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C-MACC Sunday Thematic & Weekly Recap 89
Olin – Underinvesting To Over-Earn Is Act I; We Question Act II
- The turnaround at Olin has been notable and is a function both of better markets and of a radically different corporate strategy – which is currently working.
- The commodity chemical industry has a history of repeating a strategy of growing capacity and hoping for positive outcomes – the Olin strategy is different.
- Similar to the “early harvest” strategy at LyondellBasell and the one taken in acetyls at Celanese, Olin appears set to make some good money and create value.
- LyondellBasell has not had a great “second act,” and Celanese’s is yet to play out. Olin’s Act I strategy has a limited duration – we discuss drivers of Act II
- Otherwise, we discuss the cost concerns reflected in most earnings reports to date, and we look at the focus on carbon as it is now impacting chemicals.
Last week we discussed 25 Chemicals and related products and 106 Companies.
See PDF below for all charts, tables and diagrams