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Olin lost $80 million in the first quarter, and demand for epoxy products was weakened by the outbreak.

 Last Update: 2020-10-11
 Source: Internet
 Author: User

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Olin recently announced its first quarter 2020 results on its website, with sales of $1,421.5 million in the first quarter of 2020 and a net loss of $80 million in the first quarter of 2020, up from $1,553.4 million in the first quarter of 2019.
E. Fischer, chairman, president and chief executive of the company, said: "All of the Olin manufacturing facilities worldwide are currently operating, in addition to the planned maintenance turnaround.
" epoxy business experienced a statement of force majeing from European phenol suppliers in the first quarter, primarily by reducing the production of epoxy and epoxy prefaces at our plant in Stadt

. The epoxy business also closed production plants and reduced operating costs. The Asian market has been affected by the new coronavirus (COVID-19) in 2019, which reduced epoxy revenue by approximately $10 million in the first quarter of 2020, and the epoxy business was able to meet these challenges by increasing product prices and reducing raw materials and operating costs in turn. In the second quarter, the epoxy business is expected to face reduced demand from automotive and industrial coatings customers in Europe and North America.
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