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      "text": "Narrative analysis of financial performance, COVID impact, pricing cycles, and 2024 trough expectations.",
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      "text": "This was followed by a strong recovery and higher prices. Pricing has fallen and 2024 is forecast to look a lot like 2019. However, this time we believe that this is a trough result, rather than a midcycle result.",
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      "text": "In working through the disclosure, this is our best take on soda ash's historical financial performance for the last five years and guidance for 2024. 2019 was a below-normal year, and was followed by COVID, which caused an unusual decline.",
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      "text": "Back in 2019, Solvay was dealing with new competitive natural capacity coming from Turkey, and it took a while for the market to rebalance. 2024 features the back end of a European recession and destocking, which already impacted 2023.",
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      "text": "Source: Solvay annual reports 2019 – 2022; Solvay press release, March 13, 2024; Greenlight estimates and calculations. Please refer to note on Slide 2.",
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      "text": "Source: Solvay annual reports 2019 – 2022; Solvay press release, March 13, 2024; Greenlight estimates and calculations.",
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