New at C&EN, this news (article by Alexander Tullo):
Whether chemical companies had a successful second quarter depended on their place in the industry. If they were involved in petrochemicals, they were still trying to pull themselves out of an extended business trough, some by cutting back on spending. But companies in other sectors, like agriculture and electronics, performed much better.
LyondellBasell Industries exemplified the problems faced by petrochemical makers. It posted an 11.8% decline in sales and a 72.1% drop in earnings for the quarter versus the year-ago period.
Nevertheless, CEO Peter Vanacker’s outlook is upbeat. He told analysts during an Aug. 1 conference call that demand for LyondellBasell’s key product, polyethylene, has been strong in North America. Naphtha feedstock prices have eased in Europe, improving profitability there, he said. And possible stimulus and capacity-cutting programs in China could trim oversupply in Asia.
I can't imagine it's a great environment to be a chemical manufacturer these days, and this news doesn't change my perception.
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