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    Aleksey Yefremov

    Managing Director and Equity Research Analyst at KeyBanc Capital Markets

    Aleksey Yefremov is a Managing Director and Equity Research Analyst at KeyBanc Capital Markets, specializing in chemicals sector coverage and responsible for analysis on companies such as Celanese, Albemarle, Olin, and Corteva. He is recognized for strong analytical performance, maintaining a TipRanks 4-star rating, a success rate around 52%, and an average return per transaction near 4.4%. Yefremov joined KeyBanc in December 2019 after five years as a Senior Equity Research Analyst at Nomura Securities, and previously held roles at BofA/Merrill Lynch and Accenture. He holds a master's in finance from St. Petersburg University of Economics and Finance, an MBA from Northwestern University's Kellogg School of Management, and the Series 7, 63, 86, and 87 licenses.

    Aleksey Yefremov's questions to Celanese (CE) leadership

    Aleksey Yefremov's questions to Celanese (CE) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked for the underlying reason for the demand shift from Q2 to Q3 in Engineered Materials, questioning the role of tariffs. He also sought confidence that the weakness in Filter Tow is due to destocking rather than market share loss.

    Answer

    CEO & President Scott A. Richardson attributed some of the Q2 pull-forward to tariff timing but characterized the broader environment as one of uncertainty, leading customers to lower inventories. On Filter Tow, he stated that based on current visibility, he does not believe there has been significant share loss, attributing the dynamic to customers operating with lower inventory levels.

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    Aleksey Yefremov's questions to Celanese (CE) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets inquired about the underlying reasons for the stronger Q2 and weaker Q3 demand pattern in Engineered Materials and asked for assurance that the weakness in Filter Tow is due to destocking rather than market share loss.

    Answer

    CEO & President Scott A. Richardson attributed the Q2/Q3 demand shift partly to order pull-ins ahead of potential tariffs but emphasized the broader driver is market uncertainty causing customers to lower inventories. Regarding Filter Tow, he stated that based on current visibility, he does not believe there has been significant share loss. Instead, he suggested that some additional market capacity has allowed customers to operate comfortably with lower inventory levels.

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    Aleksey Yefremov's questions to Celanese (CE) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked about the underlying reasons for the stronger Q2 and weaker Q3 demand pattern in Engineered Materials. He also sought clarity on whether the filter tow weakness was due to destocking or market share loss.

    Answer

    CEO Scott A. Richardson attributed some of the Q2 strength to tariff-related order pull-forwards but noted the broader driver is market uncertainty causing customers to reduce inventories. On filter tow, he stated that based on current visibility, Celanese has not seen significant share loss; rather, customers are comfortable holding less inventory due to some additional debottlenecked capacity entering the market.

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    Aleksey Yefremov's questions to Celanese (CE) leadership • Q1 2025

    Question

    Aleksey Yefremov asked about the progress in gaining market share in Asia and the realism of the Engineered Materials segment returning to its prior-year EBITDA level of approximately $1.3 billion.

    Answer

    CEO Scott Richardson confirmed that China is a key focus for margin-accretive growth, particularly with local auto OEMs, targeting a repeat of last year's 20% EV volume growth. Regarding EM EBITDA, he stated that a return to prior levels depends on self-help actions, incremental volume, and crucially, improving pricing from what he described as 'unsustainable margin levels' in standard grade products.

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    Aleksey Yefremov's questions to Celanese (CE) leadership • Q4 2024

    Question

    Aleksey Yefremov asked to quantify the EBITDA impact of the deliberate inventory reduction in Engineered Materials (EM) in Q1 and sought an outlook for EM pricing in Q1 and Q2.

    Answer

    CEO Scott Richardson clarified that the Q1 inventory reduction is not substantial or material like the one seen in Q4. On pricing, he stated that the market is seeing stabilization for the most part. While Celanese has to be competitive in certain standard-grade applications where industry margins are unsustainably low, the team is working tenaciously on offsets, primarily by improving the product mix through success in higher-margin segments.

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    Aleksey Yefremov's questions to Celanese (CE) leadership • Q3 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked whether volumes or prices were the primary headwind for the Engineered Materials segment and inquired about the trajectory of inventory levels.

    Answer

    CEO Lori Ryerkerk explained that the headwinds are twofold: differentiated products are primarily impacted by lower volumes, while standard grade products face significant price and margin pressure. COO Scott Richardson noted that the company does not expect to draw down inventories below normalized levels by year-end.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership

    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Aleksey Yefremov asked about the sensitivity of Ecovyst's biofuels catalyst business to the proposed 67% increase in renewable fuel mandates for 2026 and sought an outlook for the virgin sulfuric acid business, particularly in the nylon and mining end markets.

    Answer

    CEO Kurt Bitting explained that the proposed mandate reinjects momentum into the renewable fuels market, which will drive long-term growth, but cautioned against a direct 67% correlation in a single year. For sulfuric acid, he noted that while the nylon market remains tepid, Ecovyst expects year-over-year growth. He expressed a very positive outlook for mining, citing new copper projects and strong demand driven by electrification.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets questioned the sensitivity of the biofuels catalyst business to the proposed 67% RVO growth and sought clarity on the visibility for a pickup in the nylon market for sulfuric acid.

