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    Hassan Ahmed

    Senior Analyst at Alembic Global Advisors

    Hassan Ahmed is a Senior Analyst at Alembic Global Advisors specializing in the Basic Materials sector, where he covers a broad portfolio of companies including Westlake Chemical (WLK) and others in chemicals and industrials. He has issued recommendations on 26 different stocks, achieving a 45% success rate with an average return of 2.60% per rated transaction, reflecting a methodical approach within a cyclical sector. Ahmed began his tenure at Alembic Global in the early 2010s, building on prior experience in the chemical analysis field, and has maintained his focus on equity research with a strong analytical background. He holds relevant securities credentials in line with industry standards, underscoring his standing as a trusted professional in equity research.

    Hassan Ahmed's questions to Celanese (CE) leadership

    Hassan Ahmed's questions to Celanese (CE) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked if best practices from the Acetyls business model could be applied to Engineered Materials to improve stability. He also inquired about the progress of the planned $1 billion divestiture program amid macro uncertainty.

    Answer

    CEO & President Scott A. Richardson confirmed that elements of the Acetyls model are being applied to EM, particularly in standard grade materials, by optimizing make-vs-buy decisions. Regarding divestitures, he reported that the MicroMax process is proceeding well, with second-round bids expected within a month, and expressed increased confidence in other divestiture projects.

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    Hassan Ahmed's questions to Celanese (CE) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked how best practices from the Acetyls business model could be applied to Engineered Materials, especially with potential reshoring. He also inquired about the status of the company's $1 billion divestiture program.

    Answer

    CEO & President Scott A. Richardson explained that elements of the Acetyls model, like make-versus-buy decisions and optimizing production in low-cost assets, are already being applied to standard grades in EM, such as nylon. Regarding divestitures, he reported that the MicroMax process is progressing well, with second-round bids expected in the next month. He also expressed increased confidence in the non-MicroMax divestiture projects compared to a quarter ago, despite their complexity.

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    Hassan Ahmed's questions to Celanese (CE) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked how best practices from the acetyls business model could be applied to the Engineered Materials segment. He also requested an update on the $1 billion divestiture plan amid a weakening macro environment.

    Answer

    CEO Scott A. Richardson explained that elements of the acetyls model, like make-versus-buy analysis and production optimization, are being applied to standard grade EM products like nylon and polyester. On divestitures, he reported that the MicroMax sale process is progressing well, with second-round bids expected within a month. He also expressed increased confidence in completing other non-MicroMax deals.

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    Hassan Ahmed's questions to Celanese (CE) leadership • Q1 2025

    Question

    Hassan Ahmed sought to confirm if a $2/share EPS run rate implies over $1 billion in annual free cash flow, which, combined with divestitures, would significantly aid debt paydown. He also asked if the revised earnings power for the EM business is now higher than originally anticipated.

    Answer

    CEO Scott Richardson agreed that the company's cash generation capability is not fully recognized and that over $1 billion in free cash flow at those earnings levels is 'in the right range.' On EM's earnings power, he pivoted away from long-term forecasts, stating they are focused on improving current performance. He drew a parallel between the current nylon market and the acetyls market during the 2008-2009 crisis, expressing confidence in their playbook to drive improvement.

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    Hassan Ahmed's questions to Celanese (CE) leadership • Q4 2024

    Question

    Hassan Ahmed asked if the Q2 EPS guidance of $1.25 to $1.50 should be considered the run rate for the second half if the macro environment doesn't change, and questioned if the company's earnings leverage to a recovery is the same as in prior years.

    Answer

    CEO Scott Richardson stated the company is working to drive the run rate much higher than the Q2 guidance, citing actions like complexity reduction, optimizing the acetyls model, and reversing margin compression. Regarding earnings leverage, he noted the company is aligning its efficient manufacturing footprint with geographic demand shifts, particularly the growth in Asia, to ensure it can enjoy the operating leverage it has historically had.

