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REC Silicon ASA (REC.OL)

REC.OL on Oslo Stock Exchange

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14 Jun 2019
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Latest Key Developments (Source: Significant Developments)

REC Silicon Cancels Subsequent Offering
Wednesday, 12 Jun 2019 07:25am EDT 

June 12 (Reuters) - REC Silicon ASA ::REG-REC SILICON - CANCELLATION OF SUBSEQUENT OFFERING.COMPANY HAS DECIDED NOT TO INITIATE SUBSEQUENT OFFERING.  Full Article

REC Silicon's Moses Lake plant continues to operate at 25 pct of capacity
Tuesday, 5 Mar 2019 01:00am EST 

March 5 (Reuters) - REC Silicon ASA ::CONTINUES TO OPERATE MOSES LAKE AT 25% UNTIL FURTHER NOTICE.REC: DECISION IS SUBJECT TO GAINING FURTHER CLARITY ON WHETHER TRADE NEGOTIATIONS BETWEEN U.S. AND CHINA ARE LIKELY TO RESULT IN REC REGAINING ACCESS TO CHINA MARKET FOR SOLAR GRADE POLYSILICON AND OVERALL OUTLOOK FOR POLYSILICON MARKET.THERE IS NO CHANGE TO PREVIOUS GUIDANCE ISSUED BY REC SILICON.  Full Article

REC Silicon Q3 EBITDA swings to loss
Wednesday, 24 Oct 2018 12:55am EDT 

Oct 24 (Reuters) - REC Silicon ASA ::REC SILICON Q3 REVENUES $43.7 MILLION VERSUS $75.5 MILLION IN YEAR-AGO PERIOD.REC SILICON Q3 EBITDA LOSS $6.1 MILLION VERSUS $3.6 MILLION IN YEAR-AGO PERIOD.REC SILICON TARGETS Q4 POLYSILICON PRODUCTION OF 1,660 MT.REC SILICON Q3 PRETAX LOSS $20.3 MILLION VERSUS LOSS $119 MILLION IN YEAR-AGO PERIOD.REC SILICON’S SALES OPPORTUNITIES CONTINUE TO BE LIMITED BY RESTRICTED ACCESS TO THE CHINESE MARKETS BECAUSE OF THE TRADE WAR BETWEEN CHINA AND THE UNITED STATES.AS A RESULT, THE COMPANY HAS IDLED PRODUCTION CAPACITY, REDUCED ITS WORKFORCE, AND SPENDING LEVELS TO MAINTAIN LIQUIDITY.THE COMPANY INTENDS TO CONTINUE OPERATING THE FBR FACILITY IN MOSES LAKE AT CAPACITY UTILIZATION RATES NEAR 25 PERCENT WHILE CONTINUING TO IMPLEMENT MEASURES TO REDUCE COSTS AND MAINTAIN SUFFICIENT LIQUIDITY.FBR PRODUCTION WILL REMAIN AT LOW LEVELS UNTIL THE TRADE WAR IS RESOLVED OR MARKET CONDITIONS IMPROVE.  Full Article

REC Silicon swings to loss in Q2 due solar China-US trade war
Thursday, 19 Jul 2018 12:55am EDT 

July 19 (Reuters) - REC Silicon ASA ::REC SILICON Q2 REVENUES $58.9 MILLION VERSUS $61.4 MILLION IN YEAR-AGO PERIOD.REC SILICON Q2 EBITDA $-9.6 MILLION VERSUS $1.3 MILLION IN YEAR-AGO PERIOD.REPEATS "NEED UNITED STATES AND CHINESE GOVERNMENTS TO COOPERATE IN ENDING SOLAR TRADE DISPUTE BETWEEN TWO COUNTRIES TO PREVENT ADDITIONAL JOB LOSSES".REC SILICON Q2 EBIT $-370.1 MILLION VERSUS LOSS OF $19 MILLION IN YEAR-AGO PERIOD.REC SILICON Q2 PRETAX RESULT $-374.4 MILLION VERSUS LOSS $48.3 MILLION IN YEAR-AGO PERIOD.SAYS SHIPMENTS OF REC SILICON’S SOLAR GRADE GRANULAR POLYSILICON WILL BE LOWER DURING THE THIRD QUARTER AS THE MARKET ADJUSTS TO REDUCTIONS IN GLOBAL DEMAND FOR PV INSTALLATIONS.SAYS PRICES FOR PV GRADE SILANE GAS ARE EXPECTED TO NEGATIVELY IMPACT AVERAGE PRICES FOR THE REMAINDER OF 2018.SAYS IMPAIRMENT CHARGES OF USD 340.4 MILLION DUE TO THE MARKET DISRUPTION FROM THE CURTAILMENT OF SOLAR INCENTIVES IN CHINA, AS WELL AS CONTINUED TRADE BARRIERS THAT PREVENT ACCESS TO PRIMARY MARKETS INSIDE CHINA.  Full Article

REC Silicon lays off 25 pct of US plant workers, blames China-US solar trade war
Monday, 2 Jul 2018 01:14am EDT 

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 12:59am EDT 

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 01:50am EDT 

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