What changed in this filing

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Item 1. Business

2024-02-22 compared with 2023-02-23 · 144 added, 113 removed, 246 unchanged (51% of the section changed)

Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO.

We are a manufacturer concentrated in three business segments:

We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S.

manufacturer of ammunition.

Our operations are concentrated in three business segments:

Chlor Alkali Products and Vinyls, Epoxy and Winchester.

All of our business segments are capital-intensive manufacturing businesses.

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 represented 58% of 2023 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 systems and growth products such as converted epoxy resins and additives, which represented 29% of 2022 sales.

The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges, which represented 17% of 2022 sales.

The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and systems and growth products such as converted epoxy resins and additives, which represented 20% of 2023 sales.

The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, which represented 22% of 2023 sales.

See our discussion of our segment disclosures contained in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

We maintain an Internet website at www.olin.com .

We maintain a website at www.olin.com .

Our reports on Form 10-K, Form 10-Q and Form 8-K, as well as amendments to those reports, are available free of charge on our website, as soon as reasonably practicable after we file the reports with the Securities and Exchange Commission (SEC).

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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.

These co-produced products are produced simultaneously, and in a fixed ratio of 1.0 ton of chlorine to 1.1 tons of caustic soda and 0.03 tons of hydrogen.

Chlorine, caustic soda and hydrogen are co-produced commercially by the electrolysis of salt at a fixed ratio of 1.0 ton of chlorine to 1.1 tons of caustic soda and 0.03 tons of hydrogen.

The industry refers to this as an Electrochemical Unit or ECU.

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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.

Our Chlor Alkali Products and Vinyls segment is one of the largest global marketers of caustic soda, including caustic soda produced by Olin, and 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 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.

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

Our chlorinated organics business participates in both the solvent segment and 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.

Solvent products are sold into end uses such as surface preparation, dry cleaning, pharmaceuticals and regeneration of refining catalysts.

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.

This business’s unique technology allows us to utilize both hydrogen chloride, the gaseous form of 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.

These products, along with chlorinated organics products and epoxy resins, generally consume chlorine as a raw material creating downstream applications that upgrade the value of the ECU.

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.

We own, operate, and lease a geographically dispersed terminal infrastructure at our productions sites and other locations that expands our geographic coverage and enhances our service capabilities.

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

In North America we own and operate a private fleet of trucks and tank trailers that allow us to more effectively serve our domestic bleach and caustic soda customers.

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

Our products are delivered by pipeline, marine vessel, deep-water and coastal barge, railcar and truck.

We own, operate, and lease a geographically dispersed terminal infrastructure at our production sites and other locations that expand our geographic coverage and enhance our service capabilities.

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

Blue Water Alliance (BWA), our joint venture with Mitsui & Co., Ltd.

(Mitsui), began operations during 2023.

BWA is an independent global trader of ECU-based derivatives, focused on globally traded caustic soda and ethylene dichloride.

Olin holds 51% interest and exercises control in BWA, and the joint venture is consolidated in our financial statements with Mitsui’s 49% interest in BWA classified as noncontrolling interest.

All intercompany accounts and transactions are eliminated in consolidation.

BWA brings together Mitsui's industry-leading global logistics, long-established supplier and customer relationships, and breadth of product portfolio with Olin's scale, North American export capability, extensive global terminal network, and production flexibility across the ECU portfolio.

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.

Electricity, salt, ethylene and methanol are the primary raw materials for our products.

Electricity is the single largest raw material component in the production of Chlor Alkali Products and Vinyls products.

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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.

The high volume nature of the chlor alkali industry places an emphasis on cost management, and we believe that our scale, integration and raw material positions make us one of the low cost producers in the industry.

The following table lists principal products and services of our Chlor Alkali Products and Vinyls segment.

Methanol is primarily sourced from large domestic and international producers.

The high-volume nature of the chlor alkali industry places emphasis on cost management, and we believe that our scale, integration and raw material positions make us one of the low-cost producers in the industry.

