Core Viewpoint - Celanese is planning to reduce inventory and strictly control costs in response to increasing uncertainty in the second half of 2025, with potential reductions in operating rates if demand remains insufficient [1][2] Group 1: Market Conditions - The main end markets for Celanese, including construction, automotive, and consumer goods, are still in a sluggish state, with any improvements in specific segments during the first half of the year potentially being a false recovery [1] - There is uncertainty regarding whether slight improvements in certain segments are due to genuine demand growth or temporary restocking by customers in anticipation of potential turbulence in the latter half of the year [1] Group 2: Financial Performance - In the first quarter, Celanese reported a year-over-year decline in sales, although net losses also decreased [1] - The company expects to generate $700 million to $800 million in free cash flow in 2025, driven by cost-cutting measures totaling approximately $60 million in the second half of the year [2] Group 3: Business Segments - Orders for engineering materials improved in March and April, but acetyl chain business performance was mixed, with limited seasonal improvements in key segments like coatings [2] - The nylon business has significantly impacted the engineering materials department, leading to a $350 million profit decline since 2021, accounting for 75% of the department's profit drop [2] Group 4: Strategic Initiatives - The company is focused on cash generation and is considering multiple asset divestiture options beyond Micromax, which is part of its deleveraging efforts [3] - Capital expenditures have been reduced to maintenance levels, resulting in a significant improvement in free cash flow generation year-over-year [3]