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    Hassan Ahmed's questions to Celanese (CE) leadership • Q3 2024

    Question

    Hassan Ahmed of Alembic Global Advisors asked how Celanese is adapting its forecasting to volatile customer buying patterns and questioned the basis for confidence in the sustainability of Acetyl Chain margins.

    Answer

    COO Scott Richardson explained the company is leveraging its newly integrated systems to remain flexible and adapt to rapid market shifts. CEO Lori Ryerkerk and Richardson attributed sustainable Acetyl Chain margins to their advantaged global cost position, proprietary technology, and network flexibility.

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    Hassan Ahmed's questions to PureCycle Technologies (PCT) leadership

    Hassan Ahmed's questions to PureCycle Technologies (PCT) leadership • Q2 2025

    Question

    Hassan Ahmed inquired about PureCycle's strategy for allocating production and leveraging pricing power given the high demand, and asked for details on the new in-house compounding project.

    Answer

    CEO Dustin Olson described PureCycle's product as a specialty, not a commodity, allowing for strategic customer and segment selection to maximize margins. He highlighted the new in-house compounding project as critical for meeting specific customer needs and winning large contracts. Olson stated the compounding facility is expected to be operational by the end of the year and is likely to be a model for future plants, as it provides a significant competitive advantage by delivering a reliable, drop-in ready product.

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    Hassan Ahmed's questions to PureCycle Technologies (PCT) leadership • Q1 2025

    Question

    Hassan Ahmed inquired about the accelerating momentum of customer trials moving from pilot to industrial stages and sought to clarify the commercial significance of the partnership with Brückner in the BOPP film market.

    Answer

    CEO Dustin Olson confirmed the positive momentum in trials, noting that the growing customer funnel is building a foundation for all future growth projects. He clarified that Brückner is a premier equipment supplier, not an end customer, and their successful trial validates PureCycle's product for the entire BOPP film market, which is a 'game changer' that will open doors to numerous brand owners.

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    Hassan Ahmed's questions to PureCycle Technologies (PCT) leadership • Q4 2024

    Question

    Hassan Ahmed asked for an update on unit economics, including sales price, feedstock costs, and potential EBITDA margins, given recent milestones. He also inquired about future growth projects and their timelines.

    Answer

    Executive Dustin Olson reaffirmed confidence in the previously stated aggregate sales price of around $1.36 per pound and favorable variable costs. He noted that while feedstock prices fluctuate, the company's vertical integration and technology flexibility provide a cost advantage. Olson also reiterated the breakeven operating ranges for Ironton (40-50%) and the overall company (80-90%). Regarding growth, he highlighted the readiness of sites in Augusta and Antwerp, the benefit of pre-purchased long-lead equipment, and the critical learnings from Ironton that will enhance future project designs and capital efficiency.

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    Hassan Ahmed's questions to PureCycle Technologies (PCT) leadership • Q3 2024

    Question

    Hassan Ahmed inquired about near-term production milestone consistency into Q4, the potential timeline for achieving meaningful revenue and EBITDA, and the level of interest in new joint ventures following the SK Geo Centric partnership termination.

    Answer

    CEO Dustin Olson confirmed high confidence in reproducing production milestones and noted the current focus is on matching output to commercial demand. While declining to provide specific 2025 revenue projections, he expressed strong optimism for a significant commercial ramp in Q4 2024 and into 2025. Olson also stated that partner interest is growing with Ironton's success and characterized the SK relationship as 'delayed, not over.'

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    Hassan Ahmed's questions to Trinseo (TSE) leadership

    Hassan Ahmed's questions to Trinseo (TSE) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors sought a baseline 2026 EBITDA and free cash flow outlook in a continued weak demand scenario and asked about the impact of potential EU anti-dumping measures on ABS.