The following table lists the principal products and services of our Chlor Alkali Products and Vinyls segment.

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

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Chlorinated organics intermediates

Used as feedstocks in the production of fluoropolymers, fluorocarbon refrigerants and blowing agents, silicones, cellulosics and agricultural chemicals Freeport, TX

Used as feedstocks in the production of fluoropolymers, fluorocarbon refrigerants and blowing agents, silicones, cellulosic and agricultural chemicals

Plaquemine, LA

Stade, Germany chlorine, ethylene dichloride, hydrochloric acid, methanol, RCls

Chlorinated organics solvents

Stade, Germany Chlorine, ethylene dichloride, hydrogen chloride, methanol, RCls

Chlorinated organic solvents

Surface preparation, dry cleaning and pharmaceuticals

Plaquemine, LA

Stade, Germany chlorine, ethylene dichloride, hydrochloric acid, RCls

Stade, Germany Chlorine, ethylene dichloride, hydrogen chloride, methanol, RCls

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

Products/Services

Sodium hypochlorite

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Participate in Global Trade Flow of the Products we Market.

Access excess product available for global trade, complementing our internal produced product to serve a growing customer demand at the highest value.

Access excess products available from global trade, complementing our internally produced products to serve our growing customer demand at the highest value.

Continually Drive Down Costs through Productivity.

Our advantaged cost position is derived from low-cost energy, scale, integration, and deep water ports.

Maintaining a strong discipline on areas such as cost management, capital outlays, and asset maintenance are key to creating greater operating flexibility to maximize returns to the ECU.

Maintaining a strong discipline in areas such as cost management, capital outlays, and asset maintenance is key to creating greater operating flexibility to maximize returns to the ECU.

Products and Services

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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, primarily in North America, driven by a combination of scale and integration into low cost feedstocks (including chlorine, caustic soda, allylics and aromatics).

The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone, bisphenol (BisA), cumene and phenol), allylics, such as allyl chloride (Allyl) and epichlorohydrin (EPI), resins such as liquid epoxy resins (LER) and solid epoxy resins (SER) and systems and growth platform products such as converted epoxy resins (CER) and additives.

The Epoxy segment serves a diverse array of applications, including wind energy, electrical laminates, consumer goods and composites, as well as numerous applications in civil engineering and protective coatings.

The Epoxy segment’s cost position benefits from integration into low-cost feedstocks (including chlorine, caustic soda, allylics and aromatics).

The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allylics, such as allyl chloride (Allyl) and epichlorohydrin (EPI), resins such as liquid epoxy resins (LER) and solid epoxy resins (SER) and systems and growth platform products such as converted epoxy resins (CER) and additives.

The Epoxy segment serves a diverse array of applications, many of which are focused on improving sustainability and lowering greenhouse emissions, including wind energy, electrical laminates, consumer goods and composites, as well as numerous applications in civil engineering and protective coatings.

The Epoxy segment has important relationships with established customers, some of which span decades.

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

The segment sells primarily in North America and Western Europe.

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

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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.

SER is processed further with BisA to meet specific end market applications.

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.

SER is processed further with bisphenol, which is produced internally to meet specific end-market applications.

While LER and SER are sold externally, a significant portion of LER production is further converted through our systems and growth platform into CER and other additive products where value-added modifications produce higher margin resins for specific customer applications.

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 principal raw materials are chlorine, caustic soda, benzene, propylene and aromatics, which consist of phenol and acetone.

Our Epoxy segment maintains a reliable supply of certain key raw materials, such as benzene and propylene.

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

This fully integrated structure provides both access to low-cost materials and significant operational flexibility.

The Epoxy segment operates an integrated aromatics production chain producing cumene, phenol, acetone and BisA for internal consumption and external sale.

The Epoxy segment operates an integrated aromatics production chain producing phenol and acetone for internal consumption and external sale.

The Epoxy segment’s consumption of chlorine enables the Chlor Alkali Products and Vinyls segment to generate caustic soda production and sales.

Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment.

The following table lists principal products and services of our Epoxy segment.

