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U.S. Defense Manufacturers Face A Rare Earth Supply Squeeze - OilPrice.com Market CommentaryMarch 6, 2026 9:20 AM
PR Newswire (US)

NEW YORK, March 6, 2026 /PRNewswire/ -- According to sources, the Pentagon will prohibit the use of rare earth magnet materials originating from China in U.S. military platforms beginning in 2027. This mandate will have broad implications across the American defense industrial base, requiring manufacturers to verify the origin of the rare earth metals used in their systems, tracing them back to the earliest stages of the processing chain. Companies mentioned in this release include: REalloys Inc. (ALOY), Olin Corporation (NYSE: OLN), The Metals Company (NASDAQ: TMC), Huntington Ingalls Industries (NYSE: HII), BWX Technologies (NYSE: BWXT), TransDigm Group (NYSE: TDG).Defense giants like Lockheed Martin are overhauling their magnet supply chains to avoid non-compliance in 2027, warning that rare earth sourcing restrictions require traceability down to the mining level across multi-tier supplier networks. Northrop Grumman has issued supplier notices reinforcing magnet-origin requirements and pushing those obligations through its supply chain.Now, these aerospace and defense behemoths are qualifying compliant suppliers in a market where rare earth processing capacity has been controlled almost exclusively by China for decades.In Euclid, Ohio, that's all changing. Here, REalloys (ALOY) has achieved a North American first: industrial production of magnet-grade heavy rare earth metals for defense applications.Where Defense Giants Will Get Their Magnet-Grade MetalsMountain Pass produces a rare earth concentrate that is separated in California into NdPr oxide. That is a meaningful step in rebuilding domestic capability. But oxide is not the material defense contractors use.Oxide must be chemically reduced into pure rare earth metal. That metal must then be blended into specific magnet-grade alloys before it can move into permanent magnet production.For decades, that conversion from oxide to metal has taken place almost entirely in China. Even when ore was mined in the United States, and oxide was separated domestically, the metallurgical step that turns chemistry into usable industrial metal occurred overseas.REalloys owns the Hoidas Lake rare earth project in Saskatchewan, anchoring primary resource exposure inside Canada. In Greenland, it has signed a long-term non-binding letter of intent covering approximately 15% of future production from the Tanbreez rare earth project–one of the largest heavy and medium rare earth deposits outside China.In Kazakhstan, non-binding agreements with AltynGroup hope to provide access to material from the Kokbulak project and surrounding concessions. In Brazil, an alliance tied to the Araxá project adds another potential non-Chinese intake stream. Those primary sources are complemented by recycled permanent magnet material and industrial scrap recovered for reprocessing.All of that feed — mined concentrate and recycled rare earth content — is directed into North American separation and then into metallization at the Euclid facility. Euclid is operating at an industrial scale at the hardest step in the rare earth supply chain."Metallization is the least developed part of the value chain outside China. It requires deep, accumulated operating expertise and process control systems capable of managing complex variables in continuous production. Even with capital and strong execution, replicating that capability typically takes three to seven years or more — with meaningful technical and qualification risk," says REalloys co-founder Tim Johnston. "We've already solved the hardest part — proving that rare earth metallization and alloying can be done domestically to the specifications real customers require."REalloys (ALOY) closes the full mine-to-magnet loop, and just as the doors are about to close on Chinese-origin defense materials.The National Security DeadlineIndustrial capacity is now rising to meet a fixed national security deadline. SRC and REAlloys are targeting roughly 400 tonnes of rare earth metal output annually by the end of 2027, rising toward approximately 600 tonnes as Phase 1 scales. That's the same compliance horizon facing U.S. defense contractors.The appointment of retired General Jack Keane to the board enhances the strategic elevation of rare earth metallization. Keane served as Vice Chief of Staff of the U.S. Army and operated at the highest levels of force readiness and procurement oversight. His presence reflects a clear reality: oxide-to-metal conversion is no longer an industrial niche — it is a defense planning variable.Federal capital is following the same logic. The Export-Import Bank has issued a letter of interest for up to $200 million tied to a rare earth processing buildout connected to this platform. The Defense Production Act provides additional authority to accelerate domestic midstream capacity.This is no longer a