Orion S.A. announced today that it has completed upgrading its air emissions control technology at all four of its U.S. carbon black plants – the biggest sustainability-related initiative in the company’s history. Orion recently finished its final air emissions project at its plant in Belpre, Ohio. Previously the company upgraded the Borger, Texas, Ivanhoe, Louisiana, and Orange, Texas, facilities. The upgrades were part of an initiative from the U.S. Environmental Protection Agency that applied to all carbon black producers in America. The projects were especially challenging for Orion because it has more carbon black plants in the United States than any other company. The projects were made more challenging by COVID-19, contractor issues, supply chain disruptions, and shortages of key materials.
In a press release announcing the completion, Orion also updated its guidance for 2024:
With a slower recovery in end markets and downtime as a result of Orion's final EPA project, the company expects 2023 results to land at the lower end of its Adjusted EBITDA guidance range of $330 million to $340 million. While demand is recovering, it is building slower than expected in many markets.
“We are projecting our fourth year in a row of earnings growth in 2024 and expect the rate to be similar to 2023, which was a mid-single digit EBITDA increase,” [Orion CEO Corning] Painter said.