Covestro Pushes Forward with Strategic Transformation Plan

Covestro AG has reaffirmed its transformation strategy at its Annual General Meeting, with shareholders approving all proposed resolutions and reelecting five Supervisory Board members. CEO Dr Markus Steilemann outlined the company's progress amidst ongoing market challenges, highlighting cost-efficiency, sustainable growth, digitalisation, and innovation as its four key focus areas. By 2028, Covestro aims to reduce annual costs by €400 million, enhance production capacity management, and expand its footprint in sustainable materials and recycling technologies. The company also plans to boost digitalisation across its value chain to improve efficiency and tap new growth opportunities. Covestro’s partnership with XRG was also highlighted as a significant long-term move, with the transaction expected to close in the second half of 2025. The reappointed Supervisory Board members include Dr Christine Maria Bortenlänger, Lise Kingo, Dr Richard Pott (also reelected as Chair), Regine Stachelhaus and Patrick W. Thomas. Despite stable EBITDA, lower selling prices and asset impairments led to a net loss for 2024. In line with its financial policy, Covestro will not distribute a dividend this year.

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