Olin (OLN) 28 Jul 232023 Q2 Earnings call transcript

Good morning, and welcome to Olin Corporation's Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Following today's brief opening comments, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I now will turn the conference over to Steve Keenan, Olin's Director of Investor Relations. Steve. ahead, go Please

Good and Keith. joining you us today. morning, you, thank everyone, for Thank

let you statements those session me along begin, note, materially or we Before remind from performance. future actual associated include regarding Please and results expectations will differ of with are that slides the that follows, projected. question-and-answer forward-looking that these statements estimates and the discussion, this could

cause in Some are actual Risk factors of under could results projections our limitations on that Events. from second quarter of XX-K described differ section A earnings without Form section press and Past transcript our be and the slides today's yesterday's to Factors available our under recent website release. Investors the most of will copy in the

and release available are Scott Our and are releases. me Todd data and CFO. CEO; financial other Slater, this information With press Olin's Sutton, morning press under earnings Olin's

call remarks, to the Sutton over Scott we'll turn take questions. to which, now happy after I'll your to brief some make be

and morning, be market poor. Global quite good everybody. conditions to continue Steve, Thanks,

second outstanding shares of the X, outstanding XX% bright the to our shares. second in Since Asian was our and associated Additionally, January EBITDA. simultaneously operating quarter in factors These the debt Epoxy spot but right in plant trough chloride purchase have announced to partially Freeport the exports lower XXXX, The quarter XXXX our our of for vinyl monomer expectations, not up due purchased issues, quarter. a X.X% sizing adjusted expectation reducing activities. of first also was Epoxy due performance resin to excessive to we compared previously asset our will while result net

improve sales resins third we relative quarter, to slightly In Epoxy and the second quarter. to the system expect volumes

in business reduction EBITDA the territory. inventory efforts will lead negative However,

down, be in ECU positive performance business leadership we to slightly execution of Chlor expected likely and to mainly and our third is bottoming due Vinyls Alkali expected improve model sign is growth, values international of mainly some Winchester's military due XXXX. to slightly to the geographies quarter, in for domestic as our While see a

time should X I am team It shareholders value alternative from testing, our confident Slide be test. is total is of that Olin Olin more clear to strategy for up to believes running any that cash built-in number This options, the lots that with free versus strategy. a delivers and be

are Looking higher forward, strategy and initiatives on working we are number value out spelled X. peaks initiatives previous Slide make numerous from than sure are future that to on our Those both results. troughs

can my that opening questions. and Keith, remarks, we concludes now proceed to

Yes, thank morning's At Capital. question And session. you. this begin Instructions] first will this we Hassan Ahmed with [Operator from question-and-answer comes Alembic the time

Scott of the earnings on your and one the sort Todd. and the number of peak One morning, on Question, number two-part presentation. Good trough implied sort question. you well, on that other put up

the on that's guidance, And I a first if trough your around below being call guidance. below another facility the one Texas sort being, guys cause Freeport, talked about number. And it's I obviously So $XXX of agents, perceived trough right? annualize I trough of obviously, you the agent QX Epoxy XXXX look take it, of sort VCM that, billion. of million, this cause implied $X.X being at mean,

the So gave, that range annualized trough billion and of because the guidance of Epoxy the you things? VCM side you million sort $X.X that is of between of XXXX delta things billion side $X primarily QX to the the $XXX versus gave

at $X.X all, say mean, first I And Look, billion. not $X.X calling that we're a Yes. negatives. XXXX of Hassan. Thanks, I positives more has trough lot Yes. would than a billion,

here it also across I we're we VCM. that CAPV at above called heard say our Epoxy. had to billion all there. got little mean, Yes, really of I that run a now. look $XXX if epoxy, trough bit I mass right mean to million you is you below $X.X Now so and rates, problem that, the difference deeper. material in we're Hassan, relative that we're what negative at me a Asia, that's is come of going add supply. model mean, have we've I out portfolio on demand previous territory. fast our one between would out XX% EBITDA declined But And way probably run not we've far the our of top to But and quarter XX%

So it's those things make difference. the up that

Understood.