    Answer

    CEO Kurt Bitting clarified that the RVO change is a long-term positive that reinjects momentum but won't cause an instantaneous 67% growth in their business. On sulfuric acid, he noted that while the nylon market remains tepid, Ecovyst's sales will be up year-over-year, and the mining sector shows tremendous momentum with new copper projects driving strong demand.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets questioned the sensitivity of the catalyst business to the proposed 67% growth in renewable fuel obligations and asked for the outlook on sulfuric acid demand from the nylon and mining sectors.

    Answer

    CEO Kurt Bitting clarified that while the proposed RVO growth reinjects momentum into the renewable fuels market, it won't translate to a direct 67% growth for their business. For sulfuric acid, he noted that the nylon market remains tepid despite expected year-over-year growth, but the mining sector shows tremendous momentum, with new copper projects driving strong demand for the rest of the year and beyond.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets questioned the sensitivity of the biofuels catalyst business to the proposed RVO growth and sought justification for the optimistic outlook on nylon demand, while also asking about the forecast for the mining sector.

    Answer

    CEO Kurt Bitting clarified that while the proposed RVO growth is a significant long-term positive for the biofuels catalyst business, it shouldn't be seen as a direct year-over-year growth driver for Ecovyst. For sulfuric acid, he noted that nylon sales are expected to be up year-over-year due to their customers' cost advantages, and that the mining sector shows 'tremendous momentum' with new projects supporting a strong second half.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets questioned the sensitivity of the biofuels catalyst business to proposed RVO growth and sought more visibility on the forecasted recovery in nylon and the outlook for mining.

    Answer

    CEO Kurt Bitting explained that the RVO change should reinject momentum into the renewable fuels market, driving utilization and future growth, but cautioned against a direct year-over-year correlation to Ecovyst's business. He confirmed nylon sales will be up year-over-year despite a tepid market and highlighted the strong, positive long-term momentum in mining driven by electrification and new projects.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q4 2024

    Question

    Aleksey Yefremov asked for a historical perspective on the record-low Q1 EBITDA guidance and questioned the seemingly low incremental margins implied by the full-year 2025 sales and EBITDA projections.

    Answer

    CEO Kurt Bitting and CFO Michael Feehan emphasized that the weak Q1 is purely a timing issue, driven by an unusual concentration of refinery and internal turnarounds in the first half, and is not indicative of a structural problem. Feehan explained the lower incremental margin guidance is due to the negative margin percentage impact of passing through higher sulfur costs (which doesn't affect EBITDA dollars) and an unfavorable product mix, particularly in the AM&C segment.

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    Aleksey Yefremov's questions to Ecovyst (ECVT) leadership • Q3 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets sought clarification on the tangible benefits of the reliability program, given its limited visibility in current EBITDA, and asked if Ecoservices pricing in 2025 would likely outpace cost inflation.

    Answer

    CEO Kurt Bitting explained that the reliability program is a multi-year initiative that has already enabled higher year-over-year sales of virgin sulfuric acid. He stated the full benefits, in the form of incremental capacity, will materialize over time as demand grows. While not giving specific 2025 guidance, Bitting affirmed that the company's strategy for Ecoservices includes growth from both volume and pricing, supported by strong contractual mechanisms.

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    Aleksey Yefremov's questions to Corteva (CTVA) leadership

    Aleksey Yefremov's questions to Corteva (CTVA) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked if Corteva is seeing increased demand for its products as an alternative to Chinese generics, given recent market dynamics.

    Answer

    CEO Chuck Magro clarified that Corteva does not compete head-to-head with generics, as it serves a different customer base seeking differentiated technology. However, he and EVP Robert King noted that the stabilization of the generic price floor is a healthy indicator for the overall market, particularly in Latin America.

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    Aleksey Yefremov's questions to Corteva (CTVA) leadership • Q3 2024

    Question

    Aleksey Yefremov asked about the company's assumption for Argentina's corn planting area in 2025 and whether a significant rebound is expected.

    Answer

    EVP Timothy Glenn stated that Corteva is taking a prudent approach and is not assuming a significant rebound from the 20% decline seen in 2024. He noted it is too early to know if the leafhopper pest issue was a one-time event. For 2025 planning purposes, the company is assuming a market that is essentially flat with 2024.

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    Aleksey Yefremov's questions to WESTLAKE (WLK) leadership

    Aleksey Yefremov's questions to WESTLAKE (WLK) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets questioned why the HIP segment's margin guidance was maintained despite a 7% reduction in the sales forecast, asking what factors were offsetting the negative operating leverage. He also inquired about monthly order trends in the HIP segment through the summer.

    Answer

    EVP & CFO Steven Bender attributed the margin resilience to Westlake's broad and deep product portfolio, which addresses affordability issues, and particular strength in the infrastructure-driven pipes and fittings business. He noted that while construction activity has slowed, the current level of housing starts seen in Q2 is expected to persist through Q3.

