Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 21 February.

US to start antidumping probe on China MDI imports on 5 March
The US International Trade Commission (ITC) will start on 5 March a preliminary antidumping probe on imports of methylene diphenyl diisocyanate (MDI) from China, acting on a petition from BASF and Dow Chemical.

BASF to sell Brazil paints business to Sherwin-Williams, other moves ahead
BASF is to sell its Brazilian decorative paints business to Sherwin-Williams for $1.15 billion and is set to begin exploring options for other parts of its coatings portfolio, the Germany-headquartered chemicals major said on Monday.

US Celanese shares fall 23% to 2013 levels amid weak guidance
Shares of Celanese fell by 23% in afternoon trading to reach lows last seen in 2013, after the company gave weak guidance for the first two quarters of the year and implied that growth would come from costing cutting and efficiency programs – and not from any widespread increase in demand.

DATA WATCH: Europe’s competitive weakness in chemicals clear amid US exchange rate decline
Europe’s lack of competitiveness in petrochemicals production is widely talked about in the industry, particularly in relation to China’s expanding capacities and drive for self sufficiency.

Cornerstone to close US ACN plant in June on financial, economic challenges
US-based Cornerstone announced on Thursday the decision to mothball its acrylonitrile (ACN) operations in Waggaman, Louisiana, effective 30 June.

Oversupplied global nylon market needs restructuring – US AdvanSix
The global nylon market has too much capacity, and it needs more restructuring to balance supply and demand, the CEO of US-based nylon producer AdvanSix said on Friday.