20 Companies! Performance Summary of Chemical Giants in 2024!

As of March 1, global chemical giants have successively released their 2024 financial results—including BASF, Dow, Covestro, Arkema, DuPont, Huntsman, Lanxess, Celanese, Syensqo, Trinseo, INEOS, Honeywell, Clariant, Eastman, SABIC, Chemours, LyondellBasell, ExxonMobil, LG Chem, and Avient—totaling 20 companies. Given the market conditions in 2024, several giants announced a series of cost-cutting measures. Specifically: BASF On February 28, BASF published its full-year 2024 results. Full-year sales amounted to €6.53 billion (approximately RMB 49.649 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, compared to €225 million in 2023—significantly higher than the prior year. 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 Inc. 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 in 2023. 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 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—meeting expectations; net profit was -€266 million (compared to -€198 million in the prior year); free operating cash flow stood at €89 million (€232 million in the prior year). In Q4 2024 alone, Covestro’s sales rose 0.9% year-on-year to approximately €3.4 billion; EBITDA surged 44.7% year-on-year to €191 million; free operating cash flow jumped 246.6% year-on-year 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 initiatives—including acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesives businesses, and adding new capacity in its Advanced Materials division—to serve attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports.

The steel industry is in decline; Nucor’s 2024 performance has also been significantly impacted.

Nucor Corporation is a U.S.-based steel company whose origins trace back to 1905. Following various acquisitions and restructurings, it officially adopted the name 'Nucor' in 1971 and established steel manufacturing as its core business. It listed on the New York Stock Exchange in 1972. Nucor primarily manufactures steel and steel products—including carbon and alloy flat-rolled and long products, structural and plate steel, steel trading, and rebar distribution. Its steel products are widely used across construction, automotive, aerospace, and energy sectors. Nucor has become the largest steel producer in the United States. While its scale is now smaller than China Baowu Steel Group, and its revenue ranking has slipped relatively, its profitability, brand value, and overall corporate competitiveness remain strong. In 2024, Nucor’s revenue declined 11.4% year-on-year—the second consecutive year of declines exceeding 10%. Its 2024 revenue level has fallen below that of the previous three years, marking its weakest performance in the past four years. Admittedly, it remains substantially higher than levels seen in or before 2020—offering at least some consolation. Translating its revenue composition poses some difficulty—likely requiring industry insiders—and we therefore omit it here. Its steel shipment volume fell 1%; external sales dropped 2%, with particularly sharp declines observed in flat-rolled products. Net profit also declined for the second consecutive year—and at an even steeper pace than revenue. At $2.0 billion in 2024, its profit level represents not merely a halving—but a near-kneecapping—relative to its peak in 2022. Quarter-by-quarter, revenue declined in every quarter, while net profit fell more steeply than revenue each quarter—and the rate of net profit decline has notably accelerated over the most recent three quarters. Globally, the steel industry is in decline: whether domestic Chinese enterprises, European firms, Indian producers, or U.S. companies like Nucor—the going has been tough for all.

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