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    Aleksey Yefremov's questions to WESTLAKE (WLK) leadership • Q1 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked about pricing trends in specific HIP categories, particularly for large versus small diameter pipe and fittings. He also questioned whether lower overall petrochemical prices were providing a margin benefit to the HIP segment.

    Answer

    M. Bender, EVP and CFO, noted that larger diameter pipe and fittings offer more value and that there can be a lag in passing through PVC resin price changes, causing some temporary margin compression. He clarified that HIP pricing is significantly more stable than commodity materials, so lower input costs do not directly translate to lower selling prices.

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    Aleksey Yefremov's questions to WESTLAKE (WLK) leadership • Q4 2024

    Question

    Aleksey Yefremov asked for an outlook on free cash flow for 2025, noting its modest level in 2024, and questioned if the growing HIP business is more working capital intensive.

    Answer

    EVP and CFO Steve Bender expects stronger free cash flow generation in 2025, driven by continued strength in HIP and pricing actions in PEM. He clarified that the HIP business is actually an asset-light model and does not require a large percentage of working capital relative to the more capital-intensive PEM segment.

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    Aleksey Yefremov's questions to WESTLAKE (WLK) leadership • Q3 2024

    Question

    Representing Aleksey Yefremov from KeyBanc, Ryan Weis asked about the expected sequential EBITDA add-back in Q4 from the $120 million outage recovery and sought an explanation for the decline in HIP segment EBITDA margins.

    Answer

    EVP and CFO Steve Bender explained that the $120 million impact, if excluded, would have made Q3 results comparable to Q2. For HIP margins, he attributed the sequential decline primarily to an 8.5% drop in sales volume driven by weather and slower demand in the pipe business, while average sales prices remained relatively flat.

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    Aleksey Yefremov's questions to LyondellBasell Industries (LYB) leadership

    Aleksey Yefremov's questions to LyondellBasell Industries (LYB) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked for an update on the pyrolysis market, including current margin trends and the economic outlook for pyrolysis-based recycling over the next 12-18 months.

    Answer

    CEO Peter Vanacker described pyrolysis margins as 'extremely high' and above the levels communicated at the 2023 Capital Markets Day. He attributed this to demand significantly outpacing supply, a situation exacerbated by delays and failures among startup producers. He expects the market to be priced on value, not supply/demand, for a long time.

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    Aleksey Yefremov's questions to LyondellBasell Industries (LYB) leadership • Q3 2023

    Question

    Aleksey Yefremov from KeyBanc inquired about the maturity of the newly acquired APK recycling technology and its readiness for near-term capacity expansion investments.

    Answer

    CEO Peter Vanacker stated that the acquisition adds a unique, advanced solvent-based recycling technology for laminated films. He confirmed that LyondellBasell is integrating the company with a clear plan to scale up the technology, similar to its MoReTec strategy, making it a key part of its circular solutions offering by 2030.

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    Aleksey Yefremov's questions to Huntsman (HUN) leadership

    Aleksey Yefremov's questions to Huntsman (HUN) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked for a breakdown of the 5% year-over-year price decline in polyurethanes by region and product type, and for an update on MDI trade flows into North America.

    Answer

    EVP & CFO Phil Lister clarified that the year-over-year price decline was primarily driven by polymeric MDI in China. On trade flows, he noted that while Chinese imports to the U.S. have dropped, an increase in European imports, coupled with low demand, has kept pricing relatively stable rather than increasing.

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    Aleksey Yefremov's questions to Huntsman (HUN) leadership • Q1 2025

    Question

    Aleksey Yefremov asked if Chinese MDI exporters could circumvent U.S. tariffs by shipping to Canada and Mexico. He also inquired about the Board's view on the dividend and whether an adjustment might be considered to de-risk the balance sheet amid weaker free cash flow.

    Answer

    CEO Peter Huntsman noted that circumventing tariffs via Canada or Mexico would be difficult, as those countries have their own tariffs and finished goods brought into the U.S. would still be subject to duties on their MDI content. On the dividend, Huntsman affirmed it is considered 'very close to sacred' and that the company is confident in its cash generation, balance sheet strength, and future outlook to maintain it. CFO Phil Lister added that the company has $1.3 billion in liquidity and a favorable debt maturity profile.

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    Aleksey Yefremov's questions to Huntsman (HUN) leadership • Q4 2024

    Question

    Aleksey Yefremov asked for the target magnitude of the U.S. MDI price increase and for an update on the commercialization timeline for the company's new materials technology.

    Answer

    CEO Peter Huntsman specified their announced price increase was for 'at least $0.10 per pound.' He also detailed progress on their new technology, stating they have a 30-ton reactor for commercial qualification, expect sales in 2025 for applications like EV batteries, and plan a larger 5,000-ton reactor for next year.

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    Aleksey Yefremov's questions to Huntsman (HUN) leadership • Q3 2024

    Question

    Aleksey Yefremov requested an explanation of Huntsman's MDI pricing structure, specifically the mix of spot, contract, and formula-based pricing. He also asked how the company is adapting its automotive PU strategy to address the market share shift from European OEMs to emerging players in China.

