LyondellBasell Industries N.V. (NYSE:LYB) Q3 2023 Earnings Call Transcript

Peter Vanacker : Thank you, Josh, and going to take to Ken because that’s related, I mean, then to PE your question.

Ken Lane : Yes. So Josh, we’re still going to see more capacity coming online next year, and that’s why we’re going to kind of be bouncing along the bottom. Overall, as an industry, I think, first half of next year and then the hope is in the back end of next year, we start to see some recovery in the market growth comes back to absorb the additional capacity, but there’s going to be — continue to be pressure around new capacity coming in, and that’s going to be the biggest watch out for us.

Peter Vanacker : Yes. You see, I mean, that from Beijing, there is continuously evaluations and incentives that are being put in place. We don’t see the construction market now picking up yet. But if you then look, for example, in China, the motive has been 10% year-on-year increase and EV has actually has been closer in to 40%. But on the other hand side, I mean, we see the consumers continue to save, I mean, a lot of money. So savings continue to be at a high level. But more and more of these incentives, one would expect and, of course, also that the confidence will grow in the population in the middle class. And that, of course, would have then its influence on their spending on durable goods as well.

Operator: Ladies and gentlemen, I’m showing no other questions at this time. I’ll turn the floor back to Mr. Vanacker for any final comments.

Peter Vanacker : Thank you, again. Very good questions. And let me highlight again that we are very pleased, I mean, with the results, considering the market environment that we are in Q3. Great job that has been done by all the teams. We, of course, continue to look forward to sharing updates over the coming months as we continue to also make progress on the implementation of our long-term strategy. We hope you all have a great weekend and a safe one. Therefore, I wish you a great weekend. Stay well and stay safe. Thank you.

Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.