commodity story. It is a capital-backed, deadline-driven restructuring of the defense supply chain, and the companies positioned at the metallurgical layer will determine how smoothly that transition unfolds.Those elements enter defense production at only one point in the industrial chain: after rare earth oxides are reduced into high-purity metal and alloyed into magnet-grade alloys. That conversion step determines whether a weapon system can be produced and deployed on time with predictable performance. That's what REalloys, in partnership with the SRC, is doing in Euclid, Ohio.If the West fails to rebuild this layer at scale inside North America and allied jurisdictions, the United States would be operating a forward-deployed military force that still depends on China for its fundamental material inputs.Production schedules for missiles, aircraft, and naval systems don't shift on a dime. They follow certification, qualification, and metallurgical traceability requirements that take years to establish.The Buildout Before the BanThe first chapter restored a capability that had left the continent. The next chapter finances and scales it. REalloys has already proved that North America doesn't need China to convert rare earth oxides into valuable metals. Now it's scaling it all up, with Euclid as the anchor of a broader processing platform that expands upstream into secured feedstock and downstream into magnet production.The difference between a facility and a platform is measured in throughput. Phase 1 is operational. Euclid is producing rare earth metals today. The current ramp targets roughly 400 tonnes per year of total rare earth metal output by the end of 2027, rising toward approximately 600 tonnes annually as throughput stabilizes. That includes prized dysprosium and terbium — the heavy rare earths that determine high-temperature magnet performance — alongside NdPr metal for permanent magnet strength.In a market where heavy rare earth supply outside China remains measured in the low thousands of tonnes globally, those volumes establish one of the few scaled heavy rare earth metal production points in North America.Engineering, site development, and plant construction move through 2026 and 2027 with a defined objective: capture more of the margin stack inside allied jurisdiction.Capital is now committed to the buildout. The Export-Import Bank's letter of interest for up to $200 million ties sovereign credit capacity to rare earth processing expansion connected to this platform. Defense Production Act authorities add additional channels for capital participation as capacity scales. Capital structure and industrial policy are moving in the same direction.Plant expansions, financing closings, engineering milestones, and rising tonnage will define the next chapter. REalloys is entering the scale phase.Here are a number of defense companies to watch closely over the coming months:Olin Corporation (OLN) serves as the 'indispensable utility' for the entire Western critical minerals and rare earth processing industry. As the world's leading producer of chlor-alkali products, Olin provides the massive volumes of hydrochloric acid and caustic soda required to separate rare earth elements and purify lithium brine. In early 2026, Olin intensified its 'Beyond250' structural cost-reduction program, targeting over $120 million in annual savings to maintain its competitive edge as the primary chemical supplier to the 'Battery Belt' refineries currently coming online across North America.While Olin faces the typical headwinds of a cyclical commodity market, its 2026 strategy has pivoted toward long-term, high-margin supply agreements with domestic mineral processors who require "just-in-time" chemical logistics.The Metals Company (TMC) is the global leader in deep-sea mineral exploration, targeting polymetallic nodules on the seafloor of the Clarion-Clipperton Zone in the Pacific Ocean. In January 2026, TMC took a massive step toward commercialization by filing the first-ever consolidated deep-seabed mining application, which would grant them a permit area covering 65,000 $km^2$.The company's NORI-D project is estimated to contain enough Nickel, Cobalt, Copper, and Manganese to meet the requirements of 280 million electric vehicles, roughly the size of the entire U.S. light vehicle fleet.Huntington Ingalls Industries (HII) is the largest military shipbuilder in the United States and a cornerstone of the U.S. Navy's fleet modernization strategy. The company builds nuclear-powered aircraft carriers, amphibious assault ships, destroyers, and provides lifecycle support services for the Navy's most complex platforms. These are multi-decade programs with enormous barriers to entry and limited competition.Recent contract awards tied to aircraft carrier construction and amphibious ship programs have reinforced HII's long-term backlog strength. At the same time, shipyard modernization investments aim to increase production efficiency and meet growing naval demand. As global maritime