BASF's Strube sees no immediate recovery for chem economy
05 February 2002 18:11 [Source: ICIS news]
FRANKFURT (CNI)--German chemicals company BASF's chairman Jurgen Strube has held out no immediate hope of a sustained improvement in the chemicals economy, a company spokesman confirmed to CNI on Tuesday.
In an interview with the German newspaper FAZ, Strube suggested that the economic cycle for chemicals may be neither 'V' nor 'U' but 'W' shaped. He said it is currently nearing the mid peak of the W. Inventories were run down at the end of last year and therefore customers will be restocking but at a subdued level, he explained.
However, with capacity usage 'unfavourable' worldwide, Strube said 'investment-driven demand' may not be enough to encourage growth.
Strube also said that the BASF plants shut over the Christmas period are now back up.
(Russell Ong in London contributed to this story.)
By: Dede Williams, European Chemical News
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