What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-02-24 compared with 2021-02-22 · 87 added, 84 removed, 279 unchanged (38% of the section changed)

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Chlor Alkali Products and Vinyls, Epoxy and Winchester.

The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide, which represent 51% of 2020 sales.

The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide, which represent 46% of 2021 sales.

The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone, bisphenol, cumene and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and downstream products such as converted epoxy resins and additives, which represent 36% of 2021 sales.

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Products and Services

We have been involved in the chlor alkali industry for nearly 130 years and consider ourselves as the leading global chlor alkali and derivatives producer.

We have been involved in the chlor alkali industry for approximately 130 years and consider ourselves the leading global chlor alkali and derivatives producer.

Chlorine, caustic soda and hydrogen are co-produced commercially by the electrolysis of salt.

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A large portion of our EDC production is utilized in the production of VCM, but we are also one of the largest global participants in merchant EDC sales.

EDC and VCM are precursors for polyvinyl chloride (PVC).

PVC is a plastic used in applications such as vinyl siding, pipe, pipe fittings and automotive parts.

Our Chlor Alkali Products and Vinyls segment is one of the largest global marketers of caustic soda, including caustic soda produced by a third party in Brazil.

In addition to marketing Olin produced EDC, we also purchase EDC for re-sale on a global basis.

EDC and VCM are precursors for polyvinyl chloride (PVC), a material used in applications such as vinyl siding, pipe, pipe fittings and automotive parts.

Our Chlor Alkali Products and Vinyls segment is one of the largest global marketers of caustic soda, including caustic soda produced by Olin, as well as globally produced material purchased by Olin for re-sale.

The diversity of caustic soda sourcing allows us to cost effectively supply customers worldwide.

Caustic soda has a wide variety of end-use applications, the largest of which includes water treatment, alumina, pulp and paper, urethanes, detergents and soaps and a variety of other organic and inorganic chemicals.

Our Chlor Alkali Products and Vinyls segment also includes our chlorinated organics business which is the largest global producer of chlorinated organic products that include chloromethanes (methyl chloride, methylene chloride and chloroform) and chloroethanes (perchloroethylene, trichloroethylene and carbon tetrachloride).

Our chlorinated organics business participates in both the solvent segment, as well as the intermediate segment of the global chlorocarbon industry with a focus on

sustainable applications and in applications where we can benefit from our cost advantages.

and chloroethanes (perchloroethylene and carbon tetrachloride).

Our chlorinated organics business participates in both the solvent segment, as well as the intermediate segment of the global chlorocarbon industry with a focus on sustainable applications and in applications where we can benefit from our cost advantages.

Intermediate products are used as feedstocks in the production of fluoropolymers, fluorocarbon refrigerants and blowing agents, silicones, cellulosics and agricultural chemicals.

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This business’s unique technology allows us to utilize both hydrochloric acid and chlorinated hydrocarbon byproducts (RCls), produced by our other production processes, as raw materials in an integrated system.

We also manufacture and sell other chlor alkali-related products, including hydrochloric acid, sodium hypochlorite (bleach) and potassium hydroxide, which we refer to as co-products.

The production of co-products, chlorinated organics products and epoxy resins generally consume chlorine as a raw material creating downstream applications that upgrade the value of chlorine and enable caustic soda production.

Our industry leadership in the production of chlorinated organics and epoxy resins, as well as other co-products, offer us eighteen integrated outlets for our captive chlorine.

We also manufacture and sell other chlor alkali-related products, including hydrochloric acid, sodium hypochlorite (bleach) and potassium hydroxide.

The production of these products, chlorinated organics products and epoxy resins generally consume chlorine as a raw material creating downstream applications that upgrade the value of chlorine and enable caustic soda production.

Our industry leadership in the production of chlorinated organics and epoxy resins, as well as other products, offer us eighteen integrated outlets for our captive chlorine.

The Chlor Alkali Products and Vinyls segment’s products are delivered by pipeline, marine vessel, deep-water and coastal barge, railcar and truck.