Chlorine and caustic soda used in our Epoxy segment are transferred at cost from the Chlor Alkali Products and Vinyls segment.

The following table lists the principal products and services of our Epoxy segment.

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 and water purification Freeport, TX

Allylics (allyl chloride, epichlorohydrin and glycerin) & aromatics (acetone and phenol)

Manufacturers of polymers, resins and other plastic materials and water purification Freeport, TX

Stade, Germany

Terneuzen, Netherlands benzene, caustic soda, chlorine, propylene

Terneuzen, Netherlands (1)

Benzene, caustic soda, chlorine, propylene

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

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Stade, Germany

Zhangjiagang, China liquid epoxy resins, solid epoxy resins

Zhangjiagang, China

Liquid epoxy resins, solid epoxy resins

(1) As part of our restructuring activities, these facilities ceased manufacturing operations during 2023.

Focus on Return to the ECU.

The Epoxy segment is focused on maximizing return to the ECU by targeting participation and improving margins in EPI, LER, and derivative applications with the highest return to the ECU.

Drive Productivity to Sustain Our Cost Advantage.

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.

Continually Drive Down Costs through Productivity.

The Epoxy segment continues to drive productivity cost improvements through the entire supply chain to optimize our EPI and LER cost position in the Americas and Europe.

Focus on Systems and Growth Platforms.

The Epoxy segment is focused on expanding our market participation in higher value add platform products aligning with growing end-use markets.

The Epoxy segment is focused on expanding our market participation in higher value add platform products to align with growing end-use markets.

Products and Services

In 2023, Winchester is in its 157 th year of operation and its 93 nd year as part of Olin.

In 2024, Winchester is in its 158 th year of operation and its 94 th 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 manufactures industrial products that have various applications in the construction industry.

Winchester also manufactures industrial products that have various applications in the construction industry and, beginning October 2023, additionally manufactures clay targets for recreational and competitive shooters.

On October 1, 2023, Olin acquired the assets of White Flyer Targets, LLC (White Flyer) from Reagent Diversified Holdings, Inc.

(Reagent) for $63.9 million.

White Flyer is North America’s preeminent leader in recreational trap, skeet, and sporting clay targets.

White Flyer was combined with the Winchester Ammunition business.

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

The United States Army selected Winchester to operate and manage Lake City in September 2019.

Army selected Winchester to operate and manage Lake City in September 2019.

The contract is for the production of small caliber military ammunition, including 5.56mm, 7.62mm, and .50 caliber rounds, as well as certain cartridges and casings.

The contract also allows for the production of certain ammunition for commercial customers.

The contract has an initial term of seven years and may be extended by the United States Army for up to three additional years.

The contract has an initial term of seven years and may be extended by the U.S.

Army for up to three additional years.

Our legendary Winchester ® product line includes all major gauges and calibers of shotgun shells, rimfire and centerfire ammunition for pistols and rifles, reloading components and industrial cartridges.

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supplier of small caliber commercial ammunition.

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

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

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 continue to 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 continue to be coordinated throughout the U.S.

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

During 2022 and 2023, the U.S.

Army awarded Winchester the second and third years of a five-year contract to manufacture 5.56 mm, 7.62 mm and .50 caliber rifle ammunition under the third consecutive “Second Source” ammunition contract Winchester has received from the U.S.

During 2022, the U.S.

Army awarded Winchester the second year of a five-year contract to manufacture 5.56 mm, 7.62 mm and .50 caliber rifle ammunition as well as a new five-year pistol contract for .38 caliber, .45 caliber and 9mm handgun ammunition.

The rifle contract was made under the third consecutive “Second Source” ammunition contract Winchester has received from the U.S.

The pistol contract maintains Winchester’s longstanding position as the leading supplier of pistol ammunition to the U.S.

Army awarded Winchester a new five-year pistol contract for .38 caliber, .45 caliber and 9mm handgun ammunition, maintaining Winchester’s longstanding position as the leading supplier of pistol ammunition to the U.S.

