Soda ash production capacity at Torrelavega site adjusted to market conditions Brussels, February 23, 2026 Effective in the third quarter of 2026, and pending the required consultation process, Solvay will adjust the soda ash production capacity of its Torrelavega plant in Spain to 420 kilotons (from 600 kt previously) to strengthen the competitiveness of its global assets. Sodium bicarbonate operations remain unaffected. This adjustment is a direct response to challenging market conditions, which are chara ...

Core Insights - State Bank of India (SBI) aims to increase the share of green advances in its loan portfolio to 7.5–10 percent by 2030 as part of its commitment to sustainable financing and low-carbon growth [6] - SBI's green advances portfolio was reported at 1.56 percent of total advances as of March 31, 2025, with 25 percent of these green advances to be funded through dedicated green lines of credit [4][6] - The bank launched CHAKRA, a Centre of Excellence focused on financing sectors like renewable energy, electric mobility, and green hydrogen, to accelerate investments aligned with India's green transition [4][6] Sustainability Initiatives - SBI hosted the sixth edition of the SBI Green Marathon, themed "Run For A Greener India," which saw participation from over 10,000 runners across various distances in Mumbai [4][5] - The Green Marathon initiative, launched in 2018, has evolved into a nationwide effort aligned with India's Mission LiFE, promoting environmentally responsible behavior among citizens [5][6] - SBI's Managing Director emphasized the importance of sustainability and collective climate action, with a commitment to achieving carbon neutrality in operations by 2030 and Net Zero emissions by 2055 [5][6]

Core Viewpoint - Asahi Kasei, Mitsui Chemicals, and Mitsubishi Chemical are collaborating to decarbonise and optimise ethylene production in western Japan, supported by the Ministry of Economy, Trade and Industry's HtA Support Programme [1][5]. Group 1: Collaboration and Transition - The companies will establish a joint operating entity to manage ethylene production, leading to the closure of the AMEC facility at the Mizushima Plant by fiscal year 2030 [2]. - Operations will be consolidated at the Osaka Petrochemical Industries facility in Takaishi, Osaka [2]. - Equipment modifications will be made at OPC's Senboku Factory and other sites, with plans to dismantle AMEC's equipment and explore uses for the vacated site aligned with carbon neutrality [3]. Group 2: Investment and Technology - An investment of Y21.2 billion ($139 million) is allocated for the transition, including a subsidy application of up to Y10.4 billion [4]. - The investment will focus on transitioning ethylene production facilities and establishing an initial production facility using Asahi Kasei's Revolefin technology [4][6]. Group 3: Industry Impact - Ethylene production is crucial for the petrochemical industry, serving as a foundation for various products [5]. - The cooperative strategy aims to reduce greenhouse gas emissions by sharing technology and implementing carbon-neutral measures [5][7]. - The HtA Support Programme is expected to facilitate a transition towards competitive decarbonised basic chemicals, supporting market expansion and sustainable business models [7].

Core Viewpoint - The company emphasizes a multi-technology approach to achieve energy security and reduce fossil fuel dependence in India, highlighting the importance of various technologies including battery electric vehicles, hybrids, and alternative fuels like ethanol and hydrogen [1][10]. Group 1: Multi-Technology Approach - The automaker believes that a combination of technologies is essential due to India's geographical diversity and consumer acceptance challenges [1][10]. - Key initiatives from the government, such as the ethanol program and hydrogen mission, are aimed at increasing fossil fuel substitution and enhancing energy security [10]. - Multiple technologies, including compressed biogas (CBG) and hydrogen, are critical for addressing localized pollution issues [4][10]. Group 2: Hybrid Vehicles and Local Conditions - Hybrid vehicles are particularly suited for congested areas like Delhi, where their electric motors can effectively operate in slow-moving traffic [5][10]. - The company asserts that hybrids, alongside EVs, play a significant role in combating air pollution [6][10]. Group 3: Roadmap for Sustainable Mobility - The company is committed to developing a strong portfolio of green technologies, including a full range of EVs, strong hybrids, plug-in hybrids, and fuel cell vehicles [6][10]. - Expansion of charging infrastructure is identified as a key factor for enhancing EV adoption across the country [7][10]. - The goal is to transition away from petrol and diesel rapidly, aligning with global environmental challenges focused on carbon neutrality [7][10]. Group 4: Economic Viability and Manufacturing - The company emphasizes the need for a reduction in manufacturing costs to ensure the viability of the EV segment, moving away from reliance on subsidies [9][10]. - Viability is expected to be achieved through scale, which will be facilitated by introducing more electrified technology products [9][10].