    Answer

    President & CEO Frank Bozich reiterated his belief in a macro-driven demand recovery. EVP & CFO David Stasse highlighted that 2026 free cash flow will benefit from lower restructuring costs and reduced interest expense from potential rate cuts. Regarding ABS, Bozich is encouraged by EU anti-dumping dialogue and potential Chinese capacity rationalization, noting that tariffs on Chinese goods, including those transshipped via Mexico, would ultimately benefit Trinseo's local production.

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    Hassan Ahmed's questions to Trinseo (TSE) leadership • Q1 2025

    Question

    Hassan Ahmed of Alembic Global Advisors inquired about the sustainability of strong consumer electronics volume growth, the company's confidence in its Q2 free cash flow guidance, and the impact of industry-wide styrene shutdowns.

    Answer

    CEO Frank Bozich stated that strong consumer electronics demand has continued into Q2 and is not seen as pre-buying ahead of tariffs, but rather as success in winning new applications with recycled materials. He also noted that styrene plant closures have not negatively impacted Trinseo's business. CFO David Stasse expressed confidence in achieving breakeven free cash flow for Q2, citing working capital levers and the collection of a $21 million licensing fee in April.

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    Hassan Ahmed's questions to Trinseo (TSE) leadership • Q4 2024

    Question

    Hassan Ahmed sought perspective on the full-year 2025 outlook based on Q1 guidance and asked about normalized EBITDA margins for the rebounding Engineered Materials segment.

    Answer

    CEO Frank Bozich declined to provide a full-year guide but expressed confidence in positive earnings momentum, citing the Deepak license deal, SG&A savings, PC asset closure benefits, and an expected normalized contribution from AmSty. Regarding EM margins, Bozich stated defining 'normal' is difficult but pointed to positive momentum from a strong portfolio, growth in PMMA and consumer electronics, and high demand for circular solutions.

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    Hassan Ahmed's questions to Chemours (CC) leadership

    Hassan Ahmed's questions to Chemours (CC) leadership • Q2 2025

    Question

    Hassan Ahmed from Alembic Global Advisors expressed concern about the Titanium Technologies (TT) segment, asking if the strong sequential volume growth at the expense of price signaled a departure from the industry's 'value over volume' strategy. He also requested a long-term outlook for TiO2 supply and demand dynamics beyond 2026.

    Answer

    President & CEO Denise Dignam pushed back on the conclusion of dropping price, emphasizing the strategy is focused on commercial excellence and winning based on value proposition. For the long-term TiO2 outlook, she noted no major demand trigger this year but expects improvement next year. She highlighted the supply side as the key story, with significant capacity rationalization in China creating a more balanced market and improving trends for fair-trade zones.

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    Hassan Ahmed's questions to Chemours (CC) leadership • Q4 2024

    Question

    Hassan Ahmed requested a more granular view of the 2025 guidance for the Titanium Technologies (TT) segment, asking about the underlying assumptions for pricing, volumes, and any potential boost from anti-dumping measures. He also asked for Chemours' perspective on global TiO2 supply additions in 2025.

    Answer

    CEO Denise Dignam stated that the guidance does not bake in a significant macroeconomic change but reflects opportunities created by declining Chinese exports into the EU and Brazil. Regarding global supply, she indicated that Chemours anticipates net capacity additions for TiO2 in 2025 to be on the low side of industry forecasts.

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    Hassan Ahmed's questions to Chemours (CC) leadership • Q3 2024

    Question

    Hassan Ahmed inquired about the potential opportunity for the Titanium Technologies (TT) segment from global antidumping measures. He also sought clarification on the segment's Q3 volume performance and the rationale behind the Q4 guidance for a sequential decline, questioning the degree of seasonality after a prolonged destocking cycle.

    Answer

    CEO Denise Dignam acknowledged that antidumping actions are helpful but stressed that the company's core strategy is to control what it can by driving a low-cost position via its TT Transformation Plan. She attributed the solid Q3 volume performance to commercial and operational excellence. For Q4, she confirmed the expected decline is due to normal seasonality, especially in North America, but noted that there is potential for upside in 2025, particularly if interest rates fall.