During 2022, the U.S.

Army awarded Winchester contracts to support the 6.8mm Next Generation Squad Weapons (NGSW) program at the Lake City Army Ammunition Plant, including the design of the NGSW ammunition manufacturing facility.

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, both of which were renewed in 2022.

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 and 2022;

Guns & Ammo magazine’s “Ammunition of the Year” award in 2021.

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.

Army awarded Winchester contracts to support the 6.8mm Next Generation Squad Weapons (NGSW) program at Lake City, including the design of the NGSW ammunition manufacturing facility.

During 2023, the U.S.

Army awarded Winchester a contract to manufacture, test and deliver five million rounds of 6.8mm ammunition.

During 2023, the U.S.

Army awarded Winchester contracts to develop and manufacture multiple high-performance cartridges at Lake City, including nearly two million rounds of .50 Caliber Saboted Light Armor Penetrator (SLAP) ammunition.

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 2022 and Guns & Ammo magazine’s “Ammunition of the Year” award in 2021.

The National Wild Turkey Federation chose Winchester to receive its 2024 Corporate Achievement Award in recognition of Winchester’s support of wild turkey conservation and the preservation of hunting heritage.

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

These conversion charges or premiums are in addition to the market prices for metal as posted on exchanges such as the Commodity Exchange, or COMEX, and London Metals Exchange, or LME.

Winchester’s other main raw material is propellant, which is purchased predominantly from one of the U.S.’s largest propellant suppliers.

The following table lists principal products and services of our Winchester segment.

The following table lists the principal products and services of our Winchester segment.

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

Winchester ® sporting ammunition (shotshells, small caliber centerfire & rimfire ammunition)

Hunters & recreational shooters, law enforcement agencies East Alton, IL

Hunters, competitive and recreational shooters, law enforcement agencies

East Alton, IL

Independence, MO*

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

Brass, lead, steel, plastic, propellant and explosives

Small caliber military ammunition Infantry and mounted weapons East Alton, IL

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Oxford, MS Brass, lead, propellant, explosives

Industrial products (8 gauge loads & powder-actuated tool loads) Maintenance applications in power &

Industrial products (8-gauge loads & powder-actuated tool loads)

Maintenance applications in power &

concrete industries, powder-actuated tools in construction industry East Alton, IL

Oxford, MS Brass, lead, plastic, propellant, explosives

White Flyer clay targets

Competitive and recreational shooters

Webb City, MO

San Bernardino, CA

Coal Township, PA

Limestone, pitch, sulfur, calcium stearate

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

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Winchester will continue building on our strong reputation as an industry innovator with a long record of meeting the needs of recreational shooters, first responders, and the modern warfighter.

We will drive value for our business through developing market driven new products and delivering engineered solutions for our customers.

We will drive value for our business through developing market driven products and delivering engineered solutions for our customers.

Productivity Improvement.

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 impact.

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

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

INTERNATIONAL OPERATIONS

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During 2023, 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.

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

Government and its prime contractors.

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

Approximately 95% of contracted backlog as of January 31, 2023 is expected to be fulfilled during 2023, with the remainder expected to be fulfilled during 2024.

Approximately 90% of the contracted backlog as of January 31, 2024, is expected to be fulfilled during 2024, with the remainder expected to be fulfilled during 2025.

We are in active competition with businesses producing or distributing the same or similar products, as well as, in some instances, with businesses producing or distributing different products designed for the same uses.

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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.

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), Westlake Chemical Corporation (Westlake), Formosa USA, and Shintech Inc., a subsidiary of Shin-Etsu Chemical Co., Ltd (Shintech).

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

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

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.

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

Among our competitors are Huntsman Corporation (Huntsman), Westlake, Kukdo Chemical Co.

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

We remain exposed to competition from low-priced imports across our full range of epoxy materials and precursors.

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

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(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.

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.

Many factors influence our ability to compete successfully, including price, delivery, service, performance, product innovation and product recognition and quality, depending on the product involved.