    Answer

    Chairman, CEO and President Peter Huntsman detailed the pricing mix, breaking it into spot (region-dependent), formula-based (20% globally), and variable negotiated pricing for formulated products. He explained that Huntsman's strong regional platform in Asia has become its most profitable automotive region, with deep relationships with key Asian OEMs for both traditional and EV applications, effectively navigating the market shift.

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    Aleksey Yefremov's questions to EASTMAN CHEMICAL (EMN) leadership

    Aleksey Yefremov's questions to EASTMAN CHEMICAL (EMN) leadership • Q2 2025

    Question

    Aleksey Yefremov asked about the reasons for a perceived shift in tone on Methanolysis—slower in 2025 but more optimistic for 2026. He also requested an earnings outlook for the Fibers segment for 2026.

    Answer

    Chairman and CEO Mark Costa explained the slower 2025 Methanolysis ramp is due to challenged end markets (durables, cosmetics), which slows customer adoption. He is more confident for 2026 because the underlying demand for plastic waste solutions remains strong, and they are seeing increased interest in rPET due to performance issues with mechanical recycling. For Fibers, he expects to stabilize earnings in 2026, as tailwinds from utilization recovery and a rebound in textiles should offset ongoing pressures in the tow business.

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    Aleksey Yefremov's questions to EASTMAN CHEMICAL (EMN) leadership • Q1 2025

    Question

    Aleksey Yefremov asked about the health of the end consumer, inquiring if Eastman is observing a meaningful slowdown in demand for its consumer-facing products. He also sought clarity on whether the negative impact from tariffs could worsen in the second half of the year as initial inventory buffers are used up.

    Answer

    Mark Costa, Board Chair and CEO, acknowledged that weaker-than-normal seasonal growth is expected in Q2 due to consumer caution related to trade tensions. Regarding the second-half tariff impact, he explained the risk varies by segment. While the impact on Fibers and AFP is expected to be steady or improve, the Advanced Materials segment could face a larger headwind as customer inventories are depleted, though this is partially offset by new plant ramp-ups and other mitigating actions.

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    Aleksey Yefremov's questions to EASTMAN CHEMICAL (EMN) leadership • Q4 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets sought clarity on the Advanced Materials outlook, asking if first-half earnings would be below the full-year run rate due to costs, and requested an update on filter tow contract visibility beyond 2026.

    Answer

    Board Chair and CEO Mark Costa confirmed a complex earnings cadence for Advanced Materials, with Q1 impacted by a $25 million cost reallocation and H1 facing natural gas headwinds, while benefits from circular and cost actions are more back-half loaded. He also stated that multiyear contracts provide good visibility for Fibers, with approximately 70% of 2027 volume already under contract.

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    Aleksey Yefremov's questions to EASTMAN CHEMICAL (EMN) leadership • Q3 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets requested a performance breakdown of key product lines within the Advanced Materials segment, such as auto films and interlayers. He also asked about Eastman's strategy for preserving margins in its coatings business for 2025 amidst customer negotiation pressure.

    Answer

    CEO Mark Costa reported that within the Advanced Materials segment, the auto interlayer business is significantly outperforming a weak auto market with high single-digit growth, driven by favorable design trends like larger sunroofs and laminated side glass. Regarding coatings, Costa expressed confidence in maintaining price-cost stability, citing the company's track record and the differentiated value of its specialty products. He acknowledged a potential minor lag in passing through higher energy costs but expects to defend margins effectively.

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    Aleksey Yefremov's questions to FMC (FMC) leadership

    Aleksey Yefremov's questions to FMC (FMC) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets questioned the pricing performance of branded diamides, specifically Rynaxypyr and Cyazypyr, outside of the partner agreements during the current year.

    Answer

    Chairman and CEO Pierre Brondeau and EVP and CFO Andrew Sandifer clarified that Cyazypyr is not facing the same competitive pressure due to data protection. For branded Rynaxypyr, pricing was relatively flat in Q2. They emphasized that the primary pricing headwind for the diamide franchise currently stems from the cost-plus partner contracts, as branded Rynaxypyr remains protected by process patents in most markets for 2025.

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    Aleksey Yefremov's questions to FMC (FMC) leadership • Q1 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked about pricing trends in the crop protection market, questioning if prices have bottomed and what the outlook is for the remainder of the year.

    Answer

    CEO Pierre Brondeau explained that Q1's high single-digit price decline was driven by a tough year-over-year comparison and a higher sales mix in the competitive Brazilian market. He anticipates more price stability for the rest of the year, especially in the second half, as comparisons ease significantly following the major price corrections made in H2 2024.

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    Aleksey Yefremov's questions to FMC (FMC) leadership • Q3 2024

    Question

    Aleksey Yefremov from KeyBanc Capital Markets inquired about the underperformance in Latin America during Q3, asking whether it was driven by weather, low crop prices, or other market fundamentals, and if conditions were improving in Q4.

