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Chemical companies are bullish on the prospects of the global chemical industry

 Last Update: 2022-09-30
 Source: Internet
 Author: User

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Recently, at the Global Conference on Specialty Chemicals and Basic Chemicals held by Credit Suisse, representatives of Dow Chemical and Leanderbaser said that market conditions in Europe have deteriorated sharply in the past month or so, market conditions in Asia are still very bad, and market conditions in the United States are uncertain
.

At the meeting, Ken Lann, Executive Vice President of Leanderbaser's global olefins and polyolefins business, said: "In the last 6 weeks or so, demand for chemicals and margins have fallen significantly, particularly in our presence
in Europe.

Market conditions in Asia have not deteriorated, but they have not improved
.

Howard Anglad, president and chief financial officer of Dow Chemical, gave a similar forecast and announced that Dow Chemical expects third-quarter EBITDA and net revenue to be $600 million
lower than current analysts' general expectations.

"Since our second-quarter earnings call, factors such as ongoing geopolitical tensions, higher energy and feedstock costs, and record inflation have indeed eroded demand and consumer spending in European end markets, and consumer confidence in the euro area continues to be negative
," Anglader said.

In August, Dow Chemical announced a temporary 15 percent
reduction in its global polyethylene capacity operating rate.

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