HUMAN CAPITAL

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

Our established Lifting Olin People core principles fuel the actions that our Lifting People pillars - Opportunity & Fulfillment, Communication & Connection, and Trust - take during the year to enhance the engagement of our employees.

At Olin, we believe that our employees are critical to successfully achieving our mission.

Our established Lifting Olin People core principles fuel the actions that our Lifting People pillars - Opportunity & Fulfillment, Communication & Connection, and Trust - take throughout the year to enhance the purposeful engagement of our employees.

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, workplace flexibility, community engagement and volunteerism, and professional development, all of which are included in the overall employee value proposition.

We commit to provide our employees with a safe and supportive environment and maintain a steadfast commitment to safely producing and distributing our products, which we believe is fundamental to the achievement of our goals.

We support our global workforce by providing competitive benefits and compensation, robust recognition and rewards, an unwavering commitment to diversity and inclusion, a variety of workplace flexibility options, support and resources for community engagement and volunteerism, and professional development programs and opportunities, all of which constitute a strong Olin employee value proposition.

In 2023, Olin employees increased their volunteerism hours by more than 500% over 2022, committing more than 55,000 hours toward volunteerism for organizations in our communities.

We commit to providing our employees with a safe and supportive environment and maintain a steadfast commitment to safely producing and distributing our products, which is fundamental to the achievement of our goals.

Our global workforce is committed to the We Care and Me Principles which focus on each individual’s responsibility for their own safety and that of others, on leading by example, on reinforcing positive behaviors and on elevating concerns.

Olin senior management provides oversight for the benefits programs and compensation of our workforce.

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

Our recognition and rewards program allows people leaders across our organization to recognize the contributions of employees during the year, and in 2023 our leaders provided more than 5,000 recognition awards.

We also provide a mechanism for employees to provide non-monetary peer-to-peer recognition in the form of Impressions, which increased by 93% in 2023.

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.

Diversity, Equity and Inclusion

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 healthy and safe.

We encourage our employees to be creative and to participate in the dialogue taking place across the company to help develop innovative solutions that lead to lasting, positive impacts for our customers, employees, communities, and shareholders.

Our largest concentration of employees is located in the U.S., of which 30% are minorities.

To facilitate the sharing of those insights, we implemented a Voice of the Employee mechanism across multiple sites.

We encourage our employees to be creative and participate in the dialogue across the company to help develop innovative solutions that lead to lasting, positive impacts for our customers, employees, communities, and shareholders.

In 2023, we doubled our Olin People Network chapters, with 100% of our sites represented.

college recruiting program, a key component of our talent pipeline, welcomed our most diverse class yet with 32% of our recruits being women and 37% of our recruits being minorities.

Olin employees are our best recruiters with 45% of our hires in 2023 attributable to employee referrals.

Our employees are primarily located in the U.S., of which 29% are minorities.

In our support of diversity and inclusion objectives, approximately 25% of our global workforce is comprised of women, and approximately 27% of our management roles are held by women and 12% 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, that include assignment based opportunities, job shadowing, mentoring and foundational programs for employees new in their Olin careers.

These programs help our employees improve and grow, and reinforce our values, in particular of Lifting Olin People.

Training and Development

We also invest in the continued professional development of our workforce.

We never stop learning, and Olin provides a wide range of employee development and productivity programs, including assignment-based opportunities, job shadowing, mentoring, and foundational programs for new Olin employees.

These programs help our employees improve, grow, and reinforce our values, in particular of Lifting Olin People.

Our learning platform focuses on providing a variety of educational opportunities that support career and professional development for our employees, including undergraduate and graduate tuition assistance to eligible employees up to a maximum of $10,000 per year.

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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, 2022, we had approximately 7,780 employees, with 6,600 working in the U.S., and approximately 1,180 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 1% 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 1,566 employees at the Lake City Army Ammunition Plant, which is a Government Owned Contractor Operated (GOCO) facility, and 3% are employed in Corporate functions.

