April 28, 2021

Dow MDI Increase

April 26, 2021

MDI PRICE INCREASE

Effective May 10, 2021, or as contracts allow, The Dow Chemical Company, on behalf
of itself and its applicable consolidated subsidiaries (“Dow”), will increase off-list prices
by the amounts listed below on all grades and package types of the following MDI
products in North America:

ISONATE US $0.15 / lb.
ISOBIND US $0.15 / lb.
PAPI US $0.15 / lb.

This price increase is cumulative to previous price increase announcements.
Thank you for your continued business with Dow. Please contact your Account
Manager if you have any questions related to this communication.

April 28, 2021

Olin Q1 Results

Olin Announces First Quarter 2021 Results

Apr. 27, 2021 6:53 PM ETPR NewswireOlin Corporation (OLN)

Q1: 2021-04-27 Earnings Summary

EPS of $1.54 beats by $0.21 | Revenue of $1.92B (34.64% Y/Y) misses by $12.25M

CLAYTON, Mo., April 27, 2021  /PRNewswire/ —

First Quarter 2021 Highlights

• Net income of $243.6 million
• Record quarterly adjusted EBITDA of $540.4 million
• ECU Profit Contribution Index improved by 39% compared to fourth quarter

Olin Corporation (OLN) announced financial results for the first quarter ended March 31, 2021.

First quarter 2021 reported net income was $243.6 million, or $1.51 per diluted share, which compares to first quarter 2020 reported net loss of $80.0 million, or $0.51 per diluted share.  First quarter 2021 adjusted EBITDA of $540.4 million excludes depreciation and amortization expense of $145.2 million and restructuring charges and other non-recurring items of $4.7 million.  The first quarter 2021 adjusted EBITDA included a gain of $99.9 million associated with Winter Storm Uri due to Olin’s customary financial hedges and contracts maintained to provide protection from rapid and dramatic changes in energy costs, partially offset by unabsorbed fixed manufacturing costs and storm-related maintenance costs.  First quarter 2020 adjusted EBITDA was $122.8 million.  Sales in the first quarter 2021 were $1,918.8 million compared to $1,425.1 million in the first quarter 2020.

Scott Sutton, Chairman, President and Chief Executive Officer, said, “Our team’s performance in the first quarter demonstrates the success of our unique winning model, that prioritizes ‘value first,’ and highlights the value still to be unlocked across our Chemicals and Winchester businesses.  As predicted, we increased the Electrochemical Unit Profit Contribution Index (ECU PCI) in the face of softening caustic soda values.  Olin drove sequential pricing improvement in the first quarter 2021 for chlorine and almost all chlorine derivatives, including epoxy resins.  Our Winchester business also continued to deliver record quarterly segment results.  Continuing to build on these successes, Olin now expects to deliver adjusted EBITDA of $1.8 billion to $2.1 billion for 2021.

“As we look forward to second quarter 2021 in our Chemicals businesses, we expect our winning model to push the ECU PCI higher, with Olin’s recent price increase announcements for chlorine, epichlorohydrin, epoxy resins, bleach, ethylene dichloride, chlorinated organics, and caustic soda forecast to positively contribute.  We expect some volume offsets as Olin continues to selectively sell less into poor quality markets, as we remain disciplined in our approach to caustic soda.  We expect sequentially higher maintenance costs and unabsorbed fixed manufacturing costs of approximately $40 million associated with planned Epoxy maintenance turnarounds in second quarter 2021.  With our recently announced price increases for ammunition and primers, we expect Winchester second quarter segment results to increase sequentially.  Overall, we expect second quarter 2021 adjusted EBITDA to improve sequentially from first quarter 2021 levels excluding the net one-time financial benefits from Winter Storm Uri.”

SEGMENT REPORTING

EPOXY

Epoxy sales for the first quarter 2021 were $662.6 million compared to $477.2 million in the first quarter 2020.  The increase in Epoxy sales was primarily due to pricing.  The first quarter 2021 segment earnings were $65.2 million compared to $11.7 million in the first quarter 2020.  The first quarter 2021 segment earnings included a penalty of $21.5 million associated with Winter Storm Uri due to unabsorbed fixed manufacturing costs and storm-related maintenance costs.  Excluding the effects of Winter Storm Uri, the $75.0 million increase in Epoxy segment earnings was due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs.  Epoxy first quarter 2021 results included depreciation and amortization expense of $22.1 million compared to $21.5 million in the first quarter 2020.

https://seekingalpha.com/pr/18290460-olin-announces-first-quarter-2021-results

April 28, 2021

Olin Q1 Results

Olin Announces First Quarter 2021 Results

Apr. 27, 2021 6:53 PM ETPR NewswireOlin Corporation (OLN)

Q1: 2021-04-27 Earnings Summary

EPS of $1.54 beats by $0.21 | Revenue of $1.92B (34.64% Y/Y) misses by $12.25M

CLAYTON, Mo., April 27, 2021  /PRNewswire/ —

First Quarter 2021 Highlights

• Net income of $243.6 million
• Record quarterly adjusted EBITDA of $540.4 million
• ECU Profit Contribution Index improved by 39% compared to fourth quarter

Olin Corporation (OLN) announced financial results for the first quarter ended March 31, 2021.