tensions rise — particularly in the Indo-Pacific and Middle East — naval force projection and fleet expansion have regained strategic urgency.BWX Technologies ( BWXT) occupies a highly specialized niche within the U.S. defense sector, focusing on nuclear components and fuel systems for naval propulsion. The company manufactures reactor cores and related components used in U.S. Navy submarines and aircraft carriers, placing it at the heart of America's nuclear-powered fleet.Its work directly supports the Navy's Virginia-class and Columbia-class submarine programs — pillars of U.S. strategic deterrence. These long-cycle programs provide decades of revenue visibility, as nuclear propulsion systems require precision engineering and regulatory oversight that few companies globally can deliver.TransDigm Group (TDG) is a leading supplier of highly engineered aerospace components used across both military and commercial aircraft platforms. Unlike prime contractors, TransDigm focuses on proprietary components such as actuators, valves, pumps, and control systems — often niche parts with limited competition and strong pricing power.The company's business model emphasizes aftermarket revenue, where margins are significantly higher than original equipment sales. As military fleets age and require ongoing maintenance, sustainment demand remains steady. At the same time, commercial aviation recovery continues to support aftermarket volumes.TransDigm's exposure to both defense modernization and long-term fleet sustainment creates a resilient revenue profile. Its components are embedded in legacy aircraft as well as next-generation platforms, ensuring recurring demand throughout multi-decade aircraft lifecycles.By. Michael KernOilprice Intelligence brings you the inside view on where the next gains will come from, breaking down the market's biggest growth driver with analysis from veteran oilmen and experts. Click here to get this crucial intel for freeImportant Disclosure: The owner of Oilprice.com owns shares and/or stock options of the company and therefore has an incentive to see the company's stock perform well. We encourage you to conduct your own due diligence and seek the advice of your financial advisor or broker before investing.FORWARD LOOKING STATEMENTS
This publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industry. The Publisher notes that statements contained herein that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect the companies' actual results of operations. Factors that could cause actual results to differ include, but are not limited to, changing governmental laws and policies concerning, among other things, recreational and medical cannabis sales, success of the company's proprietary technology, the size and growth of the market for the company's products and services, the company's ability to fund its capital requirements in the near term and long term, pricing pressures, etc. IMPORTANT NOTICE AND DISCLAIMER
Neither the author nor the publisher, Oilprice.com, was paid to publish this communication concerning REalloys (ALOY). The owner of Oilprice.com owns shares and/or stock options of the featured company and therefore has an incentive to see the featured company's stock perform well. The owner of Oilprice.com may buy or sell shares of the featured company at any time including at or near the time you receive this communication. This share ownership should be viewed as a major conflict with our ability to be unbiased. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.This communication is not, and should not be construed to be, an offer to sell or a solicitation of an offer to buy any security. Neither this communication nor the Publisher purport to provide a complete analysis of any company or its financial position. The Publisher is not, and does not purport to be, a broker-dealer or registered investment adviser. This communication is not, and should not be construed to be, personalized investment advice directed to or appropriate for any particular investor. Any investment should be made only after consulting a professional investment advisor and only after reviewing the financial statements and other pertinent corporate information about the company. Further, readers are advised to read and carefully consider the Risk Factors identified and discussed in the advertised company's SEC, SEDAR and/or other government filings. Investing in securities is speculative and carries a high degree of risk. Past performance does not guarantee future results. This communication is based on information generally available to the public and does not contain any material, non-public information. The information on which it is based is believed to be reliable. Nevertheless, the Publisher cannot guarantee the accuracy or completeness of the information.INDEMNIFICATION/RELEASE OF LIABILITY
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Original: U.S. Defense Manufacturers Face A Rare Earth Supply Squeeze - OilPrice.com Market Commentary