I wanted base of – of it's peak side also And touch to on. sort the it, sorry,

over peak, tight business next sort I bone, over what I guys a rating at run QX could So, right? of if you as And sounds are $XXX XXXX, XXXX potentially restructured were the the as was fair? that a they basis actually Epoxy on peak, clearly, And now, the is as be you flagged You next guys QX of mean, right? $X take it weren't billion quarterly of billion right And in the in and utilization right? look rates hadn't bare it, million. pretty sounds $X you sort peak in the next from in

over, to that better in structure some only probably that back true I Alkali out. a yes. time. levels mean, mean But our get gets of years say restructuring in couple Epoxy I was it's I the says business. it that of outlook Hassan, that's look, Epoxy – over to order for And will done that the our – we've certainly Chlor

is that's somewhere at still So you're peak put $X we peak to in next the about billion. going the And just while next see why Alkali Chlor recovering. Epoxy

really contract? know renewed you of is sort one, of that guys money On you talked contract us historically, about basically was any any give there talked Olin's there I how last through But not may. any about? on call, give contract. Understood. about they I about making Dow's that their with Is commentary if commentary can And earnings can one XXXX. you renewed sort

agreement, that to agree going an just the reach and would future. did that's think good I I be everybody in for we Yes.

Fair much. so enough. Thank you

Sure.

of with comes Bank Thank the Steve from America. you. And next Byrne question

you. thank Hi,

peak EBITDA Just and discussion. measured by a And partnering of that? the on some polymer continuing Chlor more is you are it And for is little downstream down Alkali Or little to Alkali? your on former it more used view any it with Chlor driven path too than the to Epoxy Is a – this be? moving further on early capacity?

that's I Winchester as say, last or the Epoxy in big has time of well. domestic Epoxy ammunition. industry, business I to going international supply to mean, mean is fundamentals, added world's XX% almost of that more it the the call Chlor is the in so, I Alkali. China, business Well, have you to capability doubt and XX driver recover. I structure would improve, when but no There certainly the also months will particularly probably the of it's little take I'd great out our growth mean a a

will So it's those get that us there. things

follow-up to? imported demand? – it Scott, is commercial what to Or going that's attribute one competitive you, is it market? underlying Is discipline? Winchester leading increased What competitively is is would lack product of on or that it a And on for you challenging domestic

would pre-COVID only a it's Well, certainly generally above is that's ammunition, would challenging, comment say, reminder, to outdoor Yes. increasing. is a subject challenging. I That's what though just just we're say, Inventory driving why still. across it's But levels just is, not that. well a the it's sports. even And on I challenge bit but

So there's Is that on? destocking going the issue?

may creeped channel destocking. say is look, but follow has necessarily up and some the be that inventory in that, that, not right? destocking situation. it’s into There the naturally that’s channel down, the follow-on would I therefore, supply Well, would slowing

that about the And of past? some you’ve creep Russian that from in talked import

anymore. If to terms imports of Russian ended. this have anything, no. months, ammunition into down importing in XX over have Russia, primarily the imports No, gone last country zero

you. thank Okay,

Yep.

Sison Thank you. Wells from Fargo. the comes next And Mike question with

Look, I guys. wanted understand little bit. the Hey $XXX million a to

mean, the $XXX in And it the there from quarter for extended to what’s from impact million impact is quarter, fourth? million into in – I the similar quarter, $XX fourth So second third fourth the outages? million, planned the that the quarter? $XXX then the any Is

Mike, probable in second said, is of the earnings turnaround It clarify, going that, our expectation. third it’s cost me the gave to is the the the million have or million look, $XX impact, in of when quarter that quarter, we planned at guidance because let have. $XX was very early year-over-year the were that includes we comparison. impact all, gave And that the that we quarterly you’re say release, a looking a we Yes. I The first the versus that and same. guidance would

the over $XXX So essentially third have quarter. our expectation evenly what you is million versus second and earlier spread

Got it. Okay.

right? everything That’s impact. just the So doesn’t run fourth in for and of an at, rate ECU where quarter have the kind the is

I out that’s right? We’ve $X.X much pretty mean Yes. right, called million.

numbers quarter. momentum costing. for natural slowdown and still using kind there’s in the negative You businesses of the into the of you’re in fourth There’s back some some

to sort And different just between could get of the you And takes it where the sort a is sort Okay. number? it Or to your in of year? then do Is and mid-cycle how number? terms be? delta it EBITDA peak of think mid-cycle this of long a

say, that. good just that XXXX would to we be to I Well, Mike, signs There’s better. Yes. expect

even better maturing XXXX even are looks they think I slowly though signs and that. than

that in So it’s range.

