Metal manufacturer struggles through Q1

NEWS Elkem, the world's largest supplier of silicon metals for manufacturing, is looking to move outside its core market after profits fell 19 per cent in the first quarter of this year. The results - which were better than the Norwegian firm expected - showed profits down to NOK253m (E30.6m) from NOK311m (E37.6) for Q1 last year. Net sales totalled NOK2.57bn (E311m). In an interview in today's Financial Times Elkem CEO, Ole Enger, said the company was considering expanding further into microsilica and carbon materials - two markets which have enjoyed strong growth recently. The company said its core markets will remain weak, with prices at levels equal with those in the 1992 recession. There has been a fall in the demand for silicon metal - used in the construction of hi-tech equipment, which Elkem blames on the economic problems in Asia.