With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are diversified and specialty chemical manufacturers.

Fortune Sector Leaders: Chemicals

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

The global specialty materials company is a leading producer of acetic acid, an industrial chemical often used as a solvent for paints and resins.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-470-Celanese

The technology and specialty materials company makes products used in the chemicals, paints, automotive, consumer electronics, and food-and-beverage industries, among others.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

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Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

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Profits as % of Assets

Profits as % of Stockholder Equity

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Earnings Per Share ($)

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EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Celanese Corporation is a chemical company that manufactures and sells engineered polymers worldwide. Its products are used in industries such as automotive, medical, electronics, appliances, and construction.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Celanese (CE): Company Profile, Stock Price, News, Rankings

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Celanese

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Greetings. Welcome to the Celanese Second Quarter twenty twenty five Earnings Call and Webcast. At this time, all participants are in a listen only mode. A question and answer session will follow the brief remarks. Please note this conference is being recorded.

I will now turn the conference over to Bill Cunningham. Thank you. You may begin.

Thanks, Daryl. Welcome to the Celanese Corporation second quarter twenty twenty five earnings conference call. My name is Bill Cunningham, Vice President of Investor Relations. With me today on the call are Scott Richardson, President and Chief Executive Officer and Chuck Kyrish, Chief Financial Officer. Celanese distributed its second quarter earnings release via Business Wire and posted prepared comments as well as a presentation on our Investor Relations website yesterday afternoon.

As a reminder, we'll discuss non GAAP financial measures today. You can find definitions of these measures as well as reconciliations to the comparable GAAP measures on our website. Today's presentation will also include forward looking statements. Please review the cautionary language regarding forward looking statements, which can be found at the end of both the press release and prepared comments. Form eight ks reports containing all of these materials have also been submitted to the SEC.

With that, Daryl, let's please go ahead and open it up for questions.

Thank you. We will now be conducting a question and answer session. Our first questions come from the line of David Begleiter with Deutsche Bank. Please proceed with your question.

Thank you. Good morning. Scott, in your prepared comments, referenced order books beginning to weaken in June and then the trend continuing into July. Can you provide a little more color on really what end markets and you saw that weakening? And how severe has that weakening been?

Thanks, David. We talked in early June about starting to see China automotive orders pull back a little bit. That has continued into the third quarter here. The other area in Engineered Materials that we've seen a little bit of weakening versus the second quarter is in European demand. The Americas has remained relatively stable there.

And then the other bucket I would call out is in the Western Hemisphere in the Asteel chain. I think we've volume weakness towards the end of the very end of the quarter and that has continued into July. I mean those are the really, I would say, of the big buckets of where we've seen that demand change.

Very good. And just on the $2 per share quarterly EPS run rate, how do we get there via bridge? And when do we get there do you think? Thank you.

I think it's important that the two dollars for us is really an achievable target. We're talking a lot about it internally. It's not aspirational. We have concrete plans to get there. And I would say those controllable plans fall in two buckets.

The first, cost structure items and the second is really executing our differentiated business models. And so if you kind of start with the midpoint of our Q3 guide of 1 point dollars 2 you get about $0.25 to $0.30 going into next year or really into the fourth quarter as well from the inventory movement as well as not having kind of the order timing and the pull ins we saw into the second quarter. Next year, we called out an additional around $0.10 per quarter of additional cost actions. So that kind of gets you into that $1.6 1.65 range, which is quite honestly about the range that we had walked into the third quarter with where if q two demand had held. And we still had a gap to close there.

And that gap for us is really around four controllable areas. The first, additional cost and footprint actions. Some of these are more complex than the ones we've already actioned, but they're doable. They just take a little bit more time, but we're working these really in earnest right now. The second is high impact programs, driving additional value in high margin spaces, spaces where we have a real differentiated position.

The third, additional price opportunities in Engineered Materials. We are getting some price. Certainly, want to get more. There are certain products and grades that we have where pricing is really at unsustainable levels. So continuing to find ways to move price in discrete pockets of the business there.

