Company News
October 29, 2021
US Steel Discusses Automotive Builds
Surprising Disclosure From US Steel Suggests Chip Shortage Is Finally Over
by Tyler DurdenFriday, Oct 29, 2021 – 02:54 PM
Earlier this week, Morgan Stanley showed that more than inflation, more than concerns about the historic labor crisis, definitely more than covid, one thing has preoccupied the minds of most management teams this quarter: “supply chain issues“, a topic which has seen an explosion of mentions on Q3 earnings calls.
But while by now everyone is aware that the global supply-chain shock is truly historic and getting worse by the day, with used car prices rising sharply again and over 30 million tons of cargo waiting outside US ports ahead of the holiday season, few have considered what realistically could normalize these frayed supply chains.
To address this topic, we discussed a research report from Goldman Sachs in which the bank’s economists listed what they viewed as the three key drivers of supply chain normalization and their most likely timing:
- improved chip supply driven by post-Delta factory restarts (4Q21) and eventually by expanded production capacity (2H22 and 2023);
- improved US labor supply (4Q21 and 1H22); and
- the wind-down of US port congestion (2H22).
While some viewed Goldman’s forecast for a Q4 improvement in chip supply chains – a critical factor for renormalizing auto production – as overly optimistic a little noticed comment in today’s US Steel conference call suggests that Goldman may have been spot on.
Earlier today, US Steel jumped as much as 15%, its biggest gain since March 8, after the company announced a stock buyback, a hike in dividends and third-quarter EPS that beat analyst expectations. But it’s what US Steel CEO David Burritt said toward the end of the prepared remarks in its conference call that was most surprising.
Discussing the demand picture heading into Q4 and the new year, Burritt said that he was “delighted to hear from multiple auto customers, who are foreshadowing that the trough of the chip shortage could be behind us. They’re beginning to add to the fourth quarter and first quarter build schedules, and indicating to us, increasing usage rates, starting as early as next week.“
No surprise that former JPMorgan news aggregation maven and current publisher of VitalKnowledge Media, Adam Crisafulli, called US Steel’s observation “the most important (macro) comment from any earnings call this morning.”
While it isn’t clear what specific macro economic shift may have catalyzed this improvement: after all, West Coast port logjams are about the worst they have ever been, if US Steel’s channel checks are accurate and automakers are indeed ramping up production, then one of the biggest supply chain bottlenecks may indeed now be behind us (even if there is still along way to go before the bigger picture renormalizes).
https://www.zerohedge.com/markets/surprising-disclosure-us-steel-suggests-chip-shortage-finally-over
October 29, 2021
Recticel Response Memorandum
Response Memorandum of the Board of Directors of Recticel SA/NV on the conditional voluntary public takeover offer in cash by Greiner AG
Recticel NV/SA, 29.10.2021
RECTICEL ADVISES SHAREHOLDERS NOT TO SELL THEIR SHARES UNDER THE GREINER OFFER
Recticel announces the publication of the Response Memorandum related to the unsolicited Offer by Greiner AG. The Response Memorandum was approved by the FSMA on 28 October 2021.
On 14 May 2021, Greiner announced its intentions to make an unsolicited Offer, without any prior engagement with the Board of Directors of Recticel. After careful consideration, the Board of Directors remains of the view that the Offer does not address the position and legitimate interests of all stakeholders and substantially undervalues the Company.
More information can be found in the Response Memorandum.
Download the Response Memorandum (PDF) Using the link below:
October 29, 2021
Recticel Response Memorandum
Response Memorandum of the Board of Directors of Recticel SA/NV on the conditional voluntary public takeover offer in cash by Greiner AG
Recticel NV/SA, 29.10.2021
RECTICEL ADVISES SHAREHOLDERS NOT TO SELL THEIR SHARES UNDER THE GREINER OFFER
Recticel announces the publication of the Response Memorandum related to the unsolicited Offer by Greiner AG. The Response Memorandum was approved by the FSMA on 28 October 2021.
On 14 May 2021, Greiner announced its intentions to make an unsolicited Offer, without any prior engagement with the Board of Directors of Recticel. After careful consideration, the Board of Directors remains of the view that the Offer does not address the position and legitimate interests of all stakeholders and substantially undervalues the Company.
