Speciality materials provider Trinseo reported a first-quarter net loss of USD 79 million on Monday, despite restructuring efforts that boosted adjusted EBITDA by 44 percent compared to the same period last year.

The Pennsylvania-based company, which manufactures plastics, latex and rubber, saw its net loss widen slightly from USD 76 million a year earlier, weighed down by USD 25 million in refinancing costs from debt transactions completed in January.

Trinseo's quarterly revenue fell 13 percent to USD 785 million, as the company grapples with weak demand across all business segments and its strategic reduction of low-margin sales.

“Core business results in the first quarter were in line with expectations and sequentially higher due to prior quarter customer destocking and seasonality," said Frank Bozich, President and Chief Executive Officer of Trinseo. “Despite persistent market weakness, the first quarter was Trinseo’s 7th consecutive quarter of year-over-year Adjusted EBITDA improvement driven by the various management actions we took early in this industry downturn."

Adjusted EBITDA rose to USD 65 million from USD 45 million a year ago, bolstered by USD 26 million in polycarbonate technology licensing income and cost-cutting measures, though partially offset by lower volumes and reduced income from its Americas Styrenics joint venture.

Cash used in operations totalled USD 110 million, whilst capital expenditures reached USD 9 million, resulting in a negative free cash flow of USD 119 million. The company ended the quarter with USD 128 million in cash, of which USD 2 million was restricted, and total liquidity of USD 421 million.

Among its business segments, Engineered Materials recorded a 2 percent drop in sales to USD 278 million, yet saw adjusted EBITDA jump by USD 16 million to USD 26 million. Latex Binders sales declined 13 percent to USD 209 million, with adjusted EBITDA slipping USD 2 million to USD 24 million.

Polymer Solutions, despite a 22 percent sales decrease to USD 298 million, posted a USD 15 million increase in adjusted EBITDA to USD 44 million, benefiting from fixed cost reductions and licensing income. Americas Styrenics fell to a negative USD 2 million in adjusted EBITDA, down USD 8 million from the previous year.

Looking ahead, Trinseo forecasts a second-quarter net loss between USD 61 million and USD 46 million, with adjusted EBITDA ranging from USD 55 million to USD 70 million. The company expects approximately break-even free cash flow, which includes USD 21 million from polycarbonate technology license income.

The company has withdrawn its full-year guidance previously provided during its debt refinancing, citing high macroeconomic uncertainty limiting its ability to assess future end-market demand.

Bozich expressed confidence in the company's outlook, stating: "We anticipate Adjusted EBITDA of USD 55 million to USD 70 million in Q2 with seasonally higher volumes, lower costs in Engineered Materials, and improved AmSty performance offsetting the first quarter polycarbonate technology license income."

Trinseo expects limited direct impact from current tariffs, as it generally manufactures products and procures raw materials in the regions where they are sold.

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Hankook Tire is gearing up to electrify the 2024/2025 ABB FIA Formula E World Championship as the series returns to Jakarta on 21 June for Round 12 of Season 11.

After a one-year absence, the Jakarta International E-Prix Circuit (JIEC) will once again host the high-speed spectacle, set against the vibrant backdrop of Ancol’s shoreline. The 2.37-km track, celebrated since its debut in Season 8, blends high-speed straights, sweeping turns and a technical final section – inspired by the rhythmic flow of Java’s traditional Kuda Lumping dance. The challenging layout, combined with Jakarta’s intense tropical heat, will test drivers’ skill, endurance and tyre strategy to the limit. Powering every team will be Hankook’s GEN3 Evo iON Race tyre, purpose-built for Formula E’s cutting-edge electric race cars. Its advanced tread design and specialised rubber compound ensure superior grip, stability and heat resistance – key to handling Jakarta’s demanding conditions.

Sustainability remains a core focus, with the tyre incorporating 35 percent eco-friendly materials, including natural rubber and recycled fibres. Designed for extended durability, each tyre is fully recovered post-race and processed through Hankook’s recycling programme, reinforcing the brand’s commitment to reducing motorsport’s environmental footprint while pushing the boundaries of electric racing performance.

