Covestro

Markus Steilemann will surprisingly stand for a third term as president of the Verband der chemischen Industrie (VCI). The association cites continuity as the reason; strategic factors include the ongoing takeover situation at BASF and the importance of coordinated lobbying in Brussels. The industry is in a deep structural crisis with high energy prices, Asian competition and weak demand, making the VCI presidency more significant. Steilemann remains CEO of Covestro and has confirmed his board contract until 2028; the re-election takes place on 26 November in Berlin. » More on faz.net

The extreme low water levels in the Rhine are forcing companies to cut production; chemical group Covestro has already reported restrictions. Matthias Röser from the Federal Association of German Inland Navigation warns of a crisis for the sector. Shifting transport to rail is hardly possible because the rail network is chronically overloaded. » More on welt.de

Covestro reports a preliminary EBITDA of €669 million for H1 2026 on revenues of €6.73 billion. The result benefited from higher prices, while increases in raw material costs had a delayed effect. For 2026 the company expects operating core earnings to be significantly above the prior year, and anticipates free cash flow and a ROCE that will clearly exceed the weighted average cost of capital. » More on de.investing.com

Covestro will build a new large-scale MDI plant in Shanghai with an annual capacity of 660,000 tonnes, due to start operations at the end of the decade. The company expects the investment to be in the industry‑typical range of €1.5–2 billion; around €4 billion has already been invested in China, of which €3 billion in Shanghai. The plant is to be operated climate‑neutrally using green power, and Covestro is simultaneously evaluating a similarly sized facility in the United Arab Emirates in partnership with Ta’Ziz and Fertiglobe. Under owner XRG/Adnoc, the company cites strong demand growth in Asia and better access to feedstocks and energy in the Middle East to justify the expansion. » More on faz.net

Covestro intends to build a new large plant in Shanghai with an annual capacity of 660,000 tonnes and is considering a further project in the UAE to expand its leading position in the MDI precursor. Both plants are to operate climate-neutrally and begin production by the end of the decade. CEO Markus Steilemann cites stronger growth opportunities in Asia and the Middle East and the lack of competitiveness for energy‑intensive production in Europe, where research and innovation will be more concentrated in future. » More on manager-magazin.de