Thank you.

Yep.

next comes McCarthy Kevin question the Thank Partners. you. from Research of Vertical And

curious to regard caustic soda, similar outsiders experience quite differing to in down much so average you you in perhaps seems XQ? a versus can consulting was is had with Scott, price speak. marks, provide I’m like In how morning. any or to views? good your XQ experience it chlorine, Yes, color caustic your versus where as to own to as divergent

Yes.

number won’t on And that. a so give I specific

in in It’s down publications, from it’s favorable to what quarter. that was bit second in go to a caustic not that. we’re versus saying trade going you down the third. Our quarter see little first far perhaps definitely And off

chlorine, Of in chlorine in chlorine first second third to pricing quarter just said, a to merchant down, like course, different merchant had, you lift to relative lift experience trade quarter well. we in say publications flat the will and able quarter relative second pricing to the quarter, as were we merchant

in you the where tons? you the were your your would XX% inventory relatively or levels Are year-over-year be dollar lines inventory would Then for it My If how product it question question down and at much you you. financial or where product there might up need characterize to Okay. feel you secondly, draw too second lean? you terms I sheet, balance in How quarter look terms. is, that? have unit in inventory characterize even lines Olin’s

the for of working million see capital the $XXX we couple this build working for Yes, be the our Kevin, of Olin. cash flow year, in Thanks you forecast as favorable. first half through question. the from is year, you Hey, – have seen Ultimately, think actually capital Todd.

commented expect during Also, the into you prepared and working see of the back decline to the of inventory I So cash the Scott’s should epoxy comments, half think he capital about in during turn a year. quarter. of expectation third reducing source

Thank you.

from And the Michael you. with next Thank Barclays. Leithead question comes

morning Great. guys. Good Thanks.

morning. Good

Morning.

When epoxy. how, are Asian on they’re the Olin your selling change value the question say, producers at your that you does thinking should about below if market, so, chain? cash all, in approach, is epoxy breakeven how First the there look and if for at sense that exports prices And levels?

hydrochloric question. got with favorability negative mean that values, chlorine the been of say, negative you remember yes. operating Thanks at in I they’ve acid right, for I would potentially Yes. China values. just to

kind which inputs, of with to nothing gone epoxy capital. fixed one the and it is has different of no That’s geography, certainly somebody other and epoxy So return than key input, take totally those of the with chain it. do producers to paying any just any level into covering cost has on

that’s So a real yes, I issue. think

can’t to what because proposing geographies duties to on. going certain do well really going as go we’re We’re about in consider this

lower volumes? the Fair impact, then at point you second them exception when your of half? you the volumes the just in quarter with the second, chemicals to do in be Or maybe do low And you back or is enough. your stable expect look the VCM overall, think

challenge here, finishing We’ve effectively values, preserve Yes. look, run I it taken for would to our that is volume leadership say a Olin, model. down right? enough

We’re out. prepared to run capitalize on the

achieve to in enough in further to expect and epoxy resin some. our do third systems volumes we quarter, business grow down volumes taken Even we’ve objective. that the So

Got you. it. Thank

Sure.

from Zekauskas Thank comes you. question Jeff the And with next JPMorgan.

much. very Thanks

XXXX. in You’ve negotiation contract of spoken of benefit a Dow the has always future meaningful

no because it it to less Now longer is what take caustic that propylene seems that case? going the in Olin XXXX? oxide. of they’re still and meaningful Dow doing is jump in a for Or Is chlorine

arrangement positive they’re one announced a say that Dow closing Olin. you’re it’s would unit that. I Yes. that mean for right And really Jeff, has I PO

the goes focus site volume away. Louisiana volumes. remain, volumes site same at the that So of and in But bigger becomes other for site the that

benefit shouldn’t we XXXX the of meaningful expect in some the – correct? contractual renegotiation some that of Is because to contract. So meaningful EBITDA you

I No, Jeff. think it’s positive,

Okay.

are picture always so are your in – of current market you there’s in function positive is always the because more was old from very of Olin resets poor. benefits repricing contract – In that terms Or chlorine momentum Is prices, the the prices of days a of it there old an accurate in a the chlorine, contracts? today? pricing

continue The maturing chlorine where deals. still being the that’s our bigger part a and improvement renegotiated. exit do think these continual part I there. only arrangements of the spot, with the it. Well, on contracts has average merchant in to we not we But large do of That’s contractual is legacy well new the remaining part pricing to part

Is much go? now up? there much Or are more caught you to pretty

Well, to go. bit we little have a more

Okay, great. Thank much. you so

Sure.