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At our largest integrated product sites, our deep-water access enables us to reach global markets.

Our Chlor Alkali Products and Vinyls segment maintains strong relationships with The Dow Chemical Company (Dow) as both a customer and supplier.

These relationships are maintained through long-term cost based contracts that provide us with a reliable supply of key raw materials and predictable and consistent demand for our end use products.

Key products sold to Dow include chlorine, caustic soda, chlorinated organics and VCM.

In 2021, our VCM contract transitions from a toll manufacturing arrangement to a direct customer sale agreement.

Key raw materials received from Dow include ethylene and electricity.

Ethylene is supplied for the vinyls business under a long-term supply arrangement with Dow whereby we receive ethylene at integrated producer economics.

Our Chlor Alkali Products and Vinyls segment currently maintains a reliable supply of key raw materials.

Electricity, salt, ethylene and methanol are the major purchased raw materials for our Chlor Alkali Products and Vinyls segment.

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Approximately 72% of our electricity is generated from natural gas or hydroelectric sources.

We satisfy our electricity needs through a combination of long-term power supply contracts and the operation of our own power assets, which allow for cost differentiation at specific U.S.

manufacturing sites.

Approximately 73% of our salt requirements are met by internal supply.

Ethylene is primarily supplied for the vinyls business under a long-term supply arrangement whereby we receive ethylene at integrated producer economics.

Methanol is sourced domestically and internationally primarily from large producers.

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* Includes low salt, high strength bleach manufacturing.

** On January 19, 2022, Olin announced that we will discontinue bleach manufacturing at our Tracy, CA facility by June 30, 2022.

Maximize returns to the ECU.

Leverage our diverse and flexible chlor alkali derivatives portfolio via our differentiated operating model to continually mitigate exposure to the prevailing weaker side of the ECU and maximize value from the stronger side of the ECU.

Leverage our diverse and flexible chlor alkali derivatives portfolio via our strategic operating model to continually mitigate exposure and maximize value from the entire ECU by managing our production rates to the prevailing weaker side of the ECU.

Participate in global trade flow of the products we market.

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We believe the Epoxy segment is one of the largest fully integrated global producers of epoxy resins, curing agents and intermediates.

The Epoxy segment has a favorable manufacturing cost position which is driven by a combination of scale and integration into low cost feedstocks (including chlorine, caustic soda, allylics and aromatics).

The Epoxy segment has a favorable manufacturing cost position driven by a combination of scale and integration into low cost feedstocks (including chlorine, caustic soda, allylics and aromatics).

With its advantaged cost position, the Epoxy segment is among the lowest cost producers in the world.

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The Epoxy segment’s primary geographies are North America and Western Europe.

The segment’s product is delivered primarily by marine vessel, deep-water and coastal barge, railcar and truck.

The segment products are delivered primarily by marine vessel, deep-water and coastal barge, railcar and truck.

Allyl is used not only as a feedstock in the production of EPI, but also as a chemical intermediate in multiple industries and applications, including water purification chemicals.

EPI is primarily produced as a feedstock for use in the business’s epoxy resins, and also sold to epoxy producers globally who produce their own resins for end use segments such as coatings and adhesives.

EPI is primarily produced as a feedstock for use in the business’s epoxy resins, and is also sold in the merchant market.

LER is manufactured in liquid form and cures with the addition of a hardener into a three-dimensional thermoset solid material offering a distinct combination of structural strength, adhesion, electrical insulation, thermal or chemical resistance and corrosion protection that is well-suited to coatings and composites applications.

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While LER and SER are sold externally, a significant portion of LER production is further converted into CER where value-added modifications produce higher margin resins.

Our Epoxy segment maintains strong relationships with Dow as both a customer and supplier.

These relationships are maintained through long-term cost based contracts that provide us with a reliable supply of key raw materials.

Key products sold to Dow include aromatics and key raw materials received from Dow include benzene and propylene.