Maximilian Günther, the DS Penske driver and winner of 2023 Gulavit Jakarta E-Prix (Race 10), and most recently, the 2025 Jeddah E-Prix (Race 3) and 2025 Hankook Shanghai E-Prix (Race 10), said, “Jakarta delivers a unique blend of technical complexity and extreme climate. It’s a true proving ground for drivers and tire management. The enhanced grip of the GEN3 Evo iON Race tyre allows us to push harder through technical sectors without sacrificing traction. We’ve already observed gains during simulator sessions, and we’re optimistic about translating that into on-track performance.”

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The Yokohama Rubber Co., Ltd. has signed a Mizuho Eco Finance (Mizuho Environmentally Conscious Finance) loan agreement with Mizuho Bank, Ltd. on 17 June, reinforcing the company’s dedication to sustainable growth and decarbonisation.

This environmentally conscious financing programme supports companies transitioning to a decarbonised society by evaluating their climate-related initiatives and disclosures. Yokohama Rubber qualified for the loan after achieving high scores in Mizuho Bank’s environmental assessment, which examines corporate efforts in emissions transparency, greenhouse gas reduction and long-term sustainability goals.

The company has committed to reducing CO₂ emissions by 40 percent by 2030 (compared to 2019 levels) and achieving carbon neutrality by 2050. These targets, along with Yokohama Rubber’s focus on emissions reduction across its supply chain, contributed to its strong evaluation. Under its sustainability slogan, ‘Caring for the Future’, the company integrates social responsibility into its business strategy, aiming to create shared value by addressing global environmental challenges.

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The Court of King’s Bench of Alberta has ordered NOVA Chemicals Corporation to pay Dow Inc. an additional USD 1.2 billion in damages related to losses from the companies’ jointly owned ethylene assets in Joffre, Alberta.

The judgment, signed on 10 June, relates to losses Dow incurred from the asset. The award includes interest to 7 April  2025 but excludes subsequent interest or legal costs. Payment is anticipated to occur in the fourth quarter of 2025.

The latest ruling adds to a prior payment by NOVA to Dow of approximately USD 1.08 billion in damages in 2019 following a June 2018 court decision.

That decision found NOVA had failed to operate the jointly owned ethylene asset at full capacity and had breached contractual obligations since 2001, resulting in reduced ethylene supplies to Dow.

On appeal, the court directed that Dow’s damages be recalculated for the period from 2001 through 2012, as well as for the period from 2013 through June 2018, which had not yet been quantified.

The judgment is subject to appeal, the companies said.

The dispute centres on the operation of the ethylene facility, with Dow claiming it suffered losses due to NOVA’s failure to meet production capacity and contractual commitments over nearly two decades.

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French tyre manufacturer Michelin will become the exclusive supplier for the FIM Superbike World Championship from 2027 through 2031, marking its return to the series after more than two decades.

The deal represents a significant expansion of Michelin’s motorsport portfolio, adding to its existing partnerships in MotoGP and MotoE racing series. The company plans to leverage technology developed in premier motorcycle racing categories for the WorldSBK competition.

“We are very pleased to be able to commit so quickly to a world-class motorcycle racing championship starting in 2027,” said Matthieu Bonardel, Director of Michelin Motorsport. “The WorldSBK offers an ideal environment to bring our technologies even closer to those used by all riders, whether on the track or the road.”

The championship features motorcycles derived from production models, allowing for faster technology transfer from racing to consumer tyres compared to prototype-based series. Michelin highlighted this as a key advantage for developing products aimed at sport motorcycle enthusiasts.

WorldSBK’s audience consists primarily of riders who own supersport motorcycles, making it an attractive platform for Michelin to showcase performance technology that can translate to road use.

Michelin previously competed in WorldSBK during the early 2000s, securing 12 titles in an open-competition environment before withdrawing from the series. The French manufacturer has maintained a strong presence in motorcycle racing through its MotoGP involvement.

The Clermont-Ferrand-based company, which operates in 175 countries and employs 129,800 people, has positioned itself as a leader in high-performance tyre technology whilst emphasising sustainability initiatives across its motorsport programmes.

Financial terms of the exclusive supply agreement were not disclosed.

The deal comes as motorcycle racing continues to grow globally, with manufacturers increasingly viewing championship participation as crucial for technology development and brand positioning in the performance motorcycle segment.

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