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    Hassan Ahmed's questions to WESTLAKE (WLK) leadership

    Hassan Ahmed's questions to WESTLAKE (WLK) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked for Westlake's view on the North American chlor-alkali supply picture through the end of the decade, given some announced projects. He also inquired about any signs or discussions of capacity rationalization in China for products like ethylene, polyethylene, and chlorovinyls.

    Answer

    President & CEO Jean-Marc Gilson stated that Westlake sees stability in the chlor-alkali market going forward, with a potential demand uplift by the end of the decade. Regarding China, he acknowledged that while low prices should prompt restructuring, not much has been seen yet. CFO Steven Bender added that while China's NDRC has made announcements, any action will take time.

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    Hassan Ahmed's questions to WESTLAKE (WLK) leadership • Q1 2025

    Question

    Hassan Ahmed of Alembic Global Advisors inquired about global capacity rationalization trends in the PVC market and the current state of the global PVC cost curve. He also asked about the status of anti-dumping duties on epoxy and their potential to restore profitability to that business.

    Answer

    Jean-Marc Gilson, President and CEO, described the global PVC market as oversupplied, particularly in Asia, with ongoing rationalization in Europe due to high energy costs. On epoxy, he stated that while anti-dumping duties have been implemented, their impact on profitability has been muted, as some major producers were not affected, thus limiting a quick recovery.

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    Hassan Ahmed's questions to WESTLAKE (WLK) leadership • Q4 2024

    Question

    Hassan Ahmed pressed on how Westlake expects to achieve value recognition without separating its businesses and questioned the company's positive view on caustic soda pricing, which seems divergent from some negative consultant outlooks.

    Answer

    President and CEO Jean-Marc Gilson emphasized the continuous growth of the HIP business, which provides a stable, high-margin foundation, while the cyclical PEM business is positioned for a strong rebound. EVP and CFO Steve Bender addressed the chlor-alkali question by noting that major consultants' average price forecasts for 2025 are actually higher than 2024 levels, supporting Westlake's constructive view based on current market demand.

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    Hassan Ahmed's questions to LyondellBasell Industries (LYB) leadership

    Hassan Ahmed's questions to LyondellBasell Industries (LYB) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked if LyondellBasell would consider acquiring smaller recycling companies given lower valuations, and inquired about the company's general strategy for expansion in that area.

    Answer

    CEO Peter Vanacker responded by highlighting the significant investments already made over the past five years across the portfolio and noted the company has latent growth potential from running assets below full capacity. He concluded that while the company monitors the market, there is 'nothing concrete' to announce regarding M&A.

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    Hassan Ahmed's questions to LyondellBasell Industries (LYB) leadership • Q3 2023

    Question

    Hassan Ahmed of Alembic Global questioned how LyondellBasell will create value from its European asset review, given a potentially crowded market for asset sales and the high cost of shutdowns in the region.

    Answer

    CEO Peter Vanacker responded that most peer announcements have been for shutdowns, not sales, and that LYB's assets for review are 'good assets' with advantages like feedstock flexibility and favorable logistics. He suggested that there may be better strategic owners for these assets as LyondellBasell pivots its own investment focus to more advantaged regions like the Middle East. CFO Michael McMurray added that the process is ongoing.

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    Hassan Ahmed's questions to Huntsman (HUN) leadership

    Hassan Ahmed's questions to Huntsman (HUN) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked to quantify how far polyurethane volumes are below normal levels and sought more detail on the intense competitive environment in Europe.

    Answer

    Chairman, President & CEO Peter Huntsman estimated that volumes were about 5-8% below normal, primarily due to an 'incredibly anemic' housing and construction market. Regarding Europe, he sees no near-term resolution to the competitive pressure, noting that some producers appear to be prioritizing volume over value.

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    Hassan Ahmed's questions to Huntsman (HUN) leadership • Q1 2025

    Question

    Hassan Ahmed sought confirmation that the long-term outlook for U.S. MDI producers is highly favorable due to tariffs and anti-dumping actions against Chinese imports. He also theorized about potential Chinese polyurethane and PDH capacity rationalization due to tariffs on U.S. LPG imports.