Our Epoxy segment maintains a reliable supply of certain key raw materials, such as benzene and propylene, under long-term, cost based contracts.

The Epoxy segment’s production economics benefit from its integration into chlor alkali and aromatics which are key inputs in epoxy production.

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Products & Services Major End Uses Plants & Facilities Major Raw Materials & Components for Products/Services

Allylics (allyl chloride, epichlorohydrin and glycerin) & aromatics (acetone, bisphenol, cumene and phenol) Manufacturers of polymers, resins and other plastic materials, water purification, and pesticides Freeport, TX

Allylics (allyl chloride, epichlorohydrin and glycerin) & aromatics (acetone, bisphenol, cumene and phenol) Manufacturers of polymers, resins and other plastic materials and water purification Freeport, TX

Stade, Germany

Terneuzen, Netherlands benzene, caustic soda, chlorine, propylene

Liquid epoxy resin/solid epoxy resin Adhesives, paint and coatings, composites and flooring Freeport, TX

Liquid epoxy resin/solid epoxy resin Adhesives, marine and protective coatings, composites and flooring Freeport, TX

Guaruja, Brazil

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The Epoxy segment continues to drive productivity cost improvements through the entire supply chain to build on our position as the low cost producer of EPI and LER in the Americas and Europe.

We expect to reduce structural costs in applications that do not fit our strategic model.

Capitalize on Aromatics Assets.

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Products and Services

In 2021, Winchester is in its 155 th year of operation and its 91 st year as part of Olin.

In 2022, Winchester is in its 156 th year of operation and its 92 nd year as part of Olin.

Winchester is a premier developer and manufacturer of small caliber ammunition for sale to domestic and international retailers (commercial customers), law enforcement agencies and domestic and international militaries.

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Armed Forces.

Winchester also manufacturers industrial products that have various applications in the construction industry.

Winchester also manufactures industrial products that have various applications in the construction industry.

On October 1, 2020, Winchester assumed full management and operational control of the Lake City Army Ammunition Plant (Lake City) in Independence, MO.

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Winchester has strong relationships throughout the sales and distribution chain and strong ties to traditional dealers and distributors.

Winchester has also built its business with key high-volume mass merchants and specialty sporting goods retailers.

Winchester has also built its business with key high-volume mass merchants and specialty sporting goods and outdoor merchandise retailers.

Winchester has consistently developed industry-leading ammunition, which is recognized in the industry for manufacturing excellence, design innovation and consumer value.

In November 2021, Winchester introduced Shoot United TM , a dynamic initiative designed to promote the shooting sports and drive increased participation.

Shoot United embodies engaging content that will be shared nationwide through mainstream media and on ShootUnited.com.

The content is meant to entertain, inform and foster a healthy and transparent dialogue.

In addition, grassroots events will be coordinated throughout the U.S.

for people to join, with the mission to drive awareness and introduce new participants to the sport.

During 2021, Winchester received the exclusive .308 Winchester/7.62x51 NATO FBI sniper contract, the first of its kind in this caliber, as well as a 9mm duty and training contract.

In May 2021, Winchester was recognized with the Overall Supplier of the Year award by Academy Sports and Outdoors, Incorporated (Academy), one of the nation’s largest retailers of sporting goods products and outdoor merchandise.

The Overall Supplier of the Year is Academy’s highest merchandising supplier award across all categories and departments;

Winchester was chosen from more than 1,800 merchandise suppliers for superior performance, consistent reliability, valued relationships at all levels, and overall contribution to the company during 2020.

In October 2021, Winchester was recognized by the National Association of Sporting Goods Wholesalers (NASGW) with the group’s 2021 Ammunition Manufacturer of the Year award for providing outstanding value and service to NASGW distributor members.

