REC Silicon surges on rosier outlook

The future of REC's Silicon unit appears far more uncertain after China's announcement.
REC Silicon turned in an encouraging set of figures in its first quarter as a standalone company, and sees positive signs ahead, as it successfully sidestepped China’s polysilicon tariffs via the so-called “Process in Trade” loophole.

2013 was a tough year polysilicon makers, and REC Silicon was no exception, but the fast-improving fortunes of the global PV industry meant that demand, prices and revenues rebounded late in the year – and look set to remain strong through 2014.

REC Silicon's total 2013 revenues (excluding REC Solar) slid significantly to NKr2.45bn ($400m) – from NKr3.26bn the year prior, and the company swallowed a full-year operating loss of NKr505m.

However, by the end of 2013 things were looking substantially brighter, with fourth-quarter revenue up 2% sequentially and polysilicon prices predicted to rise significantly in 2014.

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