And the third is that there are pockets of opportunity in the acetyl chain, particularly, you know, more in some of our downstream products for us to find additional opportunities there to to drive more value more volume for price. So those are the four controllable actions we're working. These actions will get us to $2 per quarter. It just may be a few quarters delayed versus where we were when demand was a little stronger in the second quarter. But the path, we believe, is strong.

And if demand changes, we're ready. And we're ready to pounce and grab that volume if it's there for us.

Thank you. Our next questions come from the line of Ghansham Panjabi with Baird. Please proceed with your questions.

Thank you, operator. Good morning, everybody. Scott, the $25,000,000 inventory reduction impact in the EM segment you called out specific to 3Q. I mean, I know you're focused on reducing inventory levels, but is the magnitude of the impact a function of just the weaker demand you kind of went through as it relates to order patterns for 3Q and late 2Q?

Yes. I'm just going make a few high level comments on that, Ghansham, and then I'll let Chuck walk through the specific details. On our fourth quarter earnings call in February, I called out that free cash flow generation was our top priority. And that no matter how the year played out, we there were a number of scenarios where we were going to pivot to drive free cash flow. And I'm proud of the team here.

I'm proud of the team around the actions that are being taken. And if you look high level at our free cash flow guide of 700 to $800,000,000 when you look at that on a free cash flow per share basis, that's somewhere in that $7, you know, per free cash flow per share. That is unique and strong. And so I'm proud of the actions we're taking, and we're gonna continue to prioritize cash. So if we need to pivot with demand, we'll do that.

Yes. Hey, Ghansham. Let me talk about some of the income statement impacts of this. As context, look, we've our inventory reduction efforts in EM, we're on a multi year journey here and it allows us to sustainably operate the business at lower inventory and maintain our customer liability standards. We're doing this in many different ways warehouse consolidation, SKU rationalization, safety stock optimization, raw material reductions.

As for the third quarter sequential headwind, mix plays a pretty big role here. Some of our products in EM run on a semi annual production campaign. We ran one of those campaigns in the second quarter on products with a little bit higher associated fixed costs. It's just part of our normal production plan for the year. This actually generated Ghansham a benefit in the second quarter of about 10,000,000 to $15,000,000 to earnings and that was always part of our Q2 earnings guide.

So with the current demand trends, we'll actually draw some of that inventory in the third quarter, which will then generate a similar size negative earnings impact of 10,000,000 to 15,000,000 And so that's how you get the $25,000,000 net sequential negative impact in Q3. As for the full year, the earnings impact from 2Q and 3Q basically offset as I explained. We do expect a small impact in Q4 negative, but no real significant impact for the year. It's really important to remember that we're also getting contributions to our inventory reduction through areas like these raw materials and even offtake arrangements, some of which don't have any impact on the income statement from an absorption standpoint.

Okay, very helpful. And just for the second question as it relates to the 2Q pressure points for the AC segment that you called out, right, so acetate toe and vinyls. How do you expect those two dynamics to evolve sequentially?

Yes. We're not expecting a big change right now, Ghansham. We're expecting that to continue, particularly in toe. I mean, as I called out on the first question, we are seeing a little bit of softness in demand to start the third quarter, even relative to the second on an Acetyl non tow product. So that's really in that vinyls chain.

So I think it's relatively similar with potentially a little bit of downside on the volume side. Now that will be offset in asset yields with us not having turnaround. So that's why you've got kind of the sequential guide up versus where we finished in the second quarter.

Thank you. Our next question is coming from the line of Jeff Zekauskas with JPMorgan. Please proceed with your questions.

Thanks very much. Are tariffs in China affecting your tow business? That is, is there material that you normally ship into China that's now more difficult because of tariffs or not really?

No, Jeff. Our tow business in China is really done entirely through our joint venture and our joint venture partners. So we're seeing no impact from tariffs.

Okay. And in VAM and acetic acid in China, are you at least breakeven? And of your Asian sales in VAM and acetic acid, Is there any that comes from The United States?

