Dow DuPont Urethanes Comments from Investors’ Call

There aren’t many!

Howard Ungerleider

Polyurethanes reported strong demand and price increases in downstream higher margin system applications, as well as higher merchant sales of MDI.

Andrew Liveris

Thank you, Howard. Turning to our economic and market outlook on Slide 11, global economic acceleration continues led by the ongoing strength of the consumer across most major economies. The United States is maintaining its trajectory in-line with what we have seen for many quarters. The positive change we see is the greater than expected performance in the euro area, notably for the first time in a decade all 40-plus OECD countries are on-track to grow this year.

One of the best examples of the demand strength we see is that our Sadara joint venture. In August we announced that all 26 units at the World Class complex had achieved commercial operations and by then the JV was already significantly wrapping its sales. In the last quarter alone it’s sold more than £0.5 billion more in the same period last year. We are seeing strength in particular in the polyurethanes envelope, and we were able to ramp up these units not only due to our pre-planning and established market channels but also because our customers around the world in China, India, Southeast Asia and Central Europe demanded Sadara’s products and solutions. We expect this trend to continue into next year as the site reaches its full capabilities.

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