    Answer

    Pierre Brondeau, Chairman and CEO, attributed the Q3 weakness in Latin America to a combination of delayed rains, persistent channel inventory, and challenging pricing. He added that FMC-specific issues included being slower than peers to adjust prices and the bankruptcy of a large distributor, which necessitated aggressive actions to maintain market share.

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    Aleksey Yefremov's questions to ALBEMARLE (ALB) leadership

    Aleksey Yefremov's questions to ALBEMARLE (ALB) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked if the second-half 2025 guidance could be considered a run-rate for 2026 and whether future CapEx reduction opportunities were pulled forward into the current year's cuts.

    Answer

    CEO Kent Masters advised against reading too much into quarterly mix shifts, stating the overall 50/50 contract-spot mix is stable into 2026. Regarding CapEx, he noted that while the company is continuously focused on reductions, it is becoming harder to find large cuts, but the focus remains on driving it down.

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    Aleksey Yefremov's questions to ALBEMARLE (ALB) leadership • Q1 2025

    Question

    Aleksey Yefremov of KeyBanc questioned how much new upstream lithium capacity would be added in 2025 and asked for an outlook on mining costs at Wodgina, Greenbushes, and La Negra.

    Answer

    CEO Jerry Masters stated that while some new capacity will come online, he expects the overall supply/demand balance to remain relatively stable through the year. He detailed that costs at Greenbushes and La Negra are expected to improve with scale and productivity, while Wodgina is currently in a higher-cost phase that is expected to improve over time.

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    Aleksey Yefremov's questions to ALBEMARLE (ALB) leadership • Q4 2024

    Question

    Aleksey Yefremov from KeyBanc Capital Markets questioned if Albemarle could reach maintenance-level CapEx in 2026 under current market conditions and asked for a risk assessment on the CGP 3 project.

    Answer

    CEO Jerry Masters stated that reaching maintenance capital levels is an aspiration but declined to commit to a 2026 target, noting the company will still pursue small, high-return growth and cost-saving projects. He confirmed the CGP 3 project at Greenbushes is currently on schedule and around budget.

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    Aleksey Yefremov's questions to ALBEMARLE (ALB) leadership • Q3 2024

    Question

    Aleksey Yefremov asked about the 2025 EBITDA outlook, considering lower fixed costs and volume growth, and inquired how the 2025 CapEx cuts would affect near-term and long-term lithium volume growth.

    Answer

    CEO Kent Masters and CFO Neal Sheorey declined to provide a specific 2025 outlook but offered key factors. Sheorey noted that current market pricing is a significant headwind compared to the 2024 average and pointed out a non-repeating $100 million equity income gain from Q2 2024. However, he highlighted that cost savings and continued plant ramps would be tailwinds. Masters clarified that the CapEx cuts primarily impact longer-term growth, reducing the CAGR through 2027 to about 15% from 20%, with minimal effect on 2025 volumes which are driven by already-built assets.

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    Aleksey Yefremov's questions to ENTEGRIS (ENTG) leadership

    Aleksey Yefremov's questions to ENTEGRIS (ENTG) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked for a timeline on when the company's inventory adjustment process might conclude and its quantifiable impact on gross margins. He also questioned if there were signs of significant demand pull-forward from customers in Q2.

    Answer

    CFO Linda LaGorga declined to quantify the margin impact or provide a specific timeline, emphasizing that managing inventory is a key lever for achieving their free cash flow margin goal of low-double-digits in 2025. CEO Bertrand Loy addressed the pull-forward question, stating that while it may have been a factor, he does not believe it had a material impact on Q2 results.

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    Aleksey Yefremov's questions to ENTEGRIS (ENTG) leadership • Q1 2025

    Question

    Speaking for Aleksey Yefremov, an analyst from KeyBanc asked if Entegris saw any evidence of pre-buying from Chinese customers ahead of the new restrictions. He also requested an update on the size, Q1 growth, and outlook for the advanced packaging business.

    Answer

    CEO Bertrand Loy stated that the company did not see significant pre-buying in Q1 and that no shipments are currently occurring from the U.S. to China. Regarding advanced packaging, he described it as a small but rapidly expanding market that more than doubled in Q1 year-over-year and is expected to grow over 25% for the full year 2025, driven by dispense solutions and HBM slurries.

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    Aleksey Yefremov's questions to ENTEGRIS (ENTG) leadership • Q4 2024

    Question

    Aleksey Yefremov asked for a longer-term view on the company's market outperformance level into 2026 and questioned whether China would remain a growth market given new trade restrictions.

    Answer

    CEO Bertrand Loy stated it was too early to comment on 2026 outperformance but noted the growing opportunity in moly applications is promising. He affirmed that despite headwinds, China is expected to remain a growth area, having grown from 16% to 21% of sales in 2024, as mainstream fabs there continue to ramp production.

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    Aleksey Yefremov's questions to ENTEGRIS (ENTG) leadership • Q3 2024

    Question

    Aleksey Yefremov asked for more detail on the full scope of the molybdenum (moly) opportunity beyond deposition materials and whether the outlook for 2025 node transitions has changed.