Yes, we are breakeven. We're above breakeven still, Jeff. Now what I will say is we are selling less third party acetic acid than what we have historically. We are, as I called out last quarter, continuing to pivot further into the downstream products like emulsions, re dispersible powders because we've seen more pockets of value where we can differentiate ourselves. So continue looking at that landscape and kind of working that wheel of products that we have, that's really pushing us further downstream.

We are selling a little bit of US material in Asia in certain regions. Now that may be direct ship or it could come through swaps, etcetera. So whether it's actual or virtual, that has been something that we have been doing since we started up the Clear Lake expansion last year.

Thank you. Our next questions come from the line of Michael Sison with Wells Fargo. Please proceed with your questions.

Hey, guys. So just curious, in terms of your third quarter outlook, I recall you had thought you'd get zero one five dollars to $0.20 or so in cost savings, another $0.15 to $20 in less turnarounds. Is that still the case? And that would imply sort of this minus $0.50 to get to the midpoint from weaker demand and inventory destocking. So if that's sort of the math, does that minus $0.50 maybe come back in the fourth quarter and maybe the seasonality that you typically get isn't as bad as we head into the fourth?

Yes. Thanks, Mike. As we kind of look at this, I mean, if you normalize for the inventory and some of those accelerated orders that we saw in the second quarter, that kind of gets $0.25 or so up off of the Q2 guide. So that basically puts the third quarter as we're looking at it, it's really a from an enterprise perspective, the underlying company is performing kind of at or even slightly better in the third quarter than what we did in the second quarter because of those cost reductions not having the turnarounds that you talked about. That's definitely rolling through in the numbers as we work our way into the third quarter.

It's really just that that change in demand. And that is kinda in that that 25¢ range as you as you kinda look at what was in the second quarter to the third quarter. And that's probably, somewhere 60% acetyls, 40% engineered materials as I would look at it right now.

Got it. And then a quick follow-up. I know pretty much all your peers have talked about a weaker third and twenty twenty five is coming in pretty disappointing relative to everybody's expectations. But do you think there's anything structural in your businesses that maybe some of the earnings power just won't come back, maybe nylon or parts of EM. I just did I would have never thought folks would be at this level of earnings.

So I just wonder if there's some structural issues in the businesses or that could be persistent over several years versus just this year.

Mike, I'm energized by what our team is executing this year. And I'm energized by what we're doing on free cash flow. And we are building, I think, the enterprise in a way that is increasing the earnings power, and we are ready when demand changes. And what we're doing on the cost structure side of things, I mean, just as an example, in acetyls, I think our Western Hemisphere cost structure has never been as low as it is today. With the fixed costs we've taken out of the business, the expansions, the low capital debottlenecks that we've done, the low carbon footprint products that we have.

In Engineered Materials, for example, the actions that we're taking, we're going to be operating on an S and A plus R and D percentage of sales next year in the range of 8%, which is equivalent to what we were doing pre COVID in 2019 in a very different demand environment. And if you kind of normalize and apply that demand environment to today, that S and A plus R and D percentage of sales would be 100 to 200 basis points lower than that eight percent. So the things that we're doing are going to give us the ability to respond when demand changes. And certainly, there's pockets of the business that, given where things are at today, are challenged. Are they long term structurally challenged?

I don't know about that because actions will be taken. And I think for us, we're really working to ensure that we don't have a set it and forget it mentality on how we operate the company. There's always more that can be done. And if, you know, business isn't performing, then you've gotta take action. You've gotta drive change.

And so that's just that action orientation is really kinda what we're building into everything that we're doing here.

Thank you. Our next question comes from the line of Vincent Andrews with Morgan Stanley. Please proceed with your questions.

Thank you. Good morning. Scott, wondered if you have any thoughts on the acetic acid business in China and some of the anti involution policies that have been proposed. Are you seeing or hearing or thinking that there could be some capacity rationalization in the Chinese market as a function of those policies?

Vincent, I can't speculate what will or won't happen in the market. But definitely where things are at today, it's extremely challenging, I think, the entire industry. And I think certainly China has taken note of that and the anti involution policies that really started to get talked about more a few weeks ago. Certainly in those kind of more established concentrated less fragmented spaces are certainly already seeing change. I mean coal, for example, coal pricing has gone up three weeks in a row.

