Strengthening the Iceland-China Partnership

Strengthening the Iceland-China Partnership

As part of China National BlueStar (Group) Co, Ltd., Elkem Iceland has become a leading manufacturer of Ferrosilicon for the steel industry. The company exemplifies the numerous investment and manufacturing opportunities Chinese investors can discover in Iceland.

“Whenever there are Chinese delegations visiting Iceland, we offer them a tour of our facility to show them that Chinese investments are already successfully reaching Iceland”, says Gestur Petursson, CEO of Elkem Iceland. “Chinese companies are already capitalizing on investment opportunities in the Icelandic economy and we expect this trend to continue”.

Elkem’s group headquarters are located in Oslo, Norway and the company is committed to the environmentally-friendly production of materials for the global market. Principal products are solar grade silicon, silicon, special alloys for the foundry industry, carbon and micro silica. The group’s Icelandic plant is the second largest ferrosilicon plant in the world and the largest of the group’s subsidiaries to focus on the production of foundry products.

Elkem offsets the high energy costs involved in manufacturing ferrosilicon by utilizing Iceland’s cost competitive and environmentally friendly energy market; derived from renewable geothermal and hydro energy resources.

“Iceland’s abundance of ‘green energy’ harnessed from renewable sources and the country’s skilled workforce create a very attractive offering for Chinese investors interested in the country’s manufacturing sector”, says Petursson.

Strict environmental standards complimented with structured monitoring programs ensure minimization of the environmental footprint. “We are very proud of the country’s environmental initiatives and we work according to a zero-landfill policy”, explains Petursson. “We are taking firm steps towards one hundred percent recycling of all our by products in an economically sustainable manner”.

As the only company in Iceland with a Chinese parent company, Petursson recognizes the importance of the Sino-Icelandic partnership:

“Iceland has been given an opportunity that others have not and it will be interesting to see how we will rise to the occasion. We have received a tremendous amount of respect from one of the world’s most important economies and Iceland is in a strong position to build on its already strong relationship with China.”