Olin Announces Fourth Quarter 2025 ResultsJanuary 29, 2026 4:05 PM
PR Newswire (US)

HighlightsFourth quarter 2025 net loss of ($85.7) million, or ($0.75) per diluted shareQuarterly adjusted EBITDA of $67.7 millionYear-end 2025 net debt comparable to year-end 2024CLAYTON, Mo., Jan. 29, 2026 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2025. Fourth quarter 2025 reported net loss was ($85.7) million, or ($0.75) per diluted share, which compares to fourth quarter 2024 reported net income of $10.7 million, or $0.09 per diluted share. Fourth quarter 2025 adjusted EBITDA of $67.7 million excludes depreciation and amortization expense of $125.7 million and restructuring charges of $19.1 million. Fourth quarter 2024 adjusted EBITDA was $193.4 million. Sales in the fourth quarter 2025 were $1,665.1 million, compared to $1,671.3 million in the fourth quarter 2024. Full year 2025 reported net loss was ($42.8) million, or ($0.37) per diluted share, which compares to full year 2024 reported net income of $108.6 million, or $0.91 per diluted share.

Ken Lane, President and Chief Executive Officer, said, "During the fourth quarter, we experienced continued headwinds related to the trough market environment exacerbated by customer destocking as well as planned maintenance turnarounds and unplanned operating events. Despite that, we remain committed to executing our value-first commercial approach and are focused on our Optimize the Core strategic priorities: operating safely and reliably, delivering our Beyond250 structural cost reductions and maximizing cash generation. We have begun to see benefits from our Beyond250 initiative, realizing a $44 million reduction in structural costs in 2025. As a result of proactive actions taken, we generated $321.2 million of operating cash flow in fourth quarter 2025 and ended the year with net debt comparable to year-end 2024."Operational challenges and weaker than expected chlorine demand impacted our Chlor Alkali Products and Vinyls segment fourth quarter 2025 performance. Our Chlor Alkali Products and Vinyls business remains committed to maintaining our operating discipline and preserving our Electrochemical Unit (ECU) values in the current trough environment."Lane continued, "Although global epoxy demand remains challenged, as one of the last integrated and lowest cost epoxy producers, we have grown our participation in the United States and European epoxy markets, despite continued market saturation from subsidized Asian competitors. We also continue to grow sales of our formulated solutions products. Given these results, in combination with the benefits from our new Stade, Germany supply agreement and our on-going Beyond250 initiative to reduce structural costs, including the recent decision to close our Guarujá, Brazil Epoxy production site, we anticipate our Epoxy business will return to profitability in 2026."Winchester's fourth quarter 2025 efforts to right-size inventories in the value chain have accelerated channel destocking. Winchester continues to experience rising raw material costs, including copper, brass, and propellant. To help mitigate these significant cost pressures, Winchester is implementing increased commercial ammunition pricing for the first quarter 2026. Our military business continues to deliver strong growth." Commenting on Olin's outlook for first quarter 2026, Lane continued, "As a result of upcoming sequentially higher planned maintenance turnaround costs and higher raw material costs, including increased electrical power costs, we expect first quarter 2026 results from our Chemicals businesses to be lower than fourth quarter 2025. In our Winchester business, as commercial customer inventories become more normalized, we expect our first quarter 2026 results to modestly increase from fourth quarter 2025. Overall, we expect Olin's first quarter 2026 adjusted EBITDA to be lower than fourth quarter 2025 levels."SEGMENT REPORTINGOlin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management's monitoring of the operating segments.CHLOR ALKALI PRODUCTS AND VINYLSChlor Alkali Products and Vinyls sales for the fourth quarter 2025 were $856.4 million, compared to $953.7 million in the fourth quarter 2024. The decrease in sales was primarily due to lower pricing, partially offset by higher volumes. Fourth quarter 2025 segment loss was ($14.7) million, compared to segment earnings of $75.2 million in the fourth quarter 2024. The $89.9 million decrease in segment earnings was primarily due to lower pricing and higher operating costs, primarily from unabsorbed fixed costs incurred from production disruptions and planned maintenance turnarounds, partially offset by higher volumes and decreased costs associated with products purchased from other parties. Chlor Alkali Products and Vinyls fourth quarter 2025 results included depreciation and amortization expense of $101.1 million compared to $105.5 million in the fourth quarter 2024.EPOXYEpoxy sales