More information can be found in the Response Memorandum.
Download the Response Memorandum (PDF) Using the link below:
October 29, 2021
Recticel Results
Trading update 3rd quarter 2021 – Strong performance despite significant cost inflation
Regulated information, Brussels, 29/10/2021 — 06:58 CET, 29.10.2021
- Net sales 3Q2021 increase from EUR 217.4 million in 3Q2020 to EUR 319.7 million (+47.1%), of which +15.8% organic growth, +0.5% currency effect and a EUR 66.1 million contribution from FoamPartner
- Year-to-date September 2021 net sales increase from EUR 591.6 million in 9M2020 to EUR 915.9 million (+54.8%), of which +31.2% organic growth, +0.2% currency effect and a EUR 138.0 million contribution from FoamPartner
- Net financial debt: EUR 189.0 million (30 June 2021: EUR 206.6 million)
Olivier Chapelle (CEO): “The positive sales trend observed during 1H2021 continued in 3Q2021, driven by very strong demand in Insulation. Demand in Engineered Foams and Bedding has stabilised, due to overall hesitating consumer confidence and global supply chain issues affecting among others the automotive production.
The chemical raw materials supply and prices are stabilizing, but volatility remains high given the recent steep inflation in energy costs affecting our suppliers. Our commercial teams continue to adapt pricing where necessary.
The integration of FoamPartner in Engineered Foams continues to progress according to plan.
The divestment process of our Bedding division is on track. It is the intention to sign a deal during 4Q2021 and to close the transaction in the course of 1Q2022.
The closing of the acquisition of the insulation board business of Gór-Stal is postponed sine die, as the owners have informed us recently that they do not want to proceed with the sale citing changed circumstances. Recticel will use all legal steps available to enforce the acquisition and obtain full damages.“
OUTLOOK
Despite declining momentum in some end-markets, reflecting a slowdown in economic recovery and supply chain disruptions, the Group confirms its expectation of an Adjusted EBITDA in a range between EUR 123 million to EUR 133 million for the full year 2021, including the contributions of FoamPartner (9 months) and its related synergies.
October 29, 2021
Recticel Results
Trading update 3rd quarter 2021 – Strong performance despite significant cost inflation
Regulated information, Brussels, 29/10/2021 — 06:58 CET, 29.10.2021
- Net sales 3Q2021 increase from EUR 217.4 million in 3Q2020 to EUR 319.7 million (+47.1%), of which +15.8% organic growth, +0.5% currency effect and a EUR 66.1 million contribution from FoamPartner
- Year-to-date September 2021 net sales increase from EUR 591.6 million in 9M2020 to EUR 915.9 million (+54.8%), of which +31.2% organic growth, +0.2% currency effect and a EUR 138.0 million contribution from FoamPartner
- Net financial debt: EUR 189.0 million (30 June 2021: EUR 206.6 million)
Olivier Chapelle (CEO): “The positive sales trend observed during 1H2021 continued in 3Q2021, driven by very strong demand in Insulation. Demand in Engineered Foams and Bedding has stabilised, due to overall hesitating consumer confidence and global supply chain issues affecting among others the automotive production.
The chemical raw materials supply and prices are stabilizing, but volatility remains high given the recent steep inflation in energy costs affecting our suppliers. Our commercial teams continue to adapt pricing where necessary.
The integration of FoamPartner in Engineered Foams continues to progress according to plan.
The divestment process of our Bedding division is on track. It is the intention to sign a deal during 4Q2021 and to close the transaction in the course of 1Q2022.
The closing of the acquisition of the insulation board business of Gór-Stal is postponed sine die, as the owners have informed us recently that they do not want to proceed with the sale citing changed circumstances. Recticel will use all legal steps available to enforce the acquisition and obtain full damages.“
OUTLOOK
Despite declining momentum in some end-markets, reflecting a slowdown in economic recovery and supply chain disruptions, the Group confirms its expectation of an Adjusted EBITDA in a range between EUR 123 million to EUR 133 million for the full year 2021, including the contributions of FoamPartner (9 months) and its related synergies.
Everchem Updates Archive 
Sign Up for Email Updates