Icelandic subsidiary receives payment from out-of-court settlement

Duisburg, May 8, 2020. The Icelandic Group company PCC BakkiSilicon hf. has entered an out-of-court settlement with the constructor of the silicon metal plant built in Húsavík (Iceland). Both parties had made claims to the replacement and payment of alleged damage or costs, which arose mainly due to delays or additional services in connection with the completion and commissioning of the plant. According to the settlement, PCC BakkiSilicon hf. receives a one-off payment in the high single-digit million Euro range. In this way, at least part of the losses incurred by this subsidiary in the first quarter of 2020 can be offset.