during q4 . REC Silicon says we will continue to be cost conscious and diligent at managing cash levels so that REC silicon remains a low cost leader in polysilicon industry even when operating at reduced capacity. . Silicon gas sales volumes increased to 882 mt compared to 772 mt in prior quarter . REC Silicon says Yulin joint venture plant remains on target for start-up in second half of 2017REC Silicon asa says jv employees have completed training in operating procedures at the moses lake and butte facilities in preparation for plant commissioning in 2017. . REC Silicon says company has successfully negotiated a deferral of $15 million capital contribution in JV until at least july 2017 . REC Silicon says ongoing negotiations with company's JV partner to defer company's remaining $154 million capital contribution until after 2018 . Company also reported a December 31, 2016 cash balance of USD 65.8 million.  Full Article

REC Silicon warns of Q3 revenues below expectation
Friday, 23 Sep 2016 

REC Silicon said: Due to ongoing negative effects from the trade war between the U.S. and China and the recent decline in PV market conditions, lower sales than previously anticipated have occurred in the third quarter . As a result, third-quarter polysilicon sales volumes (excluding fines and powders) are now expected to be approximately 1,800 MT . Negotiations continue between the US and China towards a resolution of the trade war, but timing and outcome of such a resolution remain uncertain . Third quarter revenues are currently expected to be USD 45-50 million, compared to USD 71.1 million in the previous quarter . The decrease in revenue can be mainly attributed to lower FBR sales volumes . Q3 total polysilicon production volumes are forecasted to be roughly 3,900 MT, compared to guidance of 4,490 MT . The company is taking measures to maintain a healthy cash position and manage inventory levels . The company will adjust production capacity utilizationaccording to market demand and currently anticipates running at approximately 50% of full capacity at Moses Lake by October 1, 2016 . Construction and spending on the Yulin joint venture plant remains on track for start-up in the second half of next year.  Full Article

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Solar trade row with China forces REC Silicon to cut U.S. jobs

OSLO Norway's REC Silicon , a supplier of silicon materials to the solar industry, will cut around 100 U.S. jobs and take further asset impairments due to a U.S.-China trade war over solar panels, it said on Monday.