for the fourth quarter 2025 were $359.3 million, compared to $282.2 million in the fourth quarter 2024. The increase in sales was primarily due to higher volumes. Fourth quarter 2025 segment loss was ($19.2) million, compared to segment loss of ($27.4) million in the fourth quarter 2024. The $8.2 million increase in segment results was due to higher volumes and a favorable product mix, partially offset by higher operating costs, primarily from planned maintenance turnarounds. Product margins were comparable year over year. Epoxy fourth quarter 2025 results included depreciation and amortization expense of $12.6 million compared to $13.1 million in the fourth quarter 2024.WINCHESTERWinchester sales for the fourth quarter 2025 were $449.4 million, compared to $435.4 million in the fourth quarter 2024. Sales were comparable as higher military sales and military project revenue were offset by lower commercial ammunition sales. Fourth quarter 2025 segment earnings were $0.6 million, compared to $42.0 million in the fourth quarter 2024. The $41.4 million decrease in segment earnings was primarily due to lower commercial ammunition pricing and shipments and higher operating and raw material costs, including propellant and commodity metal costs. Winchester fourth quarter 2025 results included depreciation and amortization expense of $9.0 million compared to $9.1 million in the fourth quarter 2024.CORPORATE AND OTHER COSTSOther corporate and unallocated costs in the fourth quarter 2025 were $1.5 million lower than the fourth quarter 2024 as lower legal and legal-related settlement costs, were partially offset by higher incentive costs, including mark-to-market adjustments on stock-based compensation.RESTRUCTURING CHARGESRestructuring charges in the fourth quarter of 2025 included a charge of $9.6 million, including a $4.1 million non-cash asset impairment charge, for the planned closure of our epoxy resin manufacturing facility in Guarujá, Brazil in the first quarter 2026. Olin expects to realize structural cost savings of approximately $10 million annually, while continuing to serve our Brazilian epoxy customers. LIQUIDITY AND SHARE REPURCHASESThe cash balance on December 31, 2025, was $167.6 million. Olin ended the fourth quarter 2025 with net debt of approximately $2.7 billion and a net debt to adjusted EBITDA ratio of 4.1 times. On December 31, 2025, Olin had available liquidity of approximately $1.0 billion.During fourth quarter 2025, approximately 0.5 million shares of common stock were repurchased at a cost of $10.1 million. During 2025, approximately 2.2 million shares of common stock were repurchased at a cost of $50.5 million. On December 31, 2025, Olin had approximately $1.9 billion available under its share repurchase authorizations.CONFERENCE CALL INFORMATIONOlin senior management will host a conference call to discuss fourth quarter 2025 financial results at 9:00 a.m. Eastern Time on Friday, January 30, 2026. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin's website, www.olin.com, under the fourth quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin's website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day.COMPANY DESCRIPTIONOlin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.Visit www.olin.com for more information on Olin Corporation.FORWARD-LOOKING STATEMENTSThis communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:Business, Industry and Operational Riskssensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us;declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;unsuccessful execution of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;failure to control costs and inflation impacts or failure to achieve targeted cost reductions;our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events;the failure or an interruption, including cyber-attacks, of our information technology systems;risks associated with our international sales and operations, including economic, political or regulatory changes;failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions;our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;our indebtedness and debt service obligations;the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans;our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets;Legal, Environmental and Regulatory Riskschanges in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;unexpected outcomes from legal or regulatory claims and proceedings;costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; andfailure to effectively manage environmental, social and governance issues and related regulations, including climate change and sustainability.All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.2026-03 Olin Corporation

Consolidated Statements of Operations (a)

Three Months Ended
December 31,
Years Ended
December 31,($ in millions, except per share amounts)20252024
20252024Sales$   1,665.1$   1,671.3
$   6,780.8$   6,540.1Operating Expenses:

