Celanese Corporation Navigates Challenging Market Conditions
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Celanese Corporation reported its Q3 2024 earnings, revealing diluted earnings per share of $0.08 and adjusted earnings of $0.44, with net sales of $1.6 billion. The company faced weakened demand in key markets, prompting a 95% reduction in its quarterly dividend and cost-saving measures. Despite challenges, Celanese is expanding its Asia Technology Center and opened a new lab in Shenzhen. Looking ahead, the company anticipates further demand challenges, particularly in automotive and industrial sectors, and plans to slow production accordingly while focusing on cost reductions and strategic improvements.
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