I think it's up about 5% in the last month. And so I think those first order elements, know, are already seeing, elements of that. How that applies then into our businesses, in particular acetic acid, I don't know yet. But certainly coal as an indicator is going to drive cost up over time for everyone. And so I do think those dynamics, I think it's important that we continue to stay close to what's happening in markets.

We're gonna keep trying things. And we're gonna keep finding ways at which to pivot and find pockets of value. And that's probably gonna be different today than it's going to be next week. But the team has to kind of work that daily operational execution model in order to be successful.

Okay. And then just as a follow-up, there was a call out in the prepared remarks about medical being weak and I recall that there had been overstocking during COVID and that seemed to normalize last year. So what is there anything in particular that's causing that end market to be a little sluggish right now?

No, Vincent. It's just really timing. We had a little stronger volumes early in the year than maybe what we're seeing right now. But fundamentally no. Demand is stronger today than it was coming out of COVID for sure.

And I don't everything that we see doesn't indicate inventory through the chain and end use demand continues to be pretty stable there.

Thank you. Our next questions come from the line of Josh Spector with UBS. Please proceed with your questions.

Yes. Hi. Good morning. I had a follow-up on the earnings power, I guess, around the acetyls business. I guess, I mean, that's kind of been the bigger gap in 2Q and 3Q.

If you can maybe break apart the pieces between you talked about some of the tow destocking impacts. Sounds like you're expecting that to go on in the rest of the year. But then like the core acetyls earnings power, is it utilizations or demand or something that really needs to drive this? And how much is there in your control to maybe lift that earnings versus you need to wait on the market, noting that you shut down or at least delayed the start back up of your Frankfurt facility, you're batching Singapore. Is there more that needs to be done or some impaired earnings on that side of the stream that needs more actions? Or is it all market in your view? Thanks.

Josh, the team is driving greater than 20% EBITDA in a business that's probably seeing Western Hemisphere demand at the lowest level it's been in twenty years. And that's certainly not easy to do. As we look at the business, in particular, tow, we did see higher volumes in the second quarter than we saw in the first. It just wasn't as strong as what we had originally called out. And, you know, the order book indicates that kind of those q two volumes are gonna be pretty similar into the third quarter.

We're seeing kind of that with the weakness I talked about earlier in in in the other acetyl products in in the Western Hemisphere. I do think this is about volume in the Western Hemisphere. I mean, given the overcapacity in Asia, I mean, we're gonna continue to find ways, as I mentioned earlier, to to squeeze out more profit there. But for us, this really is about profitability in the Western Hemisphere. And given how volume is so weak, we do believe that's an area that will change over time.

And just to kind of give you an idea of that earnings power and where things are at, a 3% volume change in just the Western Hemisphere non tow in this business is about $10,000,000 per quarter. So it's not insignificant. Just as a to give you a rule of thumb, in Engineered Materials, a 3% improvement in that business on a global basis is about $15,000,000 a quarter. So real earnings power from very small volume changes in in where these businesses can have success going forward. And and we're only improving that equation with the with the cost structure changes that we're making over time here.

Thank you. Our next questions come from the line of Salvator Tiano with Bank of America. Please proceed with your questions.

I wanted to check specifically as we think about Q4. How should we think about any buckets on earnings Q4 versus Q3? I think you mentioned that there could be some inventory reduction initiatives still flowing through, but can you clarify what we should expect there either item such as seasonality, turnarounds, etcetera? So how should we frame Q4 versus Q3?

Yes. Thanks, Al. I think it's important to understand the visibility right now is very short in both businesses. Historically, Acetyl's visibility of the order book was kind of two to four weeks. Today, it's very much on the short end of that.

Historically, in Engineered Materials, the visibility and confidence in the order book could be four to six weeks. Today, would say the visibility in Engineered Materials is more like two weeks of orders you can really count on. And so that's hard to predict what's going to happen in the fourth quarter. We have not seen normal seasonality so far year to date in anything right now. So it's hard to say, are we going to see real normal seasonality or not?

