What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-22 · 115 added, 121 removed, 269 unchanged (47% of the section changed)

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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 55% of 2024 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 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 formulated solutions products such as converted epoxy resins and additives, which represented 20% of 2024 sales.

The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, which represented 25% of 2024 sales.

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Our Principles of Corporate Governance, Committee Charters and Code of Conduct are available on our website at www.olin.com in the Leadership & Governance Section under Governance Documents and Committees.

In May 2023, our Chief Executive Officer (CEO) executed the annual Section 303A.12(a) CEO Certification required by the New York Stock Exchange (NYSE), certifying that he was not aware of any violation of the NYSE’s corporate governance listing standards by us.

Additionally, our Chief Executive Officer and Chief Financial Officer (CFO) executed the required Sarbanes-Oxley Act of 2002 Sections 302 and 906 certifications relating to this Annual Report on Form 10-K, which are filed with the SEC as exhibits to this Annual Report on Form 10-K.

PRODUCTS, SERVICES AND STRATEGIES

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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 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.

Our chlorinated organics business participates in both the solvent segment and the intermediate segment where Olin’s products are used as feedstocks for fluorocarbons, silicones and cellulosics.

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, offers us multiple outlets for our captive chlorine.

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.

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(Mitsui), began operations during 2023.

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

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

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.

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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.

Olin Corporation and Plug Power, Inc.

have launched a joint venture named Hidrogenii, LLC.

This strategic partnership aims to leverage the strengths of both companies to advance hydrogen production and utilization.

The joint venture began with the construction of a 15-ton-per-day hydrogen liquefaction plant in St.

Gabriel, LA with expected start of operation in early 2025.

Hidrogenii is owned 50% by Plug Power LA JV, LLC, a wholly owned subsidiary of Plug Power, Inc.

and 50% by Niloco Hydrogen Holdings LLC, a wholly owned subsidiary of Olin Corporation, which is accounted for using the equity method.

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

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Plaquemine, LA Chlorine, ethylene, ethylene dichloride

Chlorinated organics intermediates

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, hydrogen chloride, methanol, RCls

Chlorinated organic solvents

Surface preparation, dry cleaning and pharmaceuticals

Chlorinated organics

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

Plaquemine, LA

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

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

Products/Services

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

Sodium hypochlorite

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Santa Fe Springs, CA Caustic soda, chlorine

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

Products/Services

Hydrochloric acid Steel, oil & gas, plastics, organic chemical synthesis, water & wastewater treatment, brine treatment, artificial sweeteners, pharmaceuticals, food processing and ore & mineral processing Becancour, Canada

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Potassium hydroxide Fertilizer manufacturing, soaps, detergents & cleaners, battery manufacturing, food processing chemicals and deicers Charleston, TN Electricity, potassium chloride

Hydrogen Fuel source, hydrogen fuel cells, hydrogen peroxide and hydrochloric acid Becancour, Canada

Hydrogen Fuel source, hydrogen fuel cells, specialty amines and hydrochloric acid Becancour, Canada

Charleston, TN

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Maximize Returns to 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.

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.

Leverage our diverse and flexible chlor alkali derivatives portfolio via our value first operating model to continually preserve and enhance value from the entire ECU.

Continually Drive Down Costs.

Our advantaged cost position is derived from low-cost energy, scale, integration, global distribution networks and a culture of continuous improvement.

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.

We continually execute on cost reduction initiatives through the optimization of our asset strategy, productivity, and deploying a performance-driven culture.

Optimize Our U.S.

Leadership Position to Pursue Growth Opportunities .

Fully utilize the portfolio of integrated derivatives to continually optimize value from the entire ECU to the highest value applications and provide organic expansion opportunities throughout the value chain.

Products and Services

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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 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 formulated solutions 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.

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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.

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.

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.

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

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

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

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 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 (1)

Benzene, caustic soda, chlorine, propylene

Cumene, 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 Bisphenol, caustic soda, epichlorohydrin

Systems and Growth Platforms:

Formulated solutions platforms:

converted epoxy resins and additives Electrical laminates, paint and coatings, wind blades, electronics and construction Baltringen, Germany

Guaruja, Brazil

Gumi, South Korea (1)

Pisticci, Italy

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Stade, Germany

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.