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

As of December 31, 2023, we had 7,326 employees broken out as follows:

Country or Region Number of Employees Percent of Total

United States (1)

Europe, the Middle East, Africa, and India 655 9 %

Asia Pacific 184 2 %

Latin America 118 2 %

Total foreign 1,120 15 %

Total employees 7,326

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

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

In 2023, we have labor agreements that are due to expire in the U.S., representing approximately 6% of our global workforce.

In 2024, we have no labor agreements that are due to expire in the U.S., and one labor agreement expiring in Canada, representing approximately 1% of our global workforce.

Segment Number of Employees Percent of Total

Chemicals (1)

Winchester (2)

Corporate 264 3 %

Total employees 7,326

(1) Includes approximately 1,835 employees from Chlor Alkali Products and Vinyls, approximately 1,072 employees from Epoxy and approximately 516 employees for common services within Chemicals.

(2) Includes approximately 1,456 employees at Lake City in Independence, MO, which is a GOCO facility.

RESEARCH ACTIVITIES;

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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

RAW MATERIALS

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.

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However, we cannot predict the likelihood or impact of any future raw material shortages.

The principal basic raw materials for our production of Chlor Alkali Products and Vinyls’ products are electricity, salt, ethylene and methanol.

Electricity is the predominant energy source for our manufacturing facilities.

Approximately 68% of our electricity is generated from natural gas or hydroelectric sources.

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

manufacturing sites.

A portion of our purchases of raw materials, including ethylene, are made under long-term supply agreements, while approximately 73% of the salt used in our Chlor Alkali Products and Vinyls segment is produced from internal resources.

Methanol is sourced domestically and internationally primarily from large producers.

The Epoxy segment’s principal raw materials are chlorine, caustic soda, benzene, propylene and aromatics, which consist of cumene, phenol, acetone and BisA.

A portion of our purchases of raw materials, including benzene, propylene and a portion of our aromatics requirements, are made under long-term supply agreements, while a portion of our aromatics requirements are produced from our integrated production chain.

Chlorine and caustic soda is predominately sourced from our Chlor Alkali Products and Vinyls segment.

Lead, brass and propellant are the principal raw materials used in the Winchester business.

We typically purchase our ammunition cartridge case cups and copper-based strip, and propellants pursuant to multi-year contracts.

We provide additional information with respect to specific raw materials in the tables set forth under “Products and Services.”

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These charges do not include insurance recoveries for costs incurred and expensed in prior periods.

See our discussion of our environmental matters contained in Note 20 “Environmental” of the notes to consolidated financial statements contained in Item 8 and under the heading “Environmental Matters” in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

See our discussion on environmental matters contained in Note 21 “Environmental” of the notes to consolidated financial statements contained in Item 8 and under the heading “Environmental Matters” in Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

CORPORATE RESPONSIBILITY

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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 Sustainability Report under the section Sustainability Success.

Our progress against environmental, social and governance (ESG) and sustainability targets is included within our ESG Scorecard, found in the Sustainability section of our website.

Our progress against environmental, social and governance (ESG) targets is included within our ESG Scorecard, found in the Sustainability 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.

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

Relentlessly and responsibly, we constantly emphasize the importance of monitoring the safety, security and environmental impact of our plants and processes.

Through our day-to-day vigilance, Olin strives to continue to be recognized as one of the industry’s best performers.

Relentlessly and responsibly, we constantly emphasize the importance of monitoring the safety, security and

environmental impact of our plants and processes.

Through our daily vigilance, Olin strives to continue to be recognized as one of the industry’s best performers.

Our corporate values — Act with Integrity, Drive Innovation and Improvement and Lift Olin People — are part of our culture.

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We strongly believe in meeting the needs of the present without compromising the needs of future generations.

We recognize the impact our company has on our natural resources and our responsibility to stewardship of people and the planet.

We recognize our Company’s impact on our natural resources and our responsibility to stewardship of people and the planet.

This means striving for a company culture responsible to the ongoing ESG ideals of our employees and shareholders.

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Product Responsibility

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

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

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

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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