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Westlake Declares Force Majeure on Chlor-alkali Throughout U.S. System

Daniel

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Westlake (NYSE:WLK) -6.2% in Wednesday’s trading, tumbling to its lowest in more than three months, after it declared force majeure on chlorine and all grades of caustic soda throughout its U.S. system, S&P Global Platts reported.

Westlake (WLK) said its chlor-alkali production “has been directly and adversely impacted due to the sudden and unanticipated failures of critical processing equipment,” according to a letter seen by S&P Global.

Westlake (WLK) did not specify the sites affected by equipment failures, but S&P Global said the chlor-alkali unit in Natrium, West Virginia, has experienced equipment issues since concluding a recent turnaround and was operating at reduced rates.

S&P Global also reported the company has faced brine quality problems from a third-party provider at its Geismar, Louisiana, chlor-alkali unit, and has launched a complex-wide turnaround at its Plaquemine, Louisiana, site, including the chlor-alkali facility.

Westlake’s (WLK) force majeure came a day after top chlor-alkali producer Olin (OLN) said its Freeport, Texas, plant would temporarily idle a “significant portion” of its ethylene dichloride and related chlor-alkali production.

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Original Article: seekingalpha.com

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Hot Stocks: BIDU Leads Chinese Tech Stocks Higher; PTON, ODFL Rise on Earnings; SNAP Drops

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Stocks surged in the wake of the Federal Reserve’s latest interest rate announcement, with the Nasdaq ending Wednesday’s session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.

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Article: seekingalpha.com

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U.S. Beginning to Detain Some Chinese Aluminum Imports, Top Shipper Says

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The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg.

U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts.

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Original Article: seekingalpha.com

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Gas Stove Controversy Heats up Again As Second U.S. Agency Proposes Limits

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Gas stoves are coming under renewed scrutiny as the U.S. Department of Energy published a proposal Wednesday for new regulations for the appliances, some of which have never been subject to federal efficiency standards.

The proposed rule-making would set new efficiency standards for both electric and gas cooking tops, preventing them from exceeding set levels of energy use per year.

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Original Source: seekingalpha.com

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