Thank question you. And the from Goldman comes Sachs. Fischer with Duffy next

Yes. changes today? and the through when do different epoxy does out? made all to I off you’ve your upside kind what how mean, was this of hoping, capacity coming can downturn, that the much Scott, Good I much we footprint you how get summarize we morning. have is your taken just footprint to

[ph] our We say shut made exited facilities. I one making facility plant. In we of in and number we we our we downstream the capability area, Yes, Upstream, and then changes. plants, of in quite the in at in mean, a BPA resin and a down we’ve exited both Cumene of capability Korea. Freeport, strata reduced solids process epoxy in our are a few and I’ll Texas reduced a then that resin,

three that say had capability begin and So, is of yes, with I our What two that reduced epoxy, in will some. least sometimes has mean, to four we everything. everything at I of or

So that we’ve rid overhang. gotten of

volume We’re capacity more of those not to and and closer amount much to we’re take efficient to working now, costs put still going get higher out. a as it’s utilization, a massive to

the then or enough. other Fair you about one talk the often managing And side of ECU.

the next to which do As you you’re have look hardest to manage? over year think to so, or out you work going side on

that, say whole our now it and of little setting the And course, that that decline. both change you in rate course, but sides a other already to other much. according side ECU, tighter. the of of not we’re of enhances participation work I Well, we will it’s market that dynamic. just slows as participating the pricing, on we’re doing bit where see In right of And so of that rate caustic words, certainly

that So little I positioning twice to change that’s year. now. Maybe stay while. positioning in the expect our for We’ll it a next change. it’ll over

you guys. Thank Great.

Yes.

from comes question next Viswanathan the Markets. And you. Arun RBC of Thank Capital

parlay your the Hey, and PCI my a question. taking had I thanks volume. about question for

they your your And a the the point you’re a the maintain still sales. in as hit percent and parlay able XXXs [ph]. So high to of volumes second looks quarter high yet PCI like

the is PCI have volumes. wheel So that swing to you maintain flywheel you is the that the really parlay have –

the keep when So would you market how should volume own think the higher your order service constant about your and utilization improves? production, how comes back rates parlay and and maybe we your that can in the evolve more from or go of profitability volume as to volumes PCI

are. these start parlay Well, let would me what little I with, a bit, redefine maybe volumes

a go been production is And that set volumes. we’re when up as having production same that to venture, well well. the run market is demand we market market It may Alliance doesn’t go this Water and volume said I ride volume manage and We evidence deeper, volumes which the to of as that the out of that buy deeper and the earlier, faced more to of have. back out mean, into run to mean Part having the model global with joint market. run have. conditions, go our out through model we’ve our we Blue according this buy liquidity satisfy out decrease. market very and we’re working we So is out that lot weak when I to reduce the we

keeping So all contribution contributing activities to profit up of one those factor time. over our are just index

then And if follow-up. ask I a could just

you’ve for that footprint in on the segment? potentially changes QX, and under some the $X could XXX would for be per on of you QX, So new somewhere so quarter peak annualize the XXX the are you now potential break and or CAV, billion EBITDA the XXX by And contributing of for and maybe especially made those Thanks. it maybe that down given QX if of QX range potentially epoxy what structure? to

say Yes, that history epoxy that where running recent and to epoxy that contributor million somewhere level. going is $X is not today included if not in I EBITDA at we billion in would $XXX be the that It’s annual plus were it level. between was

So a Alkali. Chlor is what there strong is from performance in

structure are know, else. the growth that very to all good, may things on outpaces growth on the you due in looks going As imbalance and And with helps in demand supply fact, outpace batteries outlook us everything and that minerals is caustic that likely the chlorine future.

the is more it. other business that and military piece for to the Winchester less of QX, the much way the toward the it’s larger first we’re of in consumer that XX% than Winchester is business going be ever move in heavily to the of evidence to going time that ever and plus Alkali the and And part in side, well. as first is for chemical contributor the a in that as So weighted Chlor – fact, time

for do maybe the so you XXXX, XXXX, clear, of lot timing or expect there’s that drivers what’s thing? so just to that you a I’m peak by XXXX, get closer And said XXXX, to on

Well, going but couple to specific take a I don’t it is time, have a years.

