REC regrets the escalation in solar industry trade war and denies any wrongdoing

Sandvika, July 20, 2012: REC Silicon has been named a respondent in a trade case filing initiated by Chinese producers against polysilicon imports from United States into China. REC Silicon denies any wrongdoing in this respect and regrets this escalation of the solar industry trade war.
 
REC believes that this trade case has been provoked by the solar trade war initiated by SolarWorld in the United States which has resulted in the imposition of preliminary antidumping and countervailing duties against Chinese solar cells being imported into the United States. REC has opposed the imposed import duties in the US, and has voiced its opposition to a threatened trade case against Chinese made solar modules imported into Europe.
 
REC is disappointed at the escalation of the trade war with the recent filing and is regretful of the prospect of increased costs across solar industry. REC Silicon values its Chinese customers highly, and does not believe it has engaged in price discrimination or unfair or illegal international trade in the export of its US made polysilicon to China and will defend itself in relation to any such charges.
 
REC firmly believes that cost reductions are needed throughout the entire the solar energy value chain in order to make solar energy cost competitive and thereby promote the adaption of solar energy globally. REC continues to reduce the cost of solar energy through the development of its proprietary, energy efficient Fluid Bed Reactor production process for the manufacture of polysilicon, the key feedstock in PV solar modules.
 
REC urges the U.S. and China to engage in constructive dialogue to prevent this destructive trade war.
 
For more information, please contact:

In Norway: John Andersen, Jr., EVP & Group COO; +47 901 74 080
 
In the US: Francine Sullivan, VP Legal & General Counsel, REC Silicon; +1 509 750 1133
 
About REC
REC is a leading vertically integrated solar energy company. REC produces polysilicon, wafers, cells and modules for the solar industry, and silicon materials for the electronics industry. REC also engages in project development in selected PV segments. Founded in Norway in 1996, REC employs around 3,100 people globally with revenues of more than NOK 13 billion in 2011. Please visit www.recgroup.com to learn more about REC.