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.

Zhangjiagang, China Liquid epoxy resins, solid epoxy resins

Capitalize on Integrated Assets through Flexible Market Entry Points.

The Epoxy segment is focused on maximizing value by capitalizing on our flexible market entry points across the value chain which extends our reach into a broad array of end markets.

Continually Drive Down Costs.

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

We continually execute on cost reduction initiatives through the optimization of our asset strategy, productivity, and deploying a performance-driven culture.

Focus on Formulated Solutions Platforms.

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

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Armed Forces.

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.

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

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

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.

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

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 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 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.

Winchester was awarded the following long-term contracts to support the U.S.

military, and law enforcement:

• In 2021, the U.S.

Army awarded Winchester 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.

• In 2022, the U.S.

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

• In 2023, the U.S.

Army awarded Winchester contracts to manufacture, test and deliver five million rounds of 6.8mm ammunition and develop, and manufacture multiple high-performance cartridges at Lake City, including nearly two million rounds of .50 Caliber Saboted Light Armor Penetrator ammunition.

• In 2024, after completing a contract to design a 6.8mm Next Generation Squad Weapon (NGSW) ammunition manufacturing facility, the U.S.

Army awarded Winchester the contract to construct the facility at Lake City.

Also in 2024, U.S.

Special Operations Command awarded Winchester and three other awardees contracts for numerous types of ammunition, and Canada’s Royal Canadian Mounted Police awarded Winchester a three-year contract for 9mm duty 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 2025 and 2022 and American Hunter magazine’s Golden Bullseye award as “Ammunition Product of the Year” in 2025.

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.

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

Hunters, competitive and recreational shooters, law enforcement agencies

East Alton, IL

Hunters, competitive and recreational shooters, law enforcement agencies East Alton, IL

Independence, MO*

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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

White Flyer clay targets Competitive and recreational shooters Webb City, MO

San Bernardino, CA

Coal Township, PA

Limestone, pitch, sulfur, calcium stearate

Coal Township, PA Limestone, pitch, sulfur, calcium stearate

* 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.

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.

Winchester will increase our value by strengthening our leadership position in small caliber ammunition through all of the customer segments that we serve.

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 while capitalizing on Olin’s deep chemical expertise to expand our defense participation through synergies between ammunition and chemicals.

We will drive further global brand awareness as ‘The American Legend’ — a longstanding highly-valued brand built on integrity, hard work, and customer loyalty.

Innovative Solutions.

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 products and delivering engineered solutions for our customers.

Productivity Improvement.

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.

We will build value by developing market driven products, delivering engineered solutions for our customers and increasing our integration across the ammunition value chain.

Continually Drive Down Costs.

Winchester promotes a culture of continuous improvement with a “Be Better Today” mindset.

We deploy our world-class assets with disciplined approaches to productivity, reliability and modernization.

INTERNATIONAL OPERATIONS

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While the technologies to manufacture and transport chlorine and caustic soda are widely available, the production facilities require large capital investments and are subject to significant regulatory and permitting requirements.

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

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 also includes large diversified producers such as Oxy, Westlake, Nobian Industrial Chemicals B.V.

(Nobian), Inovyn (an Ineos company), and KEM ONE Group SAS, as well as multiple producers located in China and India.

There is a global 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 Europe, China and India.

Other large chlor alkali producers in North America include The

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

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

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.

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

and Kumho P&B Chemicals, 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.

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.

Our Winchester business and The Kinetic Group (purchased from Vista Outdoor Inc.

in November 2024 by Czechoslovak Group) are among the largest commercial ammunition manufacturers in the U.S.

The ammunition industry is highly competitive with Olin, The Kinetic Group 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 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 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.

Olin employees are key to the successful implementation and execution of our operating model and related strategies.

Annually, employees set goals that align with the Company’s strategic priorities and are “all-in” on demonstrating their achievement of those goals.

Our Olin values, programs and processes support a culture of inclusivity, engagement and elevated performance, reflecting our “all-in” culture.

Our established Lifting People core principles of creating meaningful opportunity and fulfillment for employees, providing robust communication and varied opportunities for connection, and fostering an environment of trust have enhanced the level of purposeful engagement at Olin.

