Covestro has decided to pause the investment project for its new world-scale MDI plant, due to the European energy crisis and a global economy that continues to weaken. The decision on the plant’s future location remains open until further notice.
“The war in Ukraine, the European energy crisis, and the growing inflation have severely disrupted the global economy. Facing an increasingly volatile economic environment, we must ensure that we make the best decision for the company economically and strategically. Thus, we pause the project for the moment and reassess it at a later time,” said Markus Steilemann, Ph.D., CEO of Covestro. “In the long term, we see significant growth in global demand for MDI driven by trends toward energy-efficient construction, and want to profit from this demand as a leading company in the global market. We will also continue to invest in growth opportunities in all regions of the world.”