Industry Overview - The Zacks Steel Producers industry is expected to benefit from rising steel prices, driven by a resilient non-residential construction market and recovering automotive demand [1][2] - The industry serves various end-use sectors, including automotive, construction, and energy, with steel being a critical component in manufacturing [3] Steel Price Trends - U.S. steel prices have increased due to tightened supply and higher demand, with benchmark hot-rolled coil (HRC) prices recovering to over $900 per short ton in late 2025 [4] - The recovery in steel prices is attributed to improved demand in construction and automotive sectors, alongside supply constraints from plant outages [4] Demand Dynamics - The automotive sector, a significant market for steel, is expected to rebound due to the rise of electric vehicles and government initiatives for carbon neutrality [5] - Non-residential construction demand remains strong, supported by infrastructure projects in the U.S. [5] - However, steel demand in China has softened due to economic slowdown and a decline in the real estate sector, which accounts for about 40% of China's steel consumption [6] Industry Performance - The Zacks Steel Producers industry has outperformed both the S&P 500 and the broader Zacks Basic Materials sector, gaining 48.2% over the past year compared to the S&P 500's 16.9% [9] - The industry currently holds a Zacks Industry Rank of 110, placing it in the top 45% of over 250 Zacks industries, indicating positive near-term prospects [7] Valuation Metrics - The industry is trading at a trailing 12-month EV/EBITDA ratio of 14.95X, which is below the S&P 500's 18.68X and the sector's 15.04X [12] Company Highlights - **Commercial Metals Company (CMC)**: Expected earnings growth of 125.2% for fiscal 2026, with a strong focus on expanding market presence and implementing price increases [15][16] - **ArcelorMittal (MT)**: Anticipates earnings growth of 45.1% for 2025, focusing on high-value products and maintaining a strong balance sheet [20][21] - **Steel Dynamics (STLD)**: Expected long-term earnings growth of 17.8%, benefiting from capacity expansions and strong customer order activity [24][26] - **Companhia Siderurgica Nacional (SID)**: Expected earnings growth rate of 138.9% for 2025, with upward revisions in earnings estimates due to strong demand in construction [28][29]

Core Viewpoint - McEwen Inc. and Canadian Gold Corp. have successfully completed a business combination, enhancing McEwen's position in the gold mining sector and providing Canadian Gold shareholders with McEwen shares as part of the arrangement [1][2]. Business Combination Details - The business combination was approved by Canadian Gold shareholders on December 5, 2025, and received final court approval on December 10, 2025 [1]. - The arrangement became effective on January 5, 2026, with Canadian Gold shareholders receiving 0.0225 McEwen shares for each Canadian Gold share held [2]. Delisting and Reporting Changes - Canadian Gold shares are set to be delisted from the TSX Venture Exchange after market close on January 7, 2026, and the company will apply to cease being a reporting issuer [3]. Management Statements - Rob McEwen, Chairman and Chief Owner, expressed optimism about the exploration and development potential of the Tartan project, aiming to enhance shareholder value [4]. - Immediate priorities include accelerating exploration, initiating mine plan engineering, and advancing production permitting [4]. Amending Agreement - An amending agreement was established to address NYSE requirements, affecting only Rob McEwen's shares, which will now be exchanged for subscription receipts instead of McEwen shares [5][6]. - If shareholder approval is not obtained for the subscription receipts, McEwen will provide cash as consideration [6]. Shareholder Information - Canadian Gold shareholders must deposit their share certificates to receive McEwen shares, with instructions provided in the information circular dated October 30, 2025 [9][10]. Company Overview - McEwen operates in gold and silver production across the Americas, with significant projects in Nevada, Ontario, and Argentina, and is reactivating its El Gallo mine in Mexico [12]. - The company holds a 46.4% interest in McEwen Copper, which is developing the Los Azules copper project, valued at approximately US$456 million [13]. - The Los Azules project aims to be a regenerative copper mine and achieve carbon neutrality by 2038 [14].

Core Insights - NaaS Technology Inc. has successfully completed a 21,000-ton carbon-inclusive credit transaction in collaboration with Kuaidian, marking a significant advancement in carbon-inclusion mechanisms within the EV charging sector [1][2] - The transaction is part of China's broader efforts to achieve its "Dual Carbon" goals, with the EV charging market playing a crucial role in reducing carbon emissions [3] Group 1: Company Achievements - The company utilized its self-developed carbon asset trading platform to provide comprehensive solutions for carbon asset management, including development, digital ledger management, certification, transaction matchmaking, and settlement [2] - NaaS has established a scalable model for the commercialization of carbon assets in the EV charging sector, promoting public participation in carbon neutrality initiatives [2][4] Group 2: Market Context - As of June 2025, China's new energy vehicle ownership exceeded 36 million, creating a robust foundation for carbon-inclusion in the charging sector [3] - The electric vehicle charging market in China is projected to generate carbon assets in the scale of hundreds of thousands of tons in the coming years, indicating significant growth potential [4] Group 3: Company Overview - NaaS Technology Inc. is the first U.S.-listed EV charging service company in China and is a subsidiary of Newlinks Technology Limited, focusing on energy digitalization [5] - The company aims to enhance the efficiency and profitability of charging stations through advanced technology that matches charging supply with demand [5]