Winchester’s new ammunition products continue to receive awards from major industry publications and organizations, with recent awards including:

American Rifleman magazine’s

Golden Bullseye Award as “Ammunition Product of the Year” in 2020;

Guns & Ammo magazine’s “Ammunition of the Year” award in 2019;

National Association of Sporting Goods Wholesalers in partnership with the Professional Outdoor Media Association ’s Caliber Award for “Best New Ammunition” in 2019;

and American Hunter magazine’s Golden Bullseye Award as “Ammunition Product of the Year” in 2018.

American Rifleman magazine’s Golden Bullseye Award as “Ammunition Product of the Year” in 2020 and 2022;

Guns & Ammo magazine’s “Ammunition of the Year” award in 2019 and 2021;

National Association of

Sporting Goods Wholesalers in partnership with the Professional Outdoor Media Association ’s Caliber Award for “Best New Ammunition” in 2019.

Winchester purchases raw materials such as copper-based strip and ammunition cartridge case cups and lead from vendors based on a conversion charge or premium.

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Oxford, MS brass, lead, plastic, propellant, explosives

*Govenment-owned, contractor-operated (GOCO) facility

*Government-owned, contractor-operated (GOCO) facility

Maximize Existing Strengths.

Winchester will increase our value by strengthening our leadership position in small caliber ammunition through all of the customer segments that we serve – Commercial, Military, Law Enforcement, and Industrial.

With one of the world’s largest small caliber ammunition manufacturing footprint, we will leverage employee engagement, engineering, and process excellence across our three production sites.

Through our Shoot United TM strategic initiative, Winchester will focus on promoting shooting sports and drive increased participation.

With one of the world’s largest small caliber ammunition manufacturing footprints, we will leverage employee engagement, engineering, and process excellence across our three production sites.

Innovative Solutions.

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Winchester will leverage our continuous improvement process to increase productivity through optimizing our people, processes, and equipment.

We will continue to modernize our facilities and equipment for productivity as well as improved safety and environmental footprint.

We will continue to modernize our facilities and equipment for productivity as well as improved safety and environmental impact.

INTERNATIONAL OPERATIONS

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We sell some of our products, such as epoxy resins, caustic soda and sporting ammunition, to a large number of users or distributors, while we sell other products, such as chlorine and chlorinated organics, in substantial quantities to a relatively small number of industrial users.

Olin has a significant relationship with Dow, who was our largest customer by revenue in 2020, representing approximately 11% of our total sales.

We expect this relationship to continue to be significant to Olin and to represent approximately 10% of our annual sales in 2021.

No other single customer accounted for more than 5% of sales.

We discuss the customers for each of our three business segments in more detail under “Products and Services.”

During 2021, no single customer accounted for more than 10% of sales.

We market most of our products and services primarily through our sales force and sell directly to various industrial customers, mass merchants, retailers, wholesalers, other distributors and the U.S.

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The backlog was estimated based on expected volume to be shipped from firm contractual orders, which are subject to customary terms and conditions, including cancellation and modification provisions.

During 2020, consumer purchases of ammunition increased significantly above normal demand levels.

The increase in demand has been across all of Winchester’s commercial product offerings.

During 2020 and 2021, consumer purchases of ammunition increased significantly above historic demand levels.

Our ability to fulfill the backlog could be constrained due to limitations on our production capacity.

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There is a worldwide market for caustic soda, which attracts imports and allows exports depending on market conditions.

This industry includes large diversified producers in North America and abroad, including multiple producers located in China.

Other large chlor alkali producers in North America include The Occidental Petroleum Corporation (Oxy) and Westlake Chemical Corporation (Westlake).

We are also a leading integrated global producer of chlorinated organic products with a strong cost position due to our scale and access to chlor alkali feedstocks.

This industry includes large diversified producers such as Oxy, Westlake, Inovyn and KEM ONE, as well as multiple producers located in China.

This industry includes large diversified producers such as Oxy, Westlake, Inovyn (an Ineos company), and KEM ONE Group SAS, as well as multiple producers located in China.

We are a major global fully integrated epoxy producer, with access to key low cost feedstocks and a cost advantaged infrastructure.

