of each discuss Mike. now on product to X Slide lines. Thanks key I’m our
demand raw pressured over Starting The to global at other leading on per price and with to from quarter economy excess reaching Europe, XXXX. the prices. composite unfavorable Asia spreads Chinese lower sequential quarter fourth conditions. moving levels underperformed industry ton of the slower $XXX as seen the first benzene caprolactam roughly The spreads the haven’t seen a back of the we’ve since basis regions, is XXXX, Asia growth supply nylon, namely on spreads in we pricing that global averaged supply
residential and n and serve the chain. slow space market demand construction America, seen From down customers we carpet an filament end perspective sides commercial on the has has our both lackluster. and indicators where North Building the in fiber continued been through
other goods, where material engineered compression consumer than margin has we plastics, persisted in more the serve pricing applications significantly with change as auto, costs. durables raw industrial In input falling such and resin
business, impacting demand and applications, tied and end bone use Lastly behavior de-stocking resilient like in certain for to inventory has packaging, our pressures see inflationary and more packaging. while protective begun a meat to buying softness
supply sulfate, quarter lead-up fertilizer saw we lower ammonium in pricing to costs amid North and the increases Moving in declines availability. nitrogen the global the American in energy spring,
we ratios, prices, industry expected planted nutrient fundamentals, and as have have strong to However, agricultural continued season. underlying support acres into demand including stock-to-use farmer the crop moved profitability,
that has are availability for for outpace U.S. of spring of price are in demand seeing bolstered boosted and which thick fertilizer a in the number Now the we we applications, particular. urea immediate the offerings,
in the noted and have past, less tends the we volatile winter. sulfate than smaller urea be ammonium pricing to seen reductions price through As has
customers to as pricing nutrient as demand, weeks in on recent AS and our pick seen key bit have progresses. a we up working well the However, we season plant are serve strong
intermediates, costs quarter. Lastly industry chemical propylene in the turning continued acetone prices over year-over-year realized to improve to first refinery-grade
some operating phenol navigated into we rates the into has has supported stable on markets we’ve While acetone by softness demand we’ve generally as the buyer acetone imports into applications applications and end industrial persistent lower large turnarounds, like U.S. again This and other seen global building demand, the some balanced. been plant supply industry mentioned. and reduced downstream see construction
in March, steady given just spreads conditions particularly highlighted. higher, Propylene I costs movement but have have and demand seen some the supply remained
Our these. continues integrated us operating serve like model to dynamics in industry well
to Let’s strategic to success the is and commitment continue linkage next the turn our AdvanSix strengthen our slide. sustainability, to we and between at corporate our Underpinning ESG performance priorities. our
to improved respect On usage emissions, the developing environmental meaningful achieve and front, our step for to water in with have next carbon operational stewardship, of are footprint, we set impacts. strategies delivering reductions alignment the change and our energy
our our today are the Importantly, We’ve our other at in assessment Hopewell decarbonisation completing sustainable to to mentioned help highlighted customers life XX%. a are expected our forward we that also of footprint which usage, a our earlier establish ammonium approximately an meet with I to initial for cradle-to-gate in their represents requesting addition site expansion granular products water step reduction major cycle sulfate goals. benefits
remain the of foundation people the asset in our Our greatest enterprise.
levels this XX summer promise about program, year, of joining on so we our diversity can are progress of and initiative, interns. the have zero sponsored the the drive with Future of initiatives inclusion us best scholars safety our a incident deliver priorities. By on that in we under all our of We our and scholarship at operate as reflects attract XX% [indiscernible] end communities the STEM organization retain which and equity, to Scholars mindset to will executing and scholars talent we current
to also indicators. all across reporting have ESG ensure performance framework oversight accountability, and governance a implemented and We serving robust
Association environmental Board National Directors’ our As to maturing recognized be Public second by by for recognitions platinum we EcoVadis, social and among the to have organizations consecutive we’re been CDT by of in this recognition and the positive corporate New a responsibility, for progressing number management, including arena, chapter, rating of pleased party Year commitment third awards. Company and other Jersey of Corporate by our
Let’s to turn X. Slide
remains outlook shared largely Our for what consistent we XXXX to have previously.
the model business of expect navigate to demonstrate this challenges ability continue to through We to our of an performance and the environment. year our resilience uncertain
expect and industry planting favorable fertilizer underlying and application support season. We to robust agricultural fundamentals a
increase albeit a ammonium the lower anticipate such, sales raw sulfate nitrogen quarter, environment. domestic material improvement second in in and we volume pricing As to in
demand lower and North consumer chemical building given remain rates having American is in intermediates implications construction continue balanced durables headwinds for expected product operating price. persists conditions and supply both other This markets while lines. nylon end and acetone phenol globally, and across industry volume to our
focused our higher target continue rates running remain safe, performance at average. and to we on Operationally, industry disproportionately and stable than plants the on sustainable
expected and of impact unchanged. Our capex turnarounds remains plant
funded bringing to our effective status. million continue to million benefit $X to cash we be defined our tax a year Lastly, XXXX, approximately XX% anticipate to zero pension our for and in fully to expect contributions following plan be rate the contributions nearly approximately $XX
moving to turn before me XX Q&A. Now Slide let and wrap up to
chemistry in a record the as strong for our end of serving a of partner evolving long diversified trusted needs company, pride meets product our portfolio success and customers with take environments. and of any our multiple legacy solutions range a As insulate It from that we track diverse possible. results in as line, the by variability product starts The essential in one exposure chemistries innovative several make our market demonstrated company with of end helps applications. our that all significant our markets
diverse the exposure from smart portfolio mix use and enhanced and focus of and its our upside through-cycle this With assets we our through continue profitability improve to to to our deployment business. profitability. investments our focus sustain in increasing capital, earnings to sales product end differentiated our and and on disciplined on we Supplementing throughput have continue power of make applications,
long critical We which are quartile the returns priorities, compelling yield achieving underpin attractive executing capital, all on focused drive cash that are returns. to free a set of shareholder and flow, measures and of in durable conversion, aligned to term top
Adam, let’s to move With that, Q&A.