Core Insights - PPL Corporation is making strategic investments in infrastructure development, focusing on transmission and distribution projects, and aims for carbon neutrality by 2050 with a projected long-term earnings growth rate of 7.34% [1] Tailwinds - PPL is enhancing its infrastructure through generation, transmission, and distribution projects, with its subsidiary PPL Electric leading in the integration of Dynamic Line Rating (DLR) technology for improved electricity supply reliability [2] - A systematic long-term capital investment plan of $20 billion is set for 2025-2028, with expected investments of $4.3 billion in 2025 and $5.2 billion in 2026, aimed at upgrading the grid and increasing clean energy generation capacity [3] - The company is incorporating new technology to meet rising demand from data centers and diversifying its generation portfolio with more renewable sources, benefiting from declining interest rates that will lower long-term capital project costs [4] Carbon Reduction Goals - PPL plans to implement new carbon capture technology to achieve a 70% reduction in carbon emissions by 2035 and 80% by 2040 from 2010 levels, ultimately targeting carbon neutrality by 2050 [5] Headwinds - As a holding company, PPL's financial performance is heavily reliant on its subsidiaries; underperformance in these subsidiaries could negatively impact income generation and dividend obligations [6] - The Pennsylvania Regulated segment faces competition for transmission projects, and any delays or cost overruns in long-term projects could adversely affect financial results [7] Price Performance - Over the past year, PPL shares have increased by 3.0%, underperforming the industry average growth of 19.0% [8] Industry Comparison - PPL currently holds a Zacks Rank 3 (Hold), while competitors like Dominion Energy, Entergy Corporation, and PG&E Corporation have better rankings with Zacks Rank 2 (Buy) [11] - The average earnings surprise for these competitors over the last four quarters has been 12.72%, 14.30%, and 0.47%, respectively [11]

Core Insights - The surge in attention around SMX (NASDAQ:SMX) reflects a convergence of recognition across multiple industries seeking the same solution [1][6] - SMX's technology addresses structural flaws in various sectors, including gold, rare earth minerals, ESG systems, and digital assets [6][7] Gold Market - For over a century, gold authenticity relied on documentation, but SMX demonstrated that gold bars can retain their identity at the molecular level through various processes [2] - This breakthrough eliminated a significant structural barrier in the gold industry [2] Rare Earth Minerals - Rare earth mineral supply chains identified SMX's technology as a solution to prove the origin of materials, which is crucial for industries like electric vehicles and aerospace [3] - SMX enables rare earths to maintain their identity from the mine to the final product [3] ESG Systems - SMX's technology allows for the validation of claims regarding recycled content and material recovery, shifting ESG reporting from estimates to evidence [4] - This has significant implications for sectors dealing with plastics, textiles, and chemicals [4] Digital Assets - SMX's platform enables real-world material performance to be expressed as a verified digital signal, enhancing trust in digital asset markets [5] - This integration completes the picture of how various industries can utilize SMX's technology [5] Market Reaction - The market is responding to a correction in understanding rather than speculation, as multiple industries converge around SMX's enabling technology [7][8] - The recognition of SMX's platform as a unifying infrastructure layer across different sectors is driving market adjustments [7][8] Company Overview - SMX offers marking, tracking, measuring, and digital platform technology to help businesses transition to a low-carbon economy amid new regulatory challenges [9]

Core Insights - Mitsubishi Electric Corporation is set to launch new high-voltage insulated-gate bipolar transistor (HVIGBT) modules in its XB Series on December 9, featuring standard-isolation (6.0kVrms) and high-isolation (10.2kVrms) options for enhanced efficiency in inverter systems used in railcars and large industrial equipment [1][2] Group 1: Product Features - The new modules utilize Mitsubishi Electric's proprietary relaxed field of cathode (RFC) diode and carrier-stored trench-gate bipolar transistor (CSTBT) structure, resulting in a 30% reduction in chip termination region size and approximately 20 times greater moisture resistance compared to existing products [2] - The modules also achieve a 5% reduction in total switching loss compared to previous models, with a reverse-recovery safe-operating area (RRSOA) tolerance that is 2.5 times greater than earlier versions [2] Group 2: Environmental Impact - By improving the efficiency and reliability of inverters in large industrial equipment, particularly in variable outdoor environments, the new modules are expected to contribute to carbon neutrality efforts [3] Group 3: Exhibition and Marketing - Mitsubishi Electric plans to showcase the new modules at the 40th Nepcon Japan R&D and Manufacturing show in Tokyo from January 21 to 23, 2026, along with other exhibitions across North America, Europe, China, India, and additional locations [1]