The inventory value chain is extremely light. We do not see big pockets of inventory really anywhere in the value chain in the areas where we have stronger profitability. Chuck did mention a little bit of inventory draw in the fourth quarter. It's likely on a sequential basis to be actually a positive when compared to the third quarter because it will be then less than what we're seeing here in Q3 based upon how we're seeing things right now from a demand perspective. So I do think it's hard to say what seasonality will be, but I don't think it's unrealistic to think that Q4 would be similar to what we're seeing in the third quarter or even better depending on how things materialize from a demand perspective.

Perfect. Thank you. And I want to also ask a little bit about the balance sheet. And specifically, we saw that you extended your revolver to 2,030, it's $1,750,000,000 So is it fair to say that right now, we do the math, 26,000,027 million dollars maturities, they could fully be addressed by everything you have on hand cash, free cash flow and the revolver? Or is there anything else we're missing?

And is there any chance any reason why you cannot draw on the entire $1,750,000,000 for example to repay your 2027 bonds?

Hey, Sal. Look, we're focusing on paying down our debt maturities through 2027 with our free cash flow generation and then our $1,000,000,000 of divestiture proceeds. We're not relying on our revolver to pay off those maturities. We have used our revolver temporarily from time to time for a short term bridge, but then have quickly paid that off. So I would think about paying down those maturity through twenty seventh through our own cash generation and not using the revolver.

Now we know that sometimes our cash generation in any given year can be a little bit back end loaded. So we'll continue to be prudent and opportunistic in the debt capital markets if we need any further refinancing transactions to kind of bridge some of that payment. But think about those '26 and '27 through our own cash generation.

Thank you. Our next questions come from the line of Patrick Cunningham with Citi. Please proceed with your questions.

Hi, good morning. Thanks for taking my questions. Pretty consistent price declines in ad steel chain over the past several quarters. Is the bulk of this from just China oversupply and the impact from the upstream pieces of the portfolio? And how would you characterize the optionality model and success for downstream sales?

Have you been getting both price and volume there relatively consistently?

Yes. Thanks, Patrick. I think on the downstream sales, pricing has been harder to get there. I mean, think that's been more about volume and finding ways at which to create new opportunities in certain spaces, some out of kind substitution as well. We've seen success, particularly in parts of Asia there.

I mean there definitely has been some margin compression that we've seen since the beginning of the year on some products from a margin perspective in China. And then and we've seen a little bit in certain pockets in the Western Hemisphere, but that's largely been more of a volume story as opposed to a margin decline.

Understood. And then just on the free cash flow outlook, can you help us understand what's driving the reiterated 700,000,000 to $800,000,000 there? If we take a further leg down here, do you think you can manage to the low end of that range with further working capital actions?

Yes. As we entered the year, we looked at a number of demand scenarios and this goes back to Q4 of last year even. And the commensurate inventory actions around each of those demand scenarios to generate 7,000,000 to 800,000,000 of free cash flow. So yes, as you mentioned, as we've kind of seen demand soften here, we're prepared to take further those actions and increase the benefit from inventory working capital and current are confident in that 700 to 800,000,000 in any demand scenario.

I also think Patrick, it's important to clarify, I mean, particularly in the second quarter here, the majority of that free cash flow was generated from operations, not from working capital. Our cash generation is coming from operating cash flow is strong, even despite the fact that we have $650,000,000 to $700,000,000 of interest expense this year. And I think it's that conversion to cash, which is really shows the strength of these operating And that is sustainable. And given that we do believe we're on a multiyear journey of inventory in the Engineered Materials business, even that working capital piece going into 2026 is sustainable. So we feel really good about the cash generation here, and we're gonna be continuing to find ways at which to maximize, you know, how much cash we're generating from operations.

Thank you. Our next questions come from the line of Frank Mitsch with Fermium Research. Please proceed with your questions.

Good morning. Scott, you gave some interesting rules of thumb regarding volume movements impacts on acetyls and EM. Just curious where do you think we are right now on a volume basis relative to historic norms in both of those segments?

