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TheStreet Open House

Celanese's CEO Discusses 1Q 2012 Results - Earnings Call Transcript

During this call, management may make forward-looking statements concerning, for example, Celanese Corporation's future objectives and results, which will be made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The limitations inherent in such forward-looking statements are detailed in the earnings release referenced during this call.

Celanese Corporation's First Quarter 2012 earnings release references the performance measures, operating EBITDA, business operating EBITDA, affiliate EBITDA and proportional affiliate EBITDA, adjusted earnings per share and net debt as non-U.S. GAAP measures. For the most directly comparable financial measures presented in accordance with U.S. GAAP and our financial statements and for a reconciliation of our non-U.S. GAAP measures to US GAAP figures, please see the accompanying schedules to first quarter earnings release posted on our website, celanese.com.

This morning Mark Rohr will briefly review the performance of the company and Steven Sterin will provide an overview of the business results for each segment and the financials. We'll have a question-and-answer period following with Mark, Steven, and Doug following the prepared remarks.

I'd now like to turn the call over to Mark Rohr. Mark.

Mark Rohr

Thanks, Jon, and welcome everyone to today's call. It's a pleasure to be here and I'm honored to be joining as CEO of Celanese and we all look forward to your questions after our remarks.

Before I get into a few details on this quarter, I'd like to highlight some recent accomplishments that we are particularly excited about. In March, we received key government approvals to produce ethanol for industrial use at our Nanjing facility. This is a significant milestone as we move the coal-based ethanol opportunity closer to reality.

Additionally, continued advancements in TCX catalyst technology, have allowed us to expand the capacity of this plant by 30% to 40% without capital addition, getting us to about 275,000 tons. We have begun construction and anticipate this unit will be operational in the middle of 2013.

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