This matters because Europe’s chemical industry is vital to its economy. As European Commission President, Ursula von der Leyen, warned in May:
“The chemical industry is ‘the industry of the industries’. It employs more than one million people in the EU. And it provides critical input to key sectors such as defence, healthcare and energy.”
The issue is simple. The industry has been losing increasing amounts of money since 2022. And whilst companies have held on for as long as possible, they can’t afford to hold on forever.
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