First quarter 2021 reported net income was $243.6 million, or $1.51 per diluted share, which compares to first quarter 2020 reported net loss of $80.0 million, or $0.51 per diluted share.  First quarter 2021 adjusted EBITDA of $540.4 million excludes depreciation and amortization expense of $145.2 million and restructuring charges and other non-recurring items of $4.7 million.  The first quarter 2021 adjusted EBITDA included a gain of $99.9 million associated with Winter Storm Uri due to Olin’s customary financial hedges and contracts maintained to provide protection from rapid and dramatic changes in energy costs, partially offset by unabsorbed fixed manufacturing costs and storm-related maintenance costs.  First quarter 2020 adjusted EBITDA was $122.8 million.  Sales in the first quarter 2021 were $1,918.8 million compared to $1,425.1 million in the first quarter 2020.

Scott Sutton, Chairman, President and Chief Executive Officer, said, “Our team’s performance in the first quarter demonstrates the success of our unique winning model, that prioritizes ‘value first,’ and highlights the value still to be unlocked across our Chemicals and Winchester businesses.  As predicted, we increased the Electrochemical Unit Profit Contribution Index (ECU PCI) in the face of softening caustic soda values.  Olin drove sequential pricing improvement in the first quarter 2021 for chlorine and almost all chlorine derivatives, including epoxy resins.  Our Winchester business also continued to deliver record quarterly segment results.  Continuing to build on these successes, Olin now expects to deliver adjusted EBITDA of $1.8 billion to $2.1 billion for 2021.

“As we look forward to second quarter 2021 in our Chemicals businesses, we expect our winning model to push the ECU PCI higher, with Olin’s recent price increase announcements for chlorine, epichlorohydrin, epoxy resins, bleach, ethylene dichloride, chlorinated organics, and caustic soda forecast to positively contribute.  We expect some volume offsets as Olin continues to selectively sell less into poor quality markets, as we remain disciplined in our approach to caustic soda.  We expect sequentially higher maintenance costs and unabsorbed fixed manufacturing costs of approximately $40 million associated with planned Epoxy maintenance turnarounds in second quarter 2021.  With our recently announced price increases for ammunition and primers, we expect Winchester second quarter segment results to increase sequentially.  Overall, we expect second quarter 2021 adjusted EBITDA to improve sequentially from first quarter 2021 levels excluding the net one-time financial benefits from Winter Storm Uri.”

SEGMENT REPORTING

EPOXY

Epoxy sales for the first quarter 2021 were $662.6 million compared to $477.2 million in the first quarter 2020.  The increase in Epoxy sales was primarily due to pricing.  The first quarter 2021 segment earnings were $65.2 million compared to $11.7 million in the first quarter 2020.  The first quarter 2021 segment earnings included a penalty of $21.5 million associated with Winter Storm Uri due to unabsorbed fixed manufacturing costs and storm-related maintenance costs.  Excluding the effects of Winter Storm Uri, the $75.0 million increase in Epoxy segment earnings was due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs.  Epoxy first quarter 2021 results included depreciation and amortization expense of $22.1 million compared to $21.5 million in the first quarter 2020.

https://seekingalpha.com/pr/18290460-olin-announces-first-quarter-2021-results

April 28, 2021

Epoxy Highlights from Olin Press Release

EPOXY

Epoxy sales for the first quarter 2021 were $662.6 million compared to $477.2 million in the first quarter 2020. The increase in Epoxy sales was primarily due to pricing. The first quarter 2021 segment earnings were $65.2 million compared to $11.7 million in the first quarter 2020. The first quarter 2021 segment earnings included a penalty of $21.5 million associated with Winter Storm Uri due to unabsorbed fixed manufacturing costs and storm-related maintenance costs. Excluding the effects of Winter Storm Uri, the $75.0 million increase in Epoxy segment earnings was due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs. Epoxy first quarter 2021 results included depreciation and amortization expense of $22.1 million compared to $21.5 million in the first quarter 2020.

http://www.profitquotes.com/cgi/?a=news&story=202104202104271853PR_NEWS_USPR_____NY55244&ticker=a&w=

April 28, 2021

Epoxy Highlights from Olin Press Release

EPOXY

Epoxy sales for the first quarter 2021 were $662.6 million compared to $477.2 million in the first quarter 2020. The increase in Epoxy sales was primarily due to pricing. The first quarter 2021 segment earnings were $65.2 million compared to $11.7 million in the first quarter 2020. The first quarter 2021 segment earnings included a penalty of $21.5 million associated with Winter Storm Uri due to unabsorbed fixed manufacturing costs and storm-related maintenance costs. Excluding the effects of Winter Storm Uri, the $75.0 million increase in Epoxy segment earnings was due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs. Epoxy first quarter 2021 results included depreciation and amortization expense of $22.1 million compared to $21.5 million in the first quarter 2020.

http://www.profitquotes.com/cgi/?a=news&story=202104202104271853PR_NEWS_USPR_____NY55244&ticker=a&w=