Ethylene Margins, Construction Rebound Lift Earnings Outlook

Bunch: Pace of activity improving. Early signs of construction recovery and near-record U.S. ethylene pricing and margins offer hope for stronger industry earnings in early 2012. Chemical makers continue to face weakness in Europe, however, with PPG Industries and Dow Chemical (story, below) announcing plans for restructuring and job cuts that were focused primarily on Europe. ConocoPhillips said last week that it expects stronger first-quarter earnings from Chevron Phillips Chemical (CPChem), its 50-50 joint venture with Chevron, citing near-record ethylene...

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