Thanks.

Yes.

from Thank question you. Andrews next And Vincent with comes Morgan the Stanley.

Yes, guys. thanks

would very obviously it’s Just the just sort Scott, more and then case for thinking and assuming of period very unique your cycle be you you cycle scenario? managing supply outages and And actually cycle, I the chain you’re full had peak stocking next of the is demand. back order of supply sort of running continuing of obviously a just out sort the to reversing are operational the definition, of where you tight significant and utilization exotica peak traditional now. also to where still operating side? from Would rates there’ll be peak peak, in last rates strong on But that’s you the in in looking issues obviously time situation or that demand that lots supply be volumetrically level or achieve that some where on be EBITDA? would assume,

Yes. I kind more certainly that way out think situation would Yes, is in haven’t that of the top cycle question. a now. everything as outpaces I Look, that global of last our coming of right? COVID seen supply. of for but say supply that least that showing impacted overstimulated what these really should and challenges case demand, we months, I would as I that faced volatility, we’re at the like mean, I okay, kind be all demand. peak traditionally have mean, say not will again, volatility smooth, the traditional it’s XX you thanks over demand a right chains don’t had supply for expect bit we there a is global whatever where on

that some problems by that’s some today out those likely start back trade flows as chain again. the the flows by driven see of you’ll climbs into mass the being changes, injected supply demand to with China, Asia comes As as exposed of trade

cash nothing’s reduction pace we use on Okay. I back should ask share the the changing in the the assume a flow, but in similar of assume And if in of half? I in flow cash could just reduction of commensurate obviously terms EBITDA, repurchases that with

look Yes, cash free flow We forward. that’s we a good as question. levered

flow is what And shares. should see that’s to to see continue use to of us repurchase continue best the first do. to free We levered continue cash you

much Okay. guys. Thanks very

And you. KeyBanc with Aleksey question Markets. Thank the next Capital Yefremov comes from

I that your by at the is any outage? everyone. morning, it improvement as U.S. since somewhat this is question, Should cost the over VCM supply, soda Thanks. we for that in outage And outage this follow-up – in is to of Good demand seeing assume Are supply believe. a and of to terms cost goal fourth be you meaningful quarter? point? this in

Hey, anticipate we issue outage is haven’t Yes. and this XQ XQ to that. the mean really outage we factored nor impact in an Aleksey, I fourth in quarter, and do any

Okay.

driver turn, caustic. extent And is this mass the upstream vinyls up flows been a of This is impacted the liberates pricing Coast, driver come going U.S. that things has changed. tends that’s out really the I of that’s has would of isn’t back so our that’s and which impacted not production. global that caustic. caustic U.S. Gulf to back we way to driver some has say Asia more to flows on But in liberate how only trade that and What intermediates, in the

Scott. some Should derivative your alkali. at chlor look we free even that assume investments opportunities either arrangements way? that’s more Thanks, organic through with likely other it back not or used up of will some that is for Dow, alkali some ventures, shut you in PO mentioned, Or Dow of any as you’ll capacity. Freeport capacity coming configuration joint chlor that other your downstream to will And

forward And opens sort Well, right? going say options it have made we are about haven’t we the I a that of would free of that. decision some those and just up possibilities,

Got it. Thanks lot. a

Sure.

Blair Matthew with you. question next TPH. Thank from The comes

Todd, you you think being us morning Or about flow it on as resolution can significant free Scott, on color give for side? positive contracts, you that? a cash the mentioned this back there. we to Scott was good Dow the side any Hey, the circling and than more Should EBITDA

on both real day-to-day that some sides, parties for both our and we’re would helps only both elements parties drives running both of also cash I on win-win because operations, probably say free flow. it So, inefficient not which how prevents but it’s this, investments there’s favorable side,

So, I it’s a for those both fronts. would both positive on say parties just

Sounds the you on then commentary any epoxy have do good. more side. And

demand, about wind and how and of autos? terms going areas In talk things in electronics could are you like

of all wind the there’s of stops those positive. look, projects, the But outlets of those least and in systems and mean, but biggest some as demand electronics all the areas you’ve at go that into level our would at projects starts, nice I adjustment areas of well, recovery sluggish. for supply company’s coatings has are earnings that’s some portfolio was move recent I one U.S. those is the in Yes. in a shown in certainly we as coatings least of and seen Automotive some announcement here. activities, those XXXX say and through three chains. inventory of been in There

Thank good. you. Sounds

Yep.

