20 Major Chemical Giants’ 2024 Financial Performance Summarized!

As of March 1, global chemical giants—including BASF, Dow, Covestro, Arkema, DuPont, Huntsman, Lanxess, Celanese, Syensqo, Trinseo, INEOS, Honeywell, Clariant, Eastman, SABIC, Chemours, LyondellBasell, ExxonMobil, LG Chem, and Avient—have all released their 2024 financial results. Given market conditions in 2024, several companies announced cost-cutting initiatives. Specifically: BASF On February 28, BASF published its full-year 2024 results. Total sales amounted to €6.53 billion (approx. RMB 49.65 billion), down from €6.89 billion in 2023—a decrease of €360 million. EBITDA stood at €6.7 billion, down €500 million year-on-year (€7.2 billion in 2023); EBIT was €2.0 billion, down €206 million; net income reached €1.3 billion, sharply up from €225 million in 2023. By year-end 2024, BASF had incurred approximately €900 million in one-time costs related to its cost-savings program. Dow On January 30, Dow released its latest financial report: full-year 2024 net sales totaled $43.0 billion, down from $44.6 billion in 2023—a reduction of $1.6 billion; GAAP net income was $1.2 billion, up from $660 million in 2023; operating EBIT was $2.6 billion, down from $2.8 billion the prior year. Operating cash flow from continuing operations amounted to $2.9 billion, down from $5.2 billion in 2023. The report indicated that Dow is implementing measures to cut costs by $1.0 billion—including eliminating approximately 1,500 positions globally. Covestro On February 26, Covestro released its fiscal 2024 results: sales declined 1.4% to €14.2 billion (€14.4 billion in the prior year), primarily due to lower selling prices; EBITDA remained stable, dipping only 0.8% to €1.1 billion—within expectations; net profit was -€266 million (vs. -€198 million in the prior year); free operating cash flow stood at €89 million (vs. €232 million in the prior year). In Q4 2024 alone, Covestro’s sales rose 0.9% year-on-year to approx. €3.4 billion; EBITDA surged 44.7% to €191 million; free operating cash flow jumped 246.6% to €253 million. Arkema On February 28, Arkema released its full-year 2024 results: sales totaled €9.5 billion—stable year-on-year. Volumes rose 2.4%, driven by growth in Asia’s specialty materials business. EBITDA reached €1.532 billion, with an EBITDA margin of 16.1%, slightly up year-on-year. Recently, Arkema has invested in several major growth projects—including acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesives businesses, and expanding capacity in its Advanced Materials division—to serve attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports.

Under the New Company Law: Standards for Identifying 'Shadow Directors' and 'De Facto Directors', Their Legal Liabilities, and Associated Tax Risks

【Key Takeaways】 1. The core criterion for identifying a de facto director lies in "actual management of corporate affairs"; for a shadow director, it lies in "giving instructions." 2. Once identified, both are subject to full application of fiduciary and diligence duties; shadow directors additionally bear joint and several liability. 3. Tax-related risks concentrate on tax evasion offenses, violations of withholding obligations, and piercing liability arising from commingling of assets. 4. For directors not serving on liquidation committees, liability for liquidation duties hinges on the dual elements of "fault" and "causal connection." Introduction The newly enacted Company Law entered into force on July 1, 2024. Article 180(3) and Article 192 formally codify, for the first time in statutory law, the regulatory framework governing "de facto directors" and "shadow directors." This marks a profound shift in China’s corporate governance—from formalism toward substance—whereby behind-the-scenes decision-makers who lack the title of “director” but exercise director-level control will now face legal accountability through substantive, piercing enforcement. This article systematically outlines the identification standards, scope of liability, and associated tax risks for these two categories of individuals. I. Identification Standards: Substance Over Form as the Core Principle (A) De Facto Director: Article 180(3) Statutory Text: "Where a company’s controlling shareholder or actual controller does not serve as a director but actually manages corporate affairs, the provisions of the preceding two paragraphs [i.e., fiduciary and diligence duties] shall apply." Elements Analysis: Judicial Practice: In Case No. (2021) Min 0203 Min Chu 23361, the court applied the following multi-dimensional criteria to determine de facto director status: • Nature of authority: responsibility for custody of the company seal, financial approvals, and payroll disbursement; • Extent of authority: compensation level exceeding that of ordinary staff; • Continuity of authority: long-term, sustained involvement in daily operations; • Status of legal representative: prolonged non-participation in operations by the legal representative. In this case, although Zhang Yanzun and Guo Xudong were never formally appointed as senior management, they were deemed senior managers—and thus bound by fiduciary and diligence duties—because they effectively controlled the company’s business operations and day-to-day affairs. (B) Shadow Director: Article 192 Statutory Text: "Where a company’s controlling shareholder or actual controller instructs directors or senior management to engage in acts harming the company’s or shareholders’ interests, such controlling shareholder or actual controller shall bear joint and several liability with those directors or senior management." Elements Analysis: Distinction from De Facto Directors: Both statuses may coexist. A controlling person may directly make decisions (de facto director) while also instructing others to act (shadow director), resulting in overlapping liability. II. Legal Liabilities: Comprehensive Piercing and Joint Liability (A) Legal Liabilities of De Facto Directors De facto directors must fully comply with the same fiduciary and diligence duties as formally appointed directors (Article 180), and shall be liable for damages caused to the company by breach of those duties (Article 188). Liability encompasses, but is not limited to: • Prohibition against using related-party relationships to harm company interests (Article 22); • Prohibition against misappropriating company assets or funds (Article 181); • Prohibition against unauthorized disclosure of company confidential information (Article 181); • Liability for damages arising from failure to timely urge capital contributions (Article 51); • Joint and several liability for capital withdrawal (Article 53); • Liability for damages arising from unlawful dividend distributions or unlawful capital reductions (Articles 211 and 226).

Eastman Chemical Director Acquires 480 Phantom Stock Units

Oct 9, 2026

Eastman Chemical Co. director Linnie M. Haynesworth acquired 480 Phantom Stock Units through automatic retainer deferral, increasing total holdings to 6,405 units payable upon service termination.

Stock Titan

2026-01-30

Eastman Chemical, Kolmar Korea Forge Partnership to Advance Biodegradable Personal Care Solutions

2026-04-06

Eastman Chemical Co (EMN) Shares Drop 3.04% on April 6

2026-04-06

Eastman Chemical Co. Stock Underperforms Monday Compared to Competitors

2026-04-08

Global Amines Market Growth Driven by Arkema, Eastman Chemical in North America and Europe Expansion

2026-04-08

Eastman to Post Q1 Results April 30, Hold Webcast May 1