Cost of Goods Sold1,633.81,513.4
6,279.35,802.6Selling and Administrative94.0100.3
388.3408.5Restructuring Charges19.110.3
33.433.3Other Operating Income0.3—
0.50.8Operating (Loss) Income(81.5)47.3
80.3296.5Losses of Non-consolidated Affiliates(0.7)—
(3.1)—Interest Expense(46.2)(44.9)
(188.3)(184.5)Interest Income0.41.0
4.43.7Non-operating Pension Income5.16.6
20.626.0Income (Loss) before Taxes(122.9)10.0
(86.1)141.7Income Tax (Benefit) Provision(37.4)(0.1)
(42.7)36.7Net (Loss) Income (85.5)10.1
(43.4)105.0Net Income (Loss) Attributable to Noncontrolling Interests0.2(0.6)
(0.6)(3.6)Net (Loss) Income Attributable to Olin Corporation$      (85.7)$        10.7
$      (42.8)$      108.6Net (Loss) Income Attributable to Olin Corporation per Common Share:

Basic $ (0.75)$        0.09
$ (0.37)$ 0.92Diluted$ (0.75)$        0.09
$ (0.37)$ 0.91Dividends per Common Share$ 0.20$ 0.20
$ 0.80$ 0.80Average Common Shares Outstanding - Basic113.9116.1
114.6117.8Average Common Shares Outstanding - Diluted113.9117.3
114.6119.5

(a)     Unaudited. Olin Corporation

Segment Information (a)

Three Months Ended
December 31,
Years Ended
December 31,($ in millions)20252024
20252024Sales:

Chlor Alkali Products and Vinyls$      856.4$      953.7
$   3,684.4$   3,630.2Epoxy359.3282.2
1,371.81,226.3Winchester449.4435.4
1,724.61,683.6Total Sales$   1,665.1$   1,671.3
$   6,780.8$   6,540.1Income (Loss) before Taxes:

Chlor Alkali Products and Vinyls$      (14.7)$        75.2
$      256.1$      296.4Epoxy(19.2)(27.4)
(103.5)(85.0)Winchester0.642.0
67.7237.9Corporate/Other:

     Environmental Expense(10.2)(10.8)
(24.5)(30.2)     Other Corporate and Unallocated Costs(19.9)(21.4)
(85.7)(90.1)     Restructuring Charges(19.1)(10.3)
(33.4)(33.3)Other Operating Income0.3—
0.50.8Interest Expense(46.2)(44.9)
(188.3)(184.5)Interest Income0.41.0
4.43.7Non-operating Pension Income5.16.6
20.626.0Income (Loss) before Taxes $    (122.9)$        10.0
$      (86.1)$      141.7

(a)     Unaudited. Olin Corporation

Consolidated Balance Sheets (a)

December 31,
December 31,($ in millions, except per share data)2025
2024Assets:

Cash and Cash Equivalents$            167.6
$            175.6 Accounts Receivable, Net844.5
1,007.8 Income Taxes Receivable66.6
11.5 Inventories, Net784.5
823.5 Other Current Assets107.9
61.4    Total Current Assets1,971.1
2,079.8Property, Plant and Equipment (Less Accumulated Depreciation of $5,508.7 and $5,189.2)2,196.9
2,328.4 Operating Lease Assets, Net298.6
302.2 Deferred Income Taxes47.2
53.4 Other Assets1,210.0
1,185.1 Intangibles, Net174.4
206.6 Goodwill1,427.6
1,423.6Total Assets$         7,325.8
$         7,579.1Liabilities and Shareholders' Equity:

Current Installments of Long-term Debt$              16.3
$            129.0 Accounts Payable806.1
861.6 Income Taxes Payable23.9
141.3 Current Operating Lease Liabilities59.7
64.8 Accrued Liabilities555.1
435.5    Total Current Liabilities1,461.1
1,632.2 Long-term Debt2,811.0
2,713.2 Operating Lease Liabilities252.5
243.2 Accrued Pension Liability200.9
197.7 Deferred Income Taxes334.9
430.5 Other Liabilities337.1
306.9Total Liabilities5,397.5
5,523.7Commitments and Contingencies

Shareholders' Equity:

Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and
Outstanding 113.6 and 115.7 Shares113.6
115.7Accumulated Other Comprehensive Loss(414.5)
(450.1)Retained Earnings2,197.5
2,357.5Olin Corporation's Shareholders' Equity1,896.6
2,023.1Noncontrolling Interests31.7
32.3Total Equity1,928.3
2,055.4Total Liabilities and Equity$         7,325.8
$         7,579.1

(a)     Unaudited.