    Answer

    CEO Bertrand Loy detailed that the moly opportunity is a comprehensive solution including the material, ampule, delivery systems, and Moly Etch chemistry for NAND. A future logic application would also include a polishing slurry. He confirmed his view on 2025 node transitions is unchanged, expecting significant activity in advanced logic and 3D NAND, though he noted the timing remains fluid and customer-dependent.

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    Aleksey Yefremov's questions to Axalta Coating Systems (AXTA) leadership

    Aleksey Yefremov's questions to Axalta Coating Systems (AXTA) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets asked for the productivity savings outlook for 2026 and sought confirmation that the negative price/mix in Performance Coatings was entirely due to mix, and when it might turn positive.

    Answer

    CFO Carl Anderson projected that 2026 productivity savings would be at least at the same pace as 2025's ~$20 million, and hopefully better, as the company is in the 'early innings' of its plant productivity initiatives. He confirmed that Refinish pricing remains positive (~2% for the year) and the negative segment result was due to mix. He anticipates the price/mix metric will inflect positively into next year, with a possibility of it occurring in Q4 2025.

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    Aleksey Yefremov's questions to Axalta Coating Systems (AXTA) leadership • Q1 2025

    Question

    Aleksey Yefremov requested more detail on the performance of the Refinish value segment relative to the broader market and Axalta's growth rate within it.

    Answer

    CEO Chrishan Anthon Villavarayan stated that while the value segment is experiencing weaker demand due to waning consumer confidence, Axalta is outperforming the market. He confirmed that this segment is growing faster than Axalta's premium business, driven by a focused strategy to increase its low market share, which is reflected in the strong Q1 body shop win ratio.

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    Aleksey Yefremov's questions to Axalta Coating Systems (AXTA) leadership • Q4 2024

    Question

    Aleksey Yefremov from KeyBanc Capital Markets Inc. inquired about the evolution of Axalta's mainstream versus premium market strategy in the Refinish segment and whether additional M&A could be used to enhance its mainstream presence.

    Answer

    CEO Chris Villavarayan clarified that body shop wins are focused on the premium side, while the CoverFlexx acquisition provides a strong entry into the mainstream and economy segments. He noted the business case for CoverFlexx is strong, particularly with the ability to sell adjacent products. He affirmed that there are more opportunities for M&A in adjacencies, especially in Europe and Asia, which the company will be focusing on.

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    Aleksey Yefremov's questions to Axalta Coating Systems (AXTA) leadership • Q3 2024

    Question

    Aleksey Yefremov asked about recent trends in body shop activity across regions and for observations on performance differences between the economy and premium segments of the Refinish market.

    Answer

    CEO Chrishan Villavarayan described body shop activity as 'stable to softening,' with softness in China and North America, stability in Europe, and strength in Latin America. On market segments, he noted the new CoverFlexx acquisition in the economy space is performing ahead of plan on margin. In the competitive premium segment, he emphasized that Axalta continues to win, securing 2,100 net new body shops year-to-date, driven by its technology and service leadership.

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    Aleksey Yefremov's questions to OLIN (OLN) leadership

    Aleksey Yefremov's questions to OLIN (OLN) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets questioned the risk of the Winchester business deteriorating further and whether costs would continue to increase in the second half of the year.

    Answer

    President and CEO Ken Lane stated it is difficult to see the situation worsening, describing the current environment as a non-structural 'perfect storm' of destocking, high costs, and weak consumer spending. CFO Todd Slater added that higher copper costs, driven by tariff threats, will impact results in the second half, although Olin's hedging program will moderate the pace of this impact, reinforcing the need for price increases.

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    Aleksey Yefremov's questions to OLIN (OLN) leadership • Q1 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets Inc. asked for confirmation that Olin's PVC tolling arrangement is cash positive and inquired about the planned ramp-up of Kem One volumes for the rest of the year.

    Answer

    President and CEO Kenneth Lane confirmed that PVC sales tolled through Kem One are indeed cash positive, which he attributed to Olin's advantageous cost structure. He stated that volumes will ramp up through the end of the year, noting a very positive market reception and expressing pride in the team's ability to quickly establish a customer portfolio, setting up a positive future for the business.

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    Aleksey Yefremov's questions to OLIN (OLN) leadership • Q4 2024

    Question

    Aleksey Yefremov inquired about Olin's Q1 chlor-vinyls volume outlook, asking if any contract business was lost and whether the expected volume decline is temporary.

    Answer

    CEO Kenneth Lane explained that Q1 volumes will be lower due to a planned turnaround, customer outages from Winter Storm Enzo, and a tough comparison to Q4's post-hurricane rebound. He emphasized that Olin will maintain disciplined operating rates, noting strong caustic demand is expected to keep the market tight and support pricing, leading to relatively flat ECU values quarter-over-quarter.

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    Aleksey Yefremov's questions to OLIN (OLN) leadership • Q3 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked about the likelihood of needing to replace Shintech as a customer post-2030 and the success of the recent epoxy price increase.

