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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 Q1 EBITDA in line with forecast
Wednesday, 3 May 2017 12:55am EDT 

May 3 (Reuters) - Rec Silicon Asa :Rec silicon q1 revenues $57.5 million (Reuters poll $71.2 million) vs $68.8 million in Q1 2016.Says lower first Q1 revenues are a result of lower polysilicon sales volumes.Rec silicon q1 ebitda $4.6 million (Reuters poll $4.4 million) vs loss $13.4 mln in q1 2016.Rec silicon q1 ebit loss $16 million (Reuters poll loss $19.2 million).Rec silicon targets 2017 polysilicon production of approximately 12,320 mt versus previous guidance of 12,500 mt.Rec silicon targets polysilicon production of 3,040 mt in the second quarter of 2017.Construction on Yulin joint venture plant continues to progress, and plant remains on target for start-up in second half of 2017.Company is actively engaged in ongoing negotiations to defer company's remaining $169 million capital contributions (in Yulin JV) until after 2018.Says expect to remain near cash neutral throughout 2017, no debt maturities in 2017.  Full Article

REC Silicon's Q3 loss deepens after $79 mln impairment, to cut more costs
Wednesday, 2 Nov 2016 02:27am EDT 

Rec Silicon, which produces polysilicon and silicon gas to the solar and electronics industries, said: Rec silicon q3 revenues $50.9 million (Reuters poll $53.6 million) vs $87.5 mln in q3 2015 . Rec silicon asa says lower revenues are primarily a result of disruption of solar grade polysilicon market due to expiration of 2015 feed in tariffs in china, which affected the entire value chain . The ongoing solar trade war between the US and China also continues to restrict REC Silicon's access to polysilicon markets in China . Q3 ebitda loss of usd 7.9 million (Reuters poll loss $4.7 mln) vs loss of usd 14.1 million in Q3 2015 . Q3 impairment charges $79 mln due to continued Uncertainty Caused by the Trade Dispute and decline in Solar Grade Polysilicon Prices due to Oversupply . Q3 EBIT loss $109.8 mln (Reuters poll loss $28.7 mln) vs loss of $46.3 mln in q3 2015 . Rec silicon is announcing additional cost cutting initiatives and has reduced production capacity utilization to approximately 50 pct at Moses Lake facility . As part of cost cutting initiatives, company is announcing a reduction in headcount of approximately 70 employees . Rec silicon asa: negotiations are underway with Yulin joint venture partner to defer company's second and third capital contributions, totaling $169 million, beyond 2018 . Cash Balance of $86.8 million at end Q3 . Anticipates decline in cash during Q4 2016 to meet working capital requirements.  Full Article

REC Silicon warns of Q3 revenues below expectation
Friday, 23 Sep 2016 01:18am EDT 

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

Oslo-listed REC Silicon's Q2 results lag forecasts
Thursday, 21 Jul 2016 12:50am EDT 

REC Silicon : Q2 revenues $71.1 million (Reuters poll $84.2 million) . Q2 EBITDA $-14.3 million (Reuters poll loss $8.2 million) . Silicon gas prices are expected to remain near current levels . Silicon gas sales volumes are targeted at 800mt and 900mt for the third and fourth quarters of 2016 respectively. . The restart of silane IV has been delayed due to a fire on July 1, 2016 which resulted in equipment damage to one of the three hot oil heaters . Silane III was successfully restarted in May and Silane IV is currently in restart. . Silicon gas sales volume targets for 2016 in total have been reduced to 2,840mt from previous guidance of 3,360mt. . Silane III was restarted in may 2016 and is currently operating near maximum capacity. . Says currently sees Silane IV will resume production early in Q3 of 2016 at rates near two thirds capacity in Q3 and then return to full rates in the Q4 of 2016. .Management continues to estimate that silane iii and silane iv are capable of running for two years without an extended maintenance outage..  Full Article

REC Silicon says fire at Moses Lake hits Q3 output forecast
Monday, 4 Jul 2016 01:00am EDT 

Rec Silicon Asa : Says updates q3 production estimate due to incident . During startup of silane iv an oil fire occurred in one of three gas fired oil heaters . There were no injuries or releases of process chemicals caused by this incident . Currently anticipates restart of silane iv will occur in mid july and that production rates may be limited to approximately two thirds capacity of silane iv through q3 . Q3 granular polysilicon production is currently estimated at 3,800 mt, which is about 800 mt below q3 volume previously guided. . At this time there is no anticipated change to previously guided q4 granular polysilicon production volume . Silane iii started up in may and is operating at near full capacity . FBR facility was not impacted, however, FBR capacity will be impacted by silane gas limitations caused by this incident .Fire in silane iv resulted in damage to gas fired oil heater involved in incident.  Full Article

Rec Silicon sees Moses Lake restart
Tuesday, 3 May 2016 01:00am EDT 

Rec Silicon ASA:Will restart its Silane II unit and half rate FBR production later in May.Silane IV unit and full rate FBR production will restart in June.Targets polysilicon production of about 2,020 MT in Q2.Total polysilicon product for 2016 is targeted at 14,730 and includes peak production rates for FBR production throughout H2.Silicon gas sales volumes are targeted at 800 MT for Q2 and remain at 3,360 MT in total for 2016.Forward sales from Q2 2015 will no longer impact silicon sales volume.In addition, continued strong demand will result in higher sales volumes for the remainder of the year.Yulin JV on Track for Start-up in H2 2017.  Full Article

Rec Silicon shuts plant in USA
Monday, 8 Feb 2016 01:01am EST 

Rec Silicon ASA:Says will shut down Silane IV unit and remaining FBR production in Moses Lake.Production expected to be shut-down from February until June 2016, dependent on ongoing negotiations towards resolution in solar trade war and general market development outside China.Says Silane III, which has been out of production since July 2015 and was previously expected to resume production in January 2016, is expected to remain out of production until there is a resolution to solar trade war​.  Full Article

Rec Silicon ASA to lay off 400 U.S. workers over China dispute
Tuesday, 22 Sep 2015 02:46am EDT 

Rec Silicon ASA:Unresolved U.S./China solar trade war will force shutdown of remaining Moses Lake capacity in Washington state.About 400 out of current 720 employees will have to be laid off.  Full Article

Rec Silicon treasury bond transaction
Thursday, 16 Jul 2015 05:42am EDT 

Rec Silicon ASA:Has sold or agreed to sell a nominal value of 155,000,000 crowns of REC03 held in treasury representing 17 pct of the nominal amount issued, at a price of 91 pct of par.After the transaction, the Company holds 457,500,000 crowns of REC03 representing about 50 pct of the nominal amount issued.Has acquired or agreed to acquire a nominal value of 55,000,000 crowns of REC02 representing about 8 pct of the nominal amount issued, at a price of 100 pct of par.After the transaction, the Company holds 533,500,000 crowns of REC02 representing about 75 pct of the nominal amount issued.Arctic Securities AS and Swedbank Norge acted as managers in the transaction.  Full Article

More From Around the Web

REC Silicon sees hope for resolving China solar dispute under Trump

OSLO A three-year-old trade row with Beijing over polysilicon used in solar panels could be resolved soon as the Trump administration looks to reduce the U.S. trade deficit with China, the chief executive of REC Silicon said on Wednesday.