Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 30 April.

Activist investor warns ExxonMobil on climate change risks, oil demand
Activist investor Engine No 1 warned ExxonMobil that it faces an “existential business risk” by failing to adjust its strategy on climate change considerations as governments move to reduce emissions.

Demand for surfactants into cleaners to shift focus as pandemic eases – Stepan
US-based Stepan anticipates continued Covid-related demand for surfactants into cleaners and disinfectants, even as the pandemic is expected to recede in coming months.

Sherwin-Williams ups raw material inflation guidance due to supply chain challenges
Sherwin-Williams expects raw material inflation for 2021 to be in a high-single digit to low double-digit range, up from its earlier guidance in January, CEO John Morikis said in the company’s Q1 2021 earnings call.

US April propylene contracts settle at a decrease on looser supply
US April propylene contracts for the majority of market participants settled at a 13 cent/lb ($287/tonne) decrease from March under pressure from loosening supply.

US Tronox targets strong Q2 earnings growth as TiO2 cycle continues to recover – execs
Integrated titanium dioxide (TiO2) producer Tronox expects to achieve a sharp year-on-year increase in Q2 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) – coming on top of a strong Q1 as the TiO2 cycle continues to recover.

US Eastman says VAM shortages ‘challenge’ interlayers business
Shortages and high prices for vinyl acetate monomer (VAM) are “creating challenges” for Eastman in meeting demand for advanced interlayers, CEO Mark Costa said in an update on Friday.

Global PE, PP tightness to persist through 2021 while US exports to China vanish – LyondellBasell CEO
Global polyethylene (PE) and polypropylene (PP) tightness is set to persist through the end of 2021 and potentially into next year as customers scramble to replenish inventories amid rising demand, the CEO of LyondellBasell said on Friday.

US Hexion closes sale of phenolic specialty resins, two businesses
Hexion completed the $425m sale of its phenolic specialty resins business as well as two other businesses to a team of private-equity firms made up of Black Diamond and Investindustrial, the US-based thermoset resins producer said on Friday.

US May benzene contracts jump 53% on tight supply, strong demand
US May benzene contracts jumped 53% from April, on tight supply, increasing global styrene demand and rising crude costs.