Huntsman Implements Natural Gas Surcharge on MDI Sales in Europe
Huntsman Corporation (NYSE: HUN) announced a natural gas surcharge of Euros 125 per tonne on MDI sales in Europe, Africa, the Middle East, and India, effective October 1, 2021. This decision is in response to unprecedented natural gas price increases that have exceeded historic levels, impacting production costs significantly. The surcharge is in addition to existing MDI price hikes. President of Polyurethanes, Tony Hankins, stated the company is working with customers to manage this impact.
- Huntsman is proactively managing production costs by implementing a surcharge, demonstrating responsiveness to market challenges.
- Natural gas prices have surged to record levels, more than three times historic norms, adversely affecting MDI production costs.
THE WOODLANDS, Texas, Sept. 22, 2021 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) announced today that it was implementing a natural gas surcharge of
European natural gas prices have risen to record levels in recent months driven by the combination of structural changes in European energy sources and generation. The unprecedented cost of natural gas, already more than three times historic levels and continuing to rise, has adversely affected the energy inputs, intermediates, and multiple feedstock costs incurred in Huntsman's MDI production.
Tony Hankins, President of Huntsman's Polyurethanes division, said: "Huntsman is already working with its customers to manage the impact of the surcharge, which was necessary to respond to the unexpected and unprecedented increase in our production costs."
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2020 revenues of approximately
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Forward-Looking Statements:
Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed under the caption "Risk Factors" in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, ability to achieve projected synergies, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
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SOURCE Huntsman Corporation
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