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    Charles Neivert • Piper Sandler

    Charles Neivert's questions to AdvanSix Inc (ASIX) leadership

    Charles Neivert's questions to AdvanSix Inc (ASIX) leadership • Q1 2025

    Question

    Charles Neivert of Piper Sandler Companies asked about the potential impact of tariffs on the nylon business, particularly regarding U.S. market share and product mix adjustments. He also questioned the volume outlook for ammonium sulfate given high acreage and an early season, and inquired about future capital expenditure plans and the potential for opportunistic acquisitions as spending moderates.

    Answer

    CEO Erin Kane responded to the questions. On nylon, she explained that the engineering plastics value chain involving Mexico is a key area to watch, and noted that Nylon 6 is currently excluded from retaliatory tariff lists, though this could change. She stated Q1 exports were consistent with historical averages. For ammonium sulfate, Kane confirmed a robust season with expectations for record volume for the fertilizer year, while noting an early season could slightly reduce late-June sales. Regarding capital allocation, she confirmed that moderating base CapEx after 2025 would create flexibility and that the environment for inorganic growth opportunities is 'heating up' and being evaluated.

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    Charles Neivert's questions to AdvanSix Inc (ASIX) leadership • Q4 2024

    Question

    Charles Neivert of Piper Sandler inquired about the maximum conversion target for granular ammonium sulfate, the impact of the phenol market on acetone production, the run-rate for 45Q carbon capture tax credits, and competitive pressures from Chinese ammonium sulfate production.

    Answer

    CEO Erin Kane clarified that the granular ammonium sulfate conversion target is 75% to match North American demand, not 100%. She also confirmed that lower industry phenol operating rates create a favorable, snug acetone market. On the 45Q credits, CFO Siddharth Manjeshwar estimated a potential $5-6 million annual run-rate that escalates with inflation, while Kane noted the claim process is sequential by year. Regarding competition, Kane stated that Chinese ammonium sulfate output is primarily directed at Brazil, not impacting the U.S. market due to existing anti-dumping duties.

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    Charles Neivert's questions to AdvanSix Inc (ASIX) leadership • Q3 2024

    Question

    Charles Neivert asked if the sold-out Ammonium Sulfate order book implies high Caprolactam production rates, questioned if acetone margins over propylene are improving, and inquired about the impact of Chinese ammonium sulfate exports in Latin American markets.

    Answer

    President and CEO Erin Kane confirmed the company targets full production rates for Caprolactam to maximize asset leverage and meet demand. On acetone, she noted that while spreads have moderated from peaks, the overall supply-demand environment remains constructive due to low global phenol operating rates. Regarding competition, she acknowledged high Chinese export levels to Brazil but stated AdvanSix's focus on other Central and South American countries with strong customer relationships mitigates the impact.

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    Charles Neivert's questions to Ecolab Inc (ECL) leadership

    Charles Neivert's questions to Ecolab Inc (ECL) leadership • Q3 2024

    Question

    Charles Neivert asked if lower energy prices could hinder Ecolab's ability to raise prices by reducing the value of energy savings, and also asked for specifics on what is hindering growth in Europe.

    Answer

    CEO Christophe Beck addressed the pricing question by pointing to the last 18 months, where Ecolab successfully implemented value pricing despite raw material tailwinds. He argued that their pricing is based on 'Total Value Delivered' (TVD), which is much broader than just energy savings. He believes a more challenging cost environment actually makes the value discussion easier. He did not provide specific details on European headwinds.

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    Charles Neivert's questions to Methanex Corp (MEOH) leadership

    Charles Neivert's questions to Methanex Corp (MEOH) leadership • Q2 2024

    Question

    Charles Neivert of Piper Sandler asked about the specific methanol price point at which methanol-to-olefins (MTO) plants become uneconomical, effectively acting as the market's balancing mechanism.

    Answer

    President and CEO Rich Sumner explained that while the direct affordability for MTO is near the cost curve of $280/tonne, integrated operations can withstand higher prices. He estimated that methanol prices moving into the $320-$350/tonne range begin to put significant pressure on MTO producers, with the current affordability range sitting between $280 and $320.

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