    Answer

    CEO Peter Huntsman agreed that the combination of existing 301 tariffs, new 'Trump tariffs,' and a separate, long-term anti-dumping case would almost certainly have a positive impact on the North American MDI market. He detailed the different tariff buckets and their potential longevity. Regarding Chinese rationalization, Huntsman acknowledged it was an excellent and well-thought-through point, agreeing that significant changes in global supply chains are likely to play out over the next couple of quarters.

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    Hassan Ahmed's questions to Huntsman (HUN) leadership • Q4 2024

    Question

    Hassan Ahmed asked about the potential for volume recovery to 'normal' levels now that destocking is over and whether Huntsman's global footprint is an advantage in the current tariff environment.

    Answer

    CEO Peter Huntsman pointed to 2021 as a benchmark for a sold-out environment, noting the company is better positioned now with its Geismar splitter. He affirmed that the company's strategy of producing locally, with over 90% of products sold within their region of manufacture, is a significant advantage.

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    Hassan Ahmed's questions to Huntsman (HUN) leadership • Q3 2024

    Question

    Hassan Ahmed asked about the risk of industry fragmentation if state-owned players like ADNOC acquire European assets. He also inquired about the potential for an inventory restocking cycle, given changes in corporate appetite for holding inventory.

    Answer

    Chairman, CEO and President Peter Huntsman suggested the ADNOC-Covestro deal doesn't fundamentally change industry dynamics unless a company is splintered. Regarding inventories, he explained that they are currently low due to high capital costs and anemic demand. He does not foresee a widespread restock until genuine demand returns, at which point a price spike is likely due to the chemical industry's slower supply response.

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    Hassan Ahmed's questions to Tronox Holdings (TROX) leadership

    Hassan Ahmed's questions to Tronox Holdings (TROX) leadership • Q2 2025

    Question

    Hassan Ahmed from Alembic Global Advisors questioned the rationale for the dividend cut, asking if a variable policy was considered, and inquired about progress in accelerating the rare earth elements business via partnerships.

    Answer

    CEO John Romano and CFO John Srivisal stated the dividend was reduced to align with the macro environment and enhance financial flexibility, adding it will be re-evaluated as the market recovers. On rare earths, Romano confirmed active discussions with governments and partners in the U.S., Saudi Arabia, Brazil, and Australia to accelerate opportunities.

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    Hassan Ahmed's questions to Tronox Holdings (TROX) leadership • Q1 2025

    Question

    Hassan Ahmed asked for the rationale behind expecting pricing momentum in the seasonally weaker second half of the year and sought an update on the anti-dumping opportunity and on-the-ground customer interactions.

    Answer

    CEO John Romano explained that pricing gains are being driven by supply shifts from anti-dumping duties, not just seasonal demand. He confirmed they are already achieving price increases in Europe in Q2. He also noted that they are actively regaining share in Europe and are in discussions with customers in India ahead of the expected duties, positioning themselves to capture volume.

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    Hassan Ahmed's questions to Tronox Holdings (TROX) leadership • Q4 2024

    Question

    Hassan Ahmed questioned the seemingly conservative 2025 guidance, asking if it was based only on volume growth, and requested an update on the potential 600,000-ton market share gain from antidumping duties.

    Answer

    CEO John Romano clarified the guidance includes assumptions for both volume growth and price improvement in the second half of the year, but is also impacted by $50-$60 million in temporary mining costs. On antidumping, he confirmed they are seeing benefits in Europe and Brazil and noted that newly recommended duties in India, a major market, are factored into their volume growth expectations and should provide a significant tailwind.

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    Hassan Ahmed's questions to Tronox Holdings (TROX) leadership • Q3 2024

    Question

    Hassan Ahmed questioned the guidance for a steep Q4 demand decline given lean customer inventories, asking if it signaled a new industry paradigm. He also asked how much of the 650,000 tons of tariff-impacted volume Tronox could capture.