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The markets in which our Epoxy segment operates are highly competitive and are dependent on significant capital investment, the development of proprietary technology and maintenance of product research and development.

Among our competitors are Huntsman Corporation (Huntsman) and Hexion, Inc., as well as multiple producers located in Asia.

Among our competitors are Huntsman Corporation (Huntsman), Hexion, Inc.

(Hexion), Kukdo Chemical Co.

(Kukdo) and Kumho P&B Chemicals (Kumho) as well as multiple other producers located in Asia.

Westlake announced that it has completed the acquisition of Hexion’s global epoxy business.

We believe our Winchester business is one of the largest global manufacturers of commercial small caliber ammunition.

Our Winchester business, Vista Outdoor Inc.

(Vista), and Remington Outdoor Company, Inc.

(Remington) are among the largest commercial ammunition manufacturers in the U.S.

In October 2020, Vista acquired the Remington ammunition business in the bankruptcy auction of Remington’s assets.

Our Winchester business and Vista Outdoor Inc.

(Vista) are among the largest commercial ammunition manufacturers in the U.S.

The ammunition industry is highly competitive with Olin, Vista and numerous smaller domestic manufacturers and foreign producers competing for sales to the commercial ammunition customers.

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HUMAN CAPITAL

Olin maintains a global workforce to support our operations.

We are focused on supporting our global workforce through a variety of factors, which include benefits and compensation, a focus on diversity and inclusion and professional development.

We strive to provide our employees with a safe and comfortable environment which allows us to achieve our internal and external goals, while being committed to safely producing and distributing our products.

Olin senior management provides oversight for benefits and compensation of our workforce in a variety of ways, including periodic compensation benchmarking, implementation and adaptation of various employee benefit programs, primarily health and other related benefits, review of certain employee post-retirement benefits and accessibility of employee assistance programs.

Our human resources department oversees these programs to ensure our benefits and compensation are competitive.

We have both salaried employee and hourly employee structures in place to compensate employees.

Our benefits and compensation structures allow Olin to attract and retain a workforce that has exceptional talent which fosters achievement of Olin’s goals and objectives.

At Olin, we believe that our employees are critical to our success.

In 2021 we established our Lifting People core principle with three distinct pillars - Opportunity & Fulfillment, Communication & Connection, and Trust.

Lifting People is about creating work environments for our global workforce that are inclusive, supportive, and empowering while encouraging and incentivizing the highest level of performance.

We support our global workforce through a variety of factors, including benefits and compensation, recognition and rewards, a focus on diversity and inclusion, and professional development, all of which are included in the overall employee value proposition.

We strive to provide our employees with a safe and supportive environment and maintain a steadfast commitment to safely producing and distributing our products, both of which we believe are fundamental in achieving our goals.

Olin senior management provides oversight for the benefits programs and compensation of our workforce in a variety of ways, including periodic compensation benchmarking, implementation of various health and other employee benefit programs review of certain employee post-retirement benefits and accessibility of employee assistance programs.

Our human resources department oversees these programs to ensure our benefits and compensation programs are competitive.

We have both salaried and hourly employee structures in place to compensate employees.

Our benefits and compensation structures allow Olin to attract and retain a talented workforce which fosters achievement of Olin’s goals and objectives.

Separately, our Board of Directors maintains a Compensation Committee which sets policies, develops and monitors strategies for and administers the programs that are used to compensate our CEO and other senior executives.

Olin is committed to lifting people through diversity and inclusion.

The insights provided by our workforce through various skills, backgrounds and experiences that each of our employees brings will lead us to future innovations which will reduce costs, reduce our environmental footprint, improve our ability to serve the world and keep our employees healthier and safer.

Olin is committed to lifting people through diversity and inclusion and maintaining work environments where all employees are comfortable bringing their authentic selves to work each day.

