Fornebu, Norway - January 20, 2020: On January 19, 2020 the Ministry of Commerce
of the People's Republic of China (MOFCOM) announced that it would extend
tariffs on imports of solar-grade polysilicon from the United States and South
Korea for a further 5 years, effective from January 20, 2020. This announcement
was anticipated by the Government of the United States (USG) and REC Silicon, as
it was made by MOFCOM pursuant to an on-going review procedure with a pre-
determined schedule.
We do not expect this announcement from MOFCOM to affect or change China's
commitment to purchase solar-grade polysilicon from the United States under the
terms of the Phase 1 Trade Agreement between the USG and the Government of China
(China), that was concluded on January 15, 2020.
REC Silicon once again thanks the USG, specifically President Trump and U.S.
Trade Representative Ambassador Lighthizer and his negotiating team at the
Office of the United States Trade Representative (USTR), for prioritizing the
interests of the U.S. polysilicon industry in this important trade agreement,
and securing this purchases commitment from China. REC Silicon looks forward to
working closely with USTR in relation to the execution of the Phase 1 Trade
Agreement and the fulfillment of China's solar-grade polysilicon purchases
commitment.
No decision about a re-start of the Moses Lake facility has been made at this
stage. REC Silicon will assess the market for solar grade polysilicon in light
of the Phase 1 Trade Agreement, and will keep investors updated on this issue.
There is no change to previous guidance issued by REC Silicon.
For further information, please contact:
Francine Sullivan, Vice President Business Development
Phone: +1 509 750 1133
Email: Francine.sullivan@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no
About REC Silicon REC Silicon ASA is a leading producer of advanced silicon
materials, supplying high-purity polysilicon and silicon gases to the solar and
electronics industries worldwide, with over 30 years' experience and best-in-
class proprietary technology. REC's production facilities are comprised of two
U.S.- based silicon materials plants in Moses Lake, Wash., and Butte, Mont. REC
Silicon's corporate headquarters is in Fornebu, Norway.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act