Olin CorporationConsolidated Statements of Cash Flows (a)

Years Ended December 31,($ in millions)2025
2024Operating Activities:

Net (Loss) Income$      (43.4)
$      105.0Depreciation and Amortization521.6
518.1Losses of Non-consolidated Affiliates3.1
—Stock-based Compensation20.7
17.1Write-off of Equipment and Facility Included in Restructuring Charges4.1
—Deferred Income Taxes(96.0)
(33.7)Qualified Pension Plan Contributions(0.7)
(1.3)Qualified Pension Plan Income(18.1)
(23.3)Changes in Assets and Liabilities:

Receivables123.7
(119.4)Income Taxes Receivable/Payable(179.8)
(1.6)Inventories80.0
25.9Other Current Assets(8.8)
2.4Accounts Payable and Accrued Liabilities53.0
72.8Other Assets(7.3)
(28.4)Other Noncurrent Liabilities22.3
(35.1)Other Operating Activities(0.2)
4.7Net Operating Activities474.2
503.2Investing Activities:

Capital Expenditures(226.3)
(195.1)Business Acquired in Purchase Transaction, Net of Cash Acquired(55.8)
—Payments under Other Long-term Supply Contracts(31.0)
(58.6)Investments in Non-consolidated Affiliates(1.8)
(23.0)Other Investing Activities(4.7)
(7.0)Net Investing Activities(319.6)
(283.7)Financing Activities:

Long-term Debt (Repayments) Borrowings, Net(11.2)
169.7Common Stock Repurchased and Retired(50.5)
(300.3)Stock Options Exercised2.3
23.9Employee Taxes Paid for Share-based Payment Arrangements—
(10.5)Dividends Paid(91.6)
(94.2)Debt Issuance Costs(12.0)
(1.2)Net Financing Activities(163.0)
(212.6)Effect of Exchange Rate Changes on Cash and Cash Equivalents0.4
(1.6)Net (Decrease) Increase in Cash and Cash Equivalents(8.0)
5.3Cash and Cash Equivalents, Beginning of Year175.6
170.3Cash and Cash Equivalents, End of Year$      167.6
$      175.6

(a) Unaudited.

Olin CorporationNon-GAAP Financial Measures - Adjusted EBITDA (a)Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus
an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense
(income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial
measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the
financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-
GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and
Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-
looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release
because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the
inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations.
In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including
interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because
of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect
these adjustments to have a potentially significant impact on our future GAAP financial results.
Three Months Ended
December 31,
Years Ended
December 31,($ in millions)20252024
20252024Reconciliation of Net (Loss) Income to Adjusted EBITDA:

Net (Loss) Income$      (85.5)$        10.1
$      (43.4)$      105.0Add Back:

Interest Expense46.244.9
188.3184.5Interest Income(0.4)(1.0)
(4.4)(3.7)Income Tax (Benefit) Provision(37.4)(0.1)
(42.7)36.7Depreciation and Amortization125.7129.2
521.6518.1EBITDA48.6183.1
619.4840.6Add Back:

Restructuring Charges19.110.3
33.433.3Environmental Recoveries——
(1.0)—Adjusted EBITDA$        67.7$      193.4
$      651.8$      873.9

(a) Unaudited. Olin CorporationNon-GAAP Financial Measures - Net Debt to Adjusted EBITDA (a)Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any
reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash
equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-
back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income),
restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial
measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our
indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity
determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to
similarly titled measures of other companies.
December 31,
December 31,($ in millions)2025
2024Current Installments of Long-term Debt $ 16.3
$ 129.0Long-term Debt2,811.0
2,713.2Total Debt2,827.3
2,842.2Less: Cash and Cash Equivalents(167.6)
(175.6)Net Debt$ 2,659.7
$ 2,666.6

Adjusted EBITDA$ 651.8
$ 873.9

Net Debt to Adjusted EBITDA4.1
3.1

(a) Unaudited.

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Original: Olin Announces Fourth Quarter 2025 Results