We believe the insights provided by our workforce through their unique skills, backgrounds and experiences will lead us to future innovations that will reduce costs, reduce our environmental footprint, improve our ability to serve the world and keep our employees healthier and safer.

We uphold the diversity of our employees to embolden inclusive dialogue, creative ideas, and innovative solutions to cultivate lasting, positive impacts for our customers, employees, communities, and shareholders.

In our support of diversity and inclusion objectives, approximately 26% of our global workforce is comprised of women, and approximately 27% of our management roles are held by women.

Our goal is to continue to expand women in leadership positions by approximately 10% by 2025.

Our largest concentration of employees is located in the U.S., of which 29% are minorities.

In our support of diversity and inclusion objectives, approximately 26% of our global workforce is comprised of women, and approximately 27% of our management roles are held by women, and 14% by minority employees in the U.S.

Our goal is to expand women in leadership positions to approximately 30% by 2025, an increase of approximately 10% against a 2018 baseline.

We also strive for continued professional development of our workforce.

We never stop learning and Olin provides a wide range of employee development and productivity programs.

These opportunities help our employees improve and grow, ensuring that each employee understands our values and commitment to one another.

Our learning platform focuses on fostering additional learning opportunities which allow our people to build meaningful careers.

These programs help our employees improve and grow, and ensure that each employee understands our values.

Our learning platform focuses on providing a variety of educational opportunities that support career development for our people.

As part of our commitment to professional development, we offer undergraduate and graduate tuition assistance to eligible employees up to a maximum of $10,000 per year.

We regularly review talent development and succession plans to identify and develop a pipeline of talent to maintain business operations.

We also have a well-established performance management process, which includes, at a minimum, annual year-end reviews and development discussions.

Our talent management process seeks to provide employees on-going feedback to enhance their performance.

As of December 31, 2020, we had approximately 8,000 employees, with 6,800 working in the U.S., including approximately 1,700 employees at Lake City which is a GOCO facility, and 1,200 working in foreign countries.

For our foreign country locations, approximately 56% are located in Europe, Middle East, Africa, and India, 20% in Asia Pacific, 14% in Canada, and 10% in Latin America.

Approximately 48% of our total employees are employed in our Chlor Alkali Products and Vinyls and Epoxy businesses, 49% are employed in our Winchester business, including 21% at Lake City, and 3% are employed in Corporate functions.

We regularly review talent development and succession plans to identify and develop a pipeline of talent to maintain and continuously improve business operations.

We make purposeful moves to accelerate the development of high potential employees.

We also have a well-established performance management process, which encourages ongoing feedback throughout the year and includes, at a minimum, annual year-end reviews and development discussions.

As of December 31, 2021, we had approximately 7,750 employees, with 6,555 working in the U.S., and approximately 1,195 working in foreign countries.

Of our total global workforce, approximately 9% are located in Europe, Middle East, Africa, and India, 3% in Asia Pacific, 2% in Canada, and 2% in Latin America.

Approximately 48% of our total employees are employed in our Chlor Alkali Products and Vinyls and Epoxy businesses, 49% are employed in our Winchester business, including approximately 1,540 employees at the Lake City Army Ammunition Plant, which is a Government Owned Contractor Operated (GOCO) facility, and 3% are employed in Corporate functions.

Various labor unions represent a significant number of our hourly-paid employees for collective bargaining purposes.

The following labor contract will be required to be negotiated in 2021:

Location Number of Employees Expiration Date

East Alton (Winchester) 573 December 2021

While we believe our relations with our employees and their various representatives are generally satisfactory, we cannot assure that we can conclude this labor contract or any other labor agreements without work stoppages and cannot assure that any work stoppages will not have a material adverse effect on our business, financial condition or results of operations.

In the U.S., bargaining unit employees comprise 35% of the total workforce.

In 2022, we have no labor agreements that are due to expire in the U.S.

RESEARCH ACTIVITIES;

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Our chlor alkali businesses generally experience their highest level of activity during the spring and summer months, particularly when construction, refrigerants, coatings and infrastructure activity is higher.

