Group 1 - PureCycle announces a $2 billion global expansion plan to build multiple plants in Asia, Europe, and North America by 2030 to enhance polypropylene recycling capacity [1] - The company has achieved commercial production in Ohio, USA, with a first-quarter operating rate close to 90% and revenue of $1.4 million, marking a key breakthrough from laboratory to commercial application [1] - The new plants will be located in Rayong, Thailand, Antwerp, Belgium, and Georgia, USA, with annual capacities of 60,000 tons each for Thailand and Belgium, and 140,000 tons for Georgia, aiming for a total global capacity of 450,000 tons by 2030 [1] Group 2 - Despite challenges in the plastic recycling industry, such as the bankruptcy of Brightmark's Indiana facility and Braskem's exit from the Dutch recycling market, PureCycle is advancing its expansion based on long-term policy and market assessments [2] - Stricter recycling material content regulations in Europe expected to be implemented by 2030 will likely drive demand for recycled polymers [2] - The trend towards scaling chemical recycling is supported by Bain & Company, indicating that companies need to position themselves strategically within the value chain [2]

【DT新材料】 获悉，据路透社报道 ， 埃克森美孚公司 暂停 在欧洲的 1亿欧元（约8.4亿元）化学回收投资 ，原因是这家能源巨头表示欧洲对塑料的规定过 于严格，并且欧盟的官僚机构和审批十分繁琐。 目前埃克森美孚在荷兰鹿特丹和安特卫普现有的工厂有两个化学回收项目，每年处理 80,000 公吨 塑料垃圾。 据埃克森美孚高级副总裁 杰克·威廉姆斯所述， 欧盟的法规政策歧视使用现有石化工厂来实现塑料回收，更青睐使用独立技术和独立设施 。若依据当前的法 规和监管机制，对埃克森美孚的目前设施并不友好，因此公司决定暂停这两个化学回收项目。 此外，埃克森美孚还透露， 荷兰这两个化学回收项目是公司找到的为数不多具有竞争力的投资项目，并且 公司内部其实非常愿意继续投资，进口关税对公司 来说不是大问题，并且已在美国本土开展了类似的化学回收项目，但欧盟的现有政策已经完全跟不上不断变化的全球秩序 。 埃克森美孚位于美国德克萨斯州Baytown的化学回收设施 欧盟虽然制定了一系列的再生塑料目标，比如 到 2030 年塑料瓶中的再生成 分要达到 30%，但欧盟却又设置了一系列的法令限制企业，这位副总裁特别强 调，欧盟必须尽快废除 《企业 ...

Summary of Eastman Chemical Company FY Conference Call Company Overview - **Company**: Eastman Chemical Company (NYSE: EMN) - **Date of Conference**: September 10, 2025 Key Industry Insights - **Current Business Conditions**: Consumer and customer confidence remains challenged due to economic factors and trade environment, reflected in reduced visibility in order books, which currently stand at a couple of weeks compared to a typical six weeks [2][4] - **Order Patterns**: Customers are purchasing smaller quantities more frequently, indicating a cautious approach to inventory management [2][4] Segment Performance - **Automotive**: Performing better than expected in Q3, similar to the first half of the year [3] - **Durables Market**: Lagging behind expectations, with slower momentum observed [3] - **Building and Construction**: Stable but at low levels, indicating a lack of growth [3] - **Chemical Intermediates**: Margins are slightly below expectations, with cost actions being taken to offset demand reductions [3][4] Financial Outlook - **Q3 Expectations**: Anticipated to be lower than approximately $1.25 billion due to low visibility and demand [4] - **Q4 Projections**: Expected to be slightly below Q3, with primary demand typically lower in Q4 [5] - **Cash Flow Target**: Aiming for $1 billion in operating cash flow for the year, with actions being taken to achieve this goal [6][13] Strategic Actions - **Cost Management**: Implementing cost actions to offset inflation and reduced demand, targeting a net benefit of $75 million [6][15] - **Inventory Management**: Focused on normalizing inventory levels and improving asset utilization, with expectations to reduce Days Inventory Outstanding (DIO) from approximately 105 days to around 90 days [14] Market Dynamics - **Tariff Impacts**: Recent court rulings on tariffs have created heightened uncertainty, affecting customer order patterns [9][29] - **Chemical Intermediates**: North American exposure is significant, with expectations for margin improvement as tariffs are clarified and capacity is reduced in Europe and Asia [21][22] Growth Initiatives - **Methanolysis Plant**: On track to achieve incremental EBITDA of $75 million, with ongoing improvements in operations and cost management [24][25] - **Packaging Innovations**: Gaining momentum in the packaging sector, focusing on high-quality recycled materials to meet market demands [27][28] Fibers Segment - **Textiles Business**: Impacted by trade and tariffs, with expectations for stabilization and growth in 2026 as market conditions improve [35][36] - **Long-term Outlook**: Aiming to stabilize the Fibers business at an EBIT level of over $300 million in 2026 and beyond [37] Conclusion - Eastman Chemical Company is navigating a challenging economic landscape with strategic cost management and a focus on cash flow. The company is optimistic about future growth in specific segments, particularly in advanced materials and packaging, while addressing current market uncertainties and operational challenges.

Core Viewpoint - The uncertainty in EU regulations regarding bio-based naphtha and pyrolysis oil is suppressing demand in the petrochemical industry, hindering investments, and causing price differentiation based on end-use applications [2][6]. Regulatory Impact - The lack of clear and unified regulations from the EU is leading to decreased procurement interest in bio-based naphtha and pyrolysis oil from 2024 to 2025, complicating financing for new projects and infrastructure [2][3]. - The quality balance accounting rules significantly affect the potential profitability of bio-based naphtha and pyrolysis oil, with unclear regulations making investment returns unpredictable [2][4]. Legislative Developments - The EU Commission is required to assess the technological development and environmental performance of bio-based plastic packaging within three years of the PPWR regulation coming into effect, potentially setting usage targets for bio-based materials [3][4]. - The legal positioning of pyrolysis oil remains uncertain due to the Waste Framework Directive, which complicates its classification as a recyclable material [3][4]. Industry Dynamics - There are differing opinions on the recycling content targets, with the EU Council proposing phased targets for new vehicles, while the European Parliament suggests higher initial targets [4]. - The recognition of quality balance accounting is crucial for the chemical recycling sector to be included in recycling content thresholds, impacting the entire industry's profitability and competitiveness [4][5]. Market Outlook - The regulations will be key drivers for the future demand and investment in pyrolysis oil and bio-based naphtha, with earlier clarity from the EU potentially accelerating their scale development [6].