Thank question Research. with Frank And next Mitsch the Fermium from you.

on a when just terms terms? place one point Dow The was for of could clarification. date expire Or October the old new If I in effective there morning. they is contract, of the different good Hey, to did XXXX? take the new supposed

Yes. and all the you roughly the I Frank, different won’t it guess I mean, on all improvements, that’s comment I can mean but dates there. I average different right.

the yes, difficulties number been totally to Awesome. own Thank epoxy taking footprint. obviously, and the I appreciate improve you. And business, All in of your you’ve right. steps

past, million think given broader starting your to proactively to the improvement will Olin some markets, start the in $XX should in income of know these about is how we taking indicated degradation the I EBITDA annual statement. sort that the a And lead them. these in of fourth you’ve of that some actions impacting should actions quarter, outlined start You’ve

It’s principally, But inventory mean, on you’ll is Yes. today a balance quarter, XXXX. improvement the bit. the and sheet effective a expose itself clean actually more Frank. being of after fourth to into that offsetting our And will in underlying some here. that of up having couple quarters that I it see we’re

Thank much. Got you so it.

Sure.

UBS. Spector comes question next with the And you. from Josh Thank

And I for I hi. minimal participation EDC. pretty And Yes, Thanks think in has future? that in on just there that VCM has do at with I’m get was not? changed you my mean you that when question. taking before, the would the guess, or it involved outage, when material into rate think curious more market more market about all? in I your pushed

that in traditionally mean, much. thanks look, participation of for But the our I values, Well, I merchant wouldn’t changed been global I we we player had But EDC biggest low question. mean, the recently, that. the it’s market, yes, because say reduced there.

period, that much. I participation VCM our when having all changed operation, in challenges think our through this hasn’t still we’re

U.S. about PBC declined. think increases. I the players price interesting thing seen is inventories all have And you’ve recent nominate PVC the

that business. ends non-integrated the just eventually, to PVC in back values We’ve going EDC make get So happens. got players, where when are our phenomenon up get to sure we the product right

talk about desire can be with in guess, partner? participate your or potentially VCM that. any when some I the of without amount a Dow, win-wins for do to And I from And we EDC what’s of whether get guess the them? contemplating you appreciate I you increase in you larger Thanks, ethylene

with years are kind it I years, not many of do the We right? long-term ability incremental agreement arrangements ethylene partner forget player have how forever. left, when set a It’s our to it say would more forever. for is makes So we capability because a was sense I good vinyls Well, there. than again, we’re have XX but there.

ECUs, the already. of some have capability, capability VCM the the ethylene, level EDC We

not little a is on just The there. gold timing mine sit we So right.

Scott. Thanks Understood.

Yep.

the And John Credit next question Suisse. from you. comes Roberts Thank with

the nothing confirm, on renegotiated Just ethylene got contract?

it We part the wasn’t – discussion. that was ago, a contract of that time we place had some in and

in chlor is And all Or then in any the is it of items? Parlay epoxies? activity alkali

successful it running Well, low. is Parlay the epoxy in strategy that utilization in majority until chlor capacity at We’ve so got been of alkali.

make to that so moment. the sense it And we’ve do It participation reduced just doesn’t there. at

for targets and Parlay both longer-term between Epoxy total any have and balance you the Do alkali? chlor

keep wouldn’t capacity Parlays amount I and we say is the Well, when between a going leadership and we’re for alkali say I low. can to our a would even there’s in our balance keep epoxy. so up values of do a utilization right product place strategy target that chlor that

So very is When you see see when our it is goes big going percentages. now, up, it utilization capacity might you’re low, like to percentages. smaller some

However, and I Water the more oceans trading activity what across capacity utilization trading will will EDC is say our continue matter more that that out there and and is. grow Blue no caustic

you. Thank

Yep.

our floor comments. concludes for this to I And any the you. Thank session. Scott now like closing to would question-and-answer Sutton turn

lot Yes. a Well, say I thanks to for joining. everybody would just

call. the closes that Keith think, I So

you Okay. and Thank disconnect concluded. mentioned, for lines. you your you. presentation And today’s attending as may has Thank the now now conference