    Answer

    CEO John Romano attributed the Q4 slowdown to broader economic uncertainty and customers managing year-end balance sheets, not a fundamental paradigm shift in inventory strategy. Regarding tariffs, he used the U.S. as an example, where strong duties have reduced Chinese imports to just 24,000 tons in a million-ton market, suggesting a significant potential capture for Tronox in regions like Brazil where new duties are substantial.

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    Hassan Ahmed's questions to OLIN (OLN) leadership

    Hassan Ahmed's questions to OLIN (OLN) leadership • Q2 2025

    Question

    Hassan Ahmed of Alembic Global Advisors asked for a reconciliation of the Q3 EBITDA guidance range of $170-210 million, noting that positive sequential drivers seemed to suggest a result at the higher end compared to Q2's $176 million.

    Answer

    President and CEO Ken Lane explained that the wide guidance range reflects significant market uncertainty. While lower turnaround costs are a tailwind, this is offset by headwinds such as higher raw material costs in the Winchester segment and EDC pricing stabilizing at a new, lower level. He emphasized that while the company aims for the high end, the primary focus remains on maximizing cash generation in a challenging market.

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    Hassan Ahmed's questions to OLIN (OLN) leadership • Q1 2025

    Question

    Hassan Ahmed of Alembic Global Advisors questioned Olin's Chlor Alkali operating rates during Q1, seeking to understand how high they went as the company took advantage of unplanned industry outages.

    Answer

    President and CEO Kenneth Lane confirmed that operating rates were elevated in Q1 versus expectations due to the deferral of a planned turnaround to meet spot demand. However, he emphasized this was opportunistic and that rates have since returned to lower levels as the turnaround moved into Q2, reflecting Olin's disciplined approach of aligning production with demand at desired value levels.

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    Hassan Ahmed's questions to OLIN (OLN) leadership • Q4 2024

    Question

    Hassan Ahmed questioned the near- and medium-term supply outlook for chlor-alkali, citing potential capacity creep from adjacent industries.

    Answer

    CEO Kenneth Lane stated that Olin's view is that the market will remain relatively balanced, as capacity closures are occurring sooner than new additions. He emphasized that current market economics are far from justifying new investments, and even if all announced projects materialize, the net impact on supply should be neutral.

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    Hassan Ahmed's questions to OLIN (OLN) leadership • Q3 2024

    Question

    Hassan Ahmed from Alembic Global Advisors questioned the Q4 EBITDA guidance, asking why the sequential improvement isn't greater given the reduced hurricane impact. He also sought a qualitative preview for 2025.

    Answer

    President and CEO Kenneth Lane explained that the Q4 guidance reflects normal seasonality in a weak trough market for Chemicals, but more significantly, a weaker outlook for Winchester. The Winchester segment is experiencing continued retailer destocking and typical Q4 seasonality. For 2025, Lane anticipates continued market uncertainty similar to 2024 until interest rates are cut more aggressively, delaying a demand recovery in key markets like housing.

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    Hassan Ahmed's questions to DOW (DOW) leadership

    Hassan Ahmed's questions to DOW (DOW) leadership • Q2 2025

    Question

    Hassan Ahmed from Alembic Global Advisors posed two questions: first, on the philosophy of maintaining a fixed dividend in a cyclical industry instead of a variable one, and second, on the polyethylene supply-demand outlook, given concurrent capacity closures and new project announcements.

    Answer

    Chairman and CEO Jim Fitterling responded that a competitive, fixed dividend is a core part of Dow's 128-year investment thesis, valued by its investors. He stated the reduction creates a better balance of shareholder returns and capital flexibility. Regarding polyethylene, he noted that closures are in high-cost regions like Europe, while new capacity is still required to meet long-term global demand growth, with current dynamics reflecting an adjustment to trade shifts.

