LyondellBasell Industries: I Am Not Convinced This Is A Cyclical Bottom

LyondellBasell's profit margins have been in decline for nearly a decade if the impacts of COVID stimulus are removed. The competitive advantage LYB's North American operations once held has deteriorated through ever increasing ethane and LPG exports. The market is focused on capacity rationalizations in Europe, but there is plenty of new capacity coming online in the rest of the world.