    Answer

    President and CEO Kenneth Lane described the Shintech situation as too far out to predict, stating Olin will evaluate options for its Freeport vinyls position as developments unfold. Regarding the epoxy price increase announced for October 1, Lane noted they are seeing some traction and are optimistic, but it's too early to quantify the full impact for the quarter, especially with continued high import volumes from Asia.

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    Aleksey Yefremov's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership

    Aleksey Yefremov's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q4 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked about the growth rate of the fiberglass business, its potential for fiscal 2026, and its current size.

    Answer

    Chairman & CEO Frank Sullivan did not disclose a specific size but confirmed the Fibergrate business has been growing at a double-digit rate, higher than RPM's overall average. He attributed the strong performance to organic growth, past acquisitions, global expansion, and significant benefits from data center construction due to the non-conductive nature of its products.

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    Aleksey Yefremov's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q2 2025

    Question

    Aleksey Yefremov asked if planned price increases would cover inflation in the second half of the year and whether the growth in the services business is structural and driving material sales.

    Answer

    CEO Frank Sullivan stated the company expects to cover anticipated raw material and labor inflation with pricing actions. He confirmed the services business growth is a structural trend that positively impacts mix, and it directly drives material sales by securing projects and maintaining long-term customer relationships for future restoration work.

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    Aleksey Yefremov's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership • Q1 2025

    Question

    Aleksey Yefremov asked for elaboration on the 'more effective sales management systems' that were cited as having a positive impact in the Performance Coatings Group (PCG).

    Answer

    Frank Sullivan, Chair and CEO, explained that the company is now using data more effectively to manage product mix prospectively. This involves incentivizing sales forces with adjusted commission or bonus structures to focus on higher-margin products where RPM has a competitive advantage. He noted this shift to data-driven sales management is a piece of the overall margin improvement, with 80% of MAP savings in the quarter coming from the gross profit line through better conversion costs and improved mix.

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    Aleksey Yefremov's questions to SHERWIN WILLIAMS (SHW) leadership

    Aleksey Yefremov's questions to SHERWIN WILLIAMS (SHW) leadership • Q2 2025

    Question

    Aleksey Yefremov from KeyBanc Capital Markets questioned the outlook for new construction markets within the Paint Stores Group, asking if current sales levels are sustainable or if a sharper decline is expected in the second half.

    Answer

    SVP of Finance & CFO Al Mestyshin indicated that the new residential market has softened, which is a key factor in the forecast for a low single-digit volume decline for the Paint Stores Group in the second half. He characterized several segments as "bouncing along," suggesting a period of stabilization at lower levels rather than a sharp deterioration.

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    Aleksey Yefremov's questions to SHERWIN WILLIAMS (SHW) leadership • Q2 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets inquired about the outlook for new construction markets within the Paint Stores Group, asking if sales would hold at current levels or deteriorate further in line with housing completion data.

    Answer

    CFO Allen Mistysyn indicated that the new residential market has softened, which is a key driver of the revised low-single-digit volume decline forecast for the Paint Stores Group in the second half. He described the environment as "bouncing along," suggesting it is not getting significantly better or worse at this time.

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    Aleksey Yefremov's questions to SHERWIN WILLIAMS (SHW) leadership • Q1 2025

    Question

    Aleksey Yefremov followed up on the residential repaint segment, asking how consumers are reacting to economic uncertainty and about the underlying market dynamics.

    Answer

    Executive Heidi Petz described the underlying market as 'flat' and tied to existing home sales, but noted paint remains an affordable home improvement project. She said Sherwin-Williams is outpacing the market by leveraging its controlled distribution model and providing productivity-enhancing solutions to contractors. Executive James Jaye added that consumer caution is also visible in the auto refinish market, where some are delaying repairs.

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    Aleksey Yefremov's questions to SHERWIN WILLIAMS (SHW) leadership • Q4 2024

    Question

    Aleksey Yefremov inquired about how much of a demand improvement the current footprint of stores and sales associates could accommodate before requiring a significant ramp-up in SG&A investments.

    Answer

    CEO Heidi Petz asserted that the company currently has the capacity for growth and will continue its disciplined expansion of 80-100 new stores annually. SVP & CFO Allen Mistysyn added that the sales rep force is a variable cost that can be scaled with demand, and the existing store network provides ample capacity to handle volume increases.

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    Aleksey Yefremov's questions to SHERWIN WILLIAMS (SHW) leadership • Q3 2024

    Question

    Aleksey Yefremov asked for commentary on the current backlog trends for professional painting contractors.

    Answer

    Executive James Jaye described backlogs in Residential Repaint as 'fairly normalized' but choppy due to recent hurricanes. He expressed cautious optimism for New Residential. For the Commercial segment, he noted that while the business is still growing, the existing backlog is being worked through and is expected to diminish heading into next year.

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    Aleksey Yefremov's questions to DuPont de Nemours (DD) leadership

    Aleksey Yefremov's questions to DuPont de Nemours (DD) leadership • Q1 2025

    Question

    Aleksey Yefremov questioned the drivers for the expected acceleration in IndustrialsCo sales growth through the year and asked for an update on the outlook for China's electronics market in 2025 following a strong 2024.