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    Hassan Ahmed's questions to DOW (DOW) leadership • Q1 2025

    Question

    Hassan Ahmed revisited the topic of China's reliance on U.S. feedstock imports (ethane, LPG), asking how Chinese producers might react if tariffs persist and if this could accelerate global capacity rationalization.

    Answer

    Chair and CEO James Fitterling agreed with the premise, noting that the affected Chinese assets are currently operating at negative cash margins, which he believes is a key reason for the ongoing tariff discussions. He stated that while this creates pressure for rationalization, the immediate and larger issue is that the tariff uncertainty is stifling overall global demand.

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    Hassan Ahmed's questions to DOW (DOW) leadership • Q4 2024

    Question

    Hassan Ahmed of Alembic Global Advisors asked for clarification on the Packaging & Specialty Plastics (P&SP) guidance, specifically the underlying assumptions for polyethylene and ethane pricing amid announced price hikes and rising costs.

    Answer

    COO Karen S. Carter explained that while Dow has announced $0.12 per pound in price increases for Q1, rising feedstock costs are currently outpacing the rate of price implementation, leading to a margin squeeze. She affirmed that margins have become unsustainable and Dow will be "resolute" in achieving its price increases. CEO James Fitterling added that feedstock cost spikes are typical for the season and are expected to moderate.

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    Hassan Ahmed's questions to DOW (DOW) leadership • Q3 2024

    Question

    Hassan Ahmed asked for insights into the strategic review of Dow's European polyurethane assets and the broader outlook for the polyurethane market cycle, considering destocking, supply dynamics, and recent industry transactions.

    Answer

    James Fitterling, Chair and CEO, stated that Dow is positioned for a recovery in construction and durables markets, which drive polyurethane demand. He clarified that the European asset review is a strategic portfolio shift to focus on low-cost assets and is not a reflection on the polyurethane business itself, which he described as good and diverse. He added that destocking has run its course, but a broader economic turn is needed to spur demand.

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    Hassan Ahmed's questions to METHANEX (MEOH) leadership

    Hassan Ahmed's questions to METHANEX (MEOH) leadership • Q1 2025

    Question

    Hassan Ahmed asked for an explanation of why methanol demand has remained resilient compared to other chemicals and inquired about the demand outlook amid macroeconomic volatility. He also asked about the company's strategy for managing U.S. natural gas price risk, especially with the increased exposure from the pending OCI acquisition.

    Answer

    Executive Rich Sumner attributed methanol's demand resilience to stable energy applications and, crucially, constrained global supply from regions like Iran and Russia, which has balanced the market despite slower traditional demand. For U.S. natural gas, he highlighted the company's active rolling hedge program and noted that they see opportunities to lock in favorable long-term costs for the new OCI assets.

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    Hassan Ahmed's questions to METHANEX (MEOH) leadership • Q4 2024

    Question

    Hassan Ahmed asked about the drivers behind the pricing delta between North American and Asian markets. He also inquired about the company's natural gas hedging strategy in light of price movements and the potential impact of U.S. tariffs on Canadian products.

    Answer

    President and CEO Rich Sumner attributed the Atlantic pricing premium to structural supply constraints in Europe and the Americas, compounded by Red Sea trade disruptions. He confirmed the company's gas hedging strategy remains around 70% covered. Regarding tariffs, he stated the direct business impact would be marginal due to supply chain flexibility, though they are monitoring potential retaliatory measures.

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    Hassan Ahmed's questions to METHANEX (MEOH) leadership • Q2 2024

    Question

    Hassan Ahmed of Alembic Global Advisors asked for details on the New Zealand gas contract structures, including potential restitution for non-delivery, and sought insights into the global methanol inventory situation and non-MTO demand in China.

    Answer

    President and CEO Rich Sumner explained that New Zealand gas contracts have restitution clauses if available gas is not delivered, and these discussions are ongoing. On demand, he described the market as structurally tight, with strong global demand growth outside of MTO and high operating rates in China limiting latent supply, keeping inventories tight.

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