The chlor alkali industry experiences changes in demand for each of the co-produced products and as a result of the large increments in which new capacity is added and removed.

Because chlorine and caustic soda are produced in a fixed ratio, the supply of one product can be constrained both by the physical capacity of the production facilities and/or by the ability or desire to sell the co-produced product.

Prices for both products respond rapidly to changes in supply and demand.

We have significant diversification of our chlorine outlets, which allows us to better manage this co-product relationship.

Our Epoxy segment also serves a number of applications which experience their highest level of activity during the spring and summer months, particularly civil engineering and protective coatings and other construction materials, including composites and flooring.

RAW MATERIALS AND ENERGY

Basic raw materials are processed through an integrated manufacturing process to produce a number of products that are sold at various points throughout the process.

We purchase a portion of our raw material requirements and also utilize internal resources, co-products and finished goods as raw materials for downstream products.

We purchase a portion of our raw material requirements and also utilize internal resources and finished goods as raw materials for downstream products.

We believe we have reliable sources of supply for our raw materials under normal market conditions.

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Approximately 72% of our electricity is generated from natural gas or hydroelectric sources.

We have long-term power supply contracts with Dow in addition to utilizing our own power assets, which allow for cost differentiation at specific U.S.

We satisfy our electricity needs through a combination of long-term power supply contracts and the operation of our own power assets, which allow for cost differentiation at specific U.S.

manufacturing sites.

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Additional information related to our corporate responsibility initiatives, practices, activities, goals and related information, as well as future updates, can be found in the Corporate Responsibility section of our website at www.olin.com, including our 2020 Sustainability Report under the section Sustainability Success.

Our progress against ESG and sustainability targets is included with our public quarterly earnings review materials and can be referenced under the Investor Relations section of our website.

The contents of our website referenced in this section are not, and should not be considered to be, part of this report.

Environment, Health, Safety and Security Stewardship

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Our operations worldwide comply with all local requirements and implement other standards as required to protect the environment, health, safety and security of our operations.

We are committed to the guiding principles of the chemical industry's Responsible Care ® initiative around the globe and we use our management system to drive continuous improvement and achieve excellence in environmental, health, safety, process safety and security performance.

We use our management system to drive continuous improvement and achieve excellence in environmental, health, safety, process safety and security performance.

Our safety, health and environmental strategy and goals are designed to sustain our drive to zero incidents.

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All employees have responsibilities within our management systems necessary to sustain our drive to zero incidents.

Full year 2020 was the third consecutive year that Olin achieved a decline for total safety and environmental events, which includes recordable injuries, process safety events, environmental events, and distribution events.

Olin continues to achieve targeted safety reductions, resulting in a downward trend in total safety and environmental incidents.

Sustainability and Governance

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Our focus on continuous improvement throughout our history drives our business.

Our inaugural Sustainability Report describes our core tenets in this area.

Our Sustainability Report describes our core tenets in this area.

Focused on four pillars, we are challenging ourselves to advance those opportunities where our impact on the planet, our operations and our people and communities is most meaningful:

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Resource Efficiency

Olin effectively manages critical resources to minimize consumption and waste, increase reuse and recycle of materials, drive operational efficiency, and be good stewards of protection for the environment.

Olin effectively manages critical resources to minimize consumption and waste, increase reuse and recycle of materials, drive operations efficiency, and be good stewards of protection for the environment.

Product Sustainability and Commercial Outreach

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We take great pride in distributing and handling our products safely and enabling our customers to do the same.

Our product stewardship and quality practices are aligned with our core values, the American Chemistry Council’s Product Safety Code under Responsible Care ® , and other globally recognized standards.

Our product stewardship and quality practices are aligned with our core values and other globally recognized standards.

We apply these standards to our chemical business segments and relevant subsidiaries to ensure compliance with applicable global regulations, evaluation, continuous improvement and transparency of relevant production and product or formulation information.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business