We're significantly lower, Frank. I mean, I called out earlier, I think we're at, at least in the Western Hemisphere in acetyl demand, we're probably at the lowest levels we've seen in twenty years. Engineered Materials certainly is weak. I think first half volumes versus first half last year even, I think we're down 5% to 6% volumetrically. So I mean if you just kind of think about those, those are big significant changes that we've seen in the business.

Now I know it's just rhetoric right now, but what we are hearing from our customers is that people are looking more at manufacturing in The U. S. We're hearing from customers that going forward now when this actually hits, we don't know, but the people are looking at making more cars in The U. S. People are looking at making more appliances in The U.

S. We are seeing even the German automakers now rolling out their next wave of electric vehicles, which have a really strong ability to win, particularly in the Western Hemisphere. Those things will be really beneficial for our businesses. On the acetyl side of things, whether it's interest rates or more government spending in Europe or stability in Eastern Europe, any catalyst like that, it's our lowest cost part of the world, our highest margin business, we're going to be able to be able to capture that demand relatively quickly. And so our focus right now is really on, in this low demand environment, what are we doing to ready to ensure that every dollar or every ton we sell in the future is worth more than it was in the past.

Got you. That's very helpful. I must tell you, I was surprised to hear the low level of visibility on your order book seemed pretty surprising. So to that end, without much visibility, just curious as to what the general thinking is in terms of the low end or the high end of that $1.1 to 1.4 range for the third quarter? What sort of expectations are embedded on both sides of that?

Frank, us, I mean, the controllable actions that we're taking and the things that are rolling through the P and L already do give me confidence. Now certainly, where demand could pivot here in the last six weeks of the quarter can go a number of different directions. But I think where we're performing from a controllable perspective certainly gives me confidence in our guide right now. And we have to kind of take that mentality and keep that focus going forward. The good thing for us as well is now we're multiple years into this Engineered Materials integration, for example, which means we're now finally starting to get historical Celanese products on M and M assets and historical M and M products on Celanese assets, which gives us a lot better cost to serve.

It has kind of given us the ability to lower the inventory. But what it also does is it gives us the ability to do more make products. And so it's less inventory that we have to carry so we can respond to that demand. And so it's those types of things that I think we're being a lot more efficient with the business broadly, which does give me confidence that no matter what happens with demand, we can find a way to at least hit our cash flow numbers.

Thank you. Our next questions come from the line of Aleksey Yefremov with KeyBanc Capital Markets. Please proceed with your questions.

Thanks. Good morning. Scott, I wanted to ask you about this demand pattern of stronger second quarter, weaker third quarter in EM. Do you have a view of what's sort of underlying reason for this? Is this tariff timing?

Is this just weak on production schedules or consumer? Or any color here would be great.

Alexei, I hate to do this to you, but your line kind of cut out for us on my end. So do you mind repeating your question for me?

Yes, sorry. Just underlying reasons for stronger 2Q and weaker 3Q in Engineered Materials, Is it tariff or something else?

Look, I think it's hard to say how much is really driven by tariffs. I think some of the order timing, on volumes that for products that were ordered in China that are made in The U. S. That's probably the majority of that kind of 10,000,000 to $15,000,000 or so that we saw that we think kind of moved into the second quarter. I would characterize demand right now really across both businesses is uncertain.

And that's what we hear from our customers. And so in that time, what customers are doing is they're lowering their inventories. And you've seen obviously a host of announcements in our sector here this quarter and from our downstream customers and almost everyone is pulling back on inventories. And when they pull back on inventories, it's going to certainly impact how much product we end up selling. And I think it's that uncertainty and whether it's tariffs or, you know, geopolitical reasons, you know, people are just certainly being a lot more prudent.

Now, we saw this as we entered the year. And, you know, as we entered the year, we knew it was gonna be about cash and lowering inventory. And so that's kind of how we've been operating. And again, as I said earlier, I'm really proud of the actions our team has been taking to really focus on reducing our cost structure and generating cash.

Thanks, Scott. And then FilterToe, how much certainty do you have that this is not a share loss but a destock? How much visibility do you have in these competitive dynamics?

Celanese (CE) Q2 2025 Earnings Call Transcript

Company Participants