Covestro lowers 2018 forecast on “intense competition”, low Rhine water levels

Leverkusen, Germany – Covestro AG has lowered its 2018 guidance due to what it described as “intense competition” and production losses as a result of low water levels of the Rhine River.

In a statement 20 Nov, the Leverkusen-based chemicals company said it was lowering earnings (EBITDA) to “slightly below” the level of 2017 which stood at €3.44bn. The previous guidance projected an EBITDA above last year’s level.

This adjustment, said Covestro, is primarily due to stronger-than-expected competition and the low water level of the Rhine River,…

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