We reiterate Buy and TP NOK 35 ahead of the Q2 report. While 2026 is set to be another weak year for Elkem, we believe matters will improve in H2/26 and onwards. The tougher safeguard on steel to be implemented on 1 July will help improve EU steel production considerably, and we believe this will lead to increased sales for Elkem. Additionally, we expect a safeguard to be introduced on silicon metal as well during 2026. If implemented, this would improve prices for both SiMet and FeSi and hence ....