    Answer

    CEO Lori Koch clarified that the Q1 organic growth for Industrials was 2%, and the full-year guide of 3-4% represents a consistent trend. Jon Kemp, CEO-elect of Qnity, stated their guidance assumes China's electronics demand normalizes to be flat year-over-year, as strong local demand continues without signs of excessive customer inventory.

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    Aleksey Yefremov's questions to DuPont de Nemours (DD) leadership • Q4 2024

    Question

    Aleksey Yefremov inquired about the portfolio strategy for IndustrialsCo now that it will retain the Water business and asked for the underlying market growth assumptions for Semis and Interconnect in 2025.

    Answer

    CEO Lori Koch stated that the portfolio strategy for the new DuPont will involve both divestitures and M&A, with a focus on expanding the healthcare and water businesses. She projected underlying market growth (MSI) for semis at around 6% and mid-single-digit growth for the PCB and smartphone markets served by Interconnect.

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    Aleksey Yefremov's questions to DuPont de Nemours (DD) leadership • Q3 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets asked for more details on the share gains and AI-driven technology ramps within the Interconnect Solutions business.

    Answer

    CEO Lori Koch explained that the AI-related growth is concentrated in the packaging space within the Interconnect business. She attributed share gains to securing a greater share of wallet with key customers by expanding product offerings beyond phones to other devices. She also reiterated that thermal management and packaging opportunities are key drivers.

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    Aleksey Yefremov's questions to PPG INDUSTRIES (PPG) leadership

    Aleksey Yefremov's questions to PPG INDUSTRIES (PPG) leadership • Q1 2025

    Question

    Aleksey Yefremov of KeyBanc Capital Markets questioned the Performance Coatings margin performance, noting that a 20 basis point improvement seemed low given the 3% price and 6% volume increases.

    Answer

    CEO Timothy Knavish explained that the company has increased its growth-related investments in the segment to capitalize on long-term opportunities. He cited spending to increase output in Aerospace, support growth in Protective & Marine, and develop next-generation productivity tools and allied products for the Auto Refinish business as the primary reasons for the moderated margin leverage in the quarter.

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    Aleksey Yefremov's questions to PPG INDUSTRIES (PPG) leadership • Q4 2024

    Question

    Aleksey Yefremov's team asked for an update on the China automotive market, including customer feedback and the 2025 outlook.

    Answer

    CEO Tim Knavish pointed to strong Q4 retail auto sales in China (+19%) and ongoing government support as positive indicators. He emphasized that PPG is gaining share with domestic Chinese automakers. He also highlighted that with EVs now representing 37% of cars built in China, PPG benefits from higher content per vehicle, a trend that continues despite a cooling of the global EV narrative.

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    Aleksey Yefremov's questions to PPG INDUSTRIES (PPG) leadership • Q3 2024

    Question

    Aleksey Yefremov requested clarification on the dynamics in the Automotive Refinish business, which grew mid-single digits in Q3 but is guided to be flat in Q4.

    Answer

    Chairman and CEO Timothy Knavish reiterated that the Q4 outlook is not due to a slowdown in end-market demand but is a result of inventory management by channel partners and a difficult year-over-year comparison. SVP and CFO Vince Morales specified that the tough comp relates to a significant customer pre-buy in Q4 2023 ahead of a January 1, 2024 price increase.

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    Aleksey Yefremov's questions to DOW (DOW) leadership

    Aleksey Yefremov's questions to DOW (DOW) leadership • Q4 2024

    Question

    Aleksey Yefremov of KeyBanc Capital Markets sought to clarify whether the $1 billion cost reduction target is inclusive of, or separate from, the potential actions resulting from the European asset review.

    Answer

    CEO James Fitterling gave a definitive answer, stating that the strategic review of European assets is a separate initiative and any resulting actions would be in addition to the recently announced $1 billion cost reduction program, with potentially minor overlap.

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    Aleksey Yefremov's questions to DOW (DOW) leadership • Q3 2024

    Question

    Aleksey Yefremov expressed surprise at the low EBITDA for the Industrial Intermediates & Infrastructure (II&I) segment and asked for specifics on which products or regions underperformed and the outlook for next year.

    Answer

    James Fitterling, Chair and CEO, attributed the weakness to several factors: price pressure on PO Polyols, lower MDI volumes from a third-party supplier outage, and higher propylene costs due to the Texas-8 cracker outage. He identified polyurethanes in North America as the biggest drag in the quarter and noted the MDI issue was a one-time event that will correct itself.

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    Aleksey Yefremov's questions to ALTM leadership

    Aleksey Yefremov's questions to ALTM leadership • Q2 2024

    Question

    Inquired about the financing sources for the capital program for the rest of 2024 and 2025, and asked for clarification on how realized prices would behave next year if market indices remain unchanged.

    Answer

    The capital program will be self-funded through operating cash flow, supplemented by their untapped credit facility (revolver) if needed. If market prices remain flat next year, Arcadium's average realized price would be lower than this year due to a smaller proportion of total volume being under contract, but it would still remain well above the market price.

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