In the marketplace for talent, our Lifting People focus is unique and differentiates us from our competitors.

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 and accountability to deliver the results necessary to achieve our strategic goals.

We support our global workforce by providing competitive benefits and compensation, robust recognition and rewards, 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 2024, Olin employees increased their volunteerism hours by more than 25% over 2023, committing more than 70,000 hours toward volunteerism for organizations in our communities.

To further support our employees who may be impacted by natural disasters, we established the Olin Employee Disaster Relief Fund to allow Olin employees to contribute funds to help fellow employees in need.

Olin matches these contributions up to $250,000 annually.

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.

To ensure we are attracting and retaining a talented workforce, which is vital to Olin’s ability to achieve our organizational goals and objectives, we have cultivated benefits and compensation structures that ensure our market competitiveness and supports a pay-for-performance philosophy.

Olin senior management provides oversight for these benefits programs and for the compensation of our workforce, while our human resources organization manages and administers these programs to ensure that our total rewards programs remain market competitive.

This includes conducting periodic compensation benchmarking, implementing health and other employee benefit programs and reviewing certain employee post-retirement benefits and accessibility of employee assistance programs.

Our human resources department manages and administers these programs to ensure our total rewards programs are competitive.

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 have established both salaried and hourly employee structures to adequately compensate employees, and have implemented monetary rewards and recognition programs as an additional mechanism for supervisors to reward exceptional performance.

Our recognition and rewards program allows people leaders across our organization to recognize the contributions of employees throughout the year, and in 2024 our leaders provided more than 5,600 recognition awards.

We also provide a mechanism for employees to provide non-monetary peer-to-peer recognition in the form of Impressions, the number of which doubled in 2024 from the prior year.

Olin is committed to maintaining work environments free from all forms of discrimination and harassment and 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.

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 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.

Our Voice of the Employee mechanism facilitates this sharing of insights across multiple sites.

All Olin sites have established Olin People Network chapters, with each chapter focused on site-specific activities designed to foster and encourage inclusivity and engagement.

college recruiting program is a key component of our talent pipeline.

Additionally, Olin employees are our best recruiters with 49% of our hires in 2024 attributable to employee referrals.

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.

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.

A tiered leadership development program gives our critical talent tools to support their continued growth in and aspiration toward leadership roles.

These programs help our employees improve, grow, and reinforce our values.

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 annual year-end reviews and regular development discussions.

Our performance management process encourages ongoing feedback throughout the year and includes annual year-end reviews and regular development discussions.

As of December 31, 2024, we had 7,676 employees broken out as follows:

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In the U.S., bargaining unit employees comprise 37% of the total 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.

In 2025, we have no labor agreements that are due to expire in Canada, and two labor agreements expiring in the U.S., representing approximately 2% of our global workforce.

Segment Number of Employees Percent of Total

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Total employees 7,676

(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.

(1) Includes 1,752 employees from Chlor Alkali Products and Vinyls, 865 employees from Epoxy and 789 employees for common services within Chemicals.

(2) Includes 1,705 employees at Lake City in Independence, MO, which is a GOCO facility.

RESEARCH ACTIVITIES;

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fall hunting season.

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.

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.

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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) 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 therein.

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.

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

At Olin, we believe our purpose is to deliver essential materials and solutions that enhance and protect lives.

By consistently integrating corporate values into the fabric of the organization, we believe we can create a strong, cohesive culture that drives success and employee engagement.

Olin’s corporate values are:

• We safely and reliably deliver essential materials

• We act with integrity, always doing what is right

• We empower our employees to take ownership in everything we do

• We create value for our customers, shareholders, employees, and communities

These values are also reflected in our Environment, Health, Safety and Security (EHS&S) policy and practice.

1 unchanged sentence

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

Olin continues its downward trend in personnel and process safety incidents.

Sustainability and Governance

5 unchanged sentences

We commit to making a contribution to protecting the world and its future condition through the safety and efficiency of our business practices - from supply to manufacturing to delivery and ultimately the end-use of our products.

Executing on our sustainability strategy, we believe Olin will increase value for our investors, employees, and customers by enhancing our strategic operating model through focused ESG actions.

Executing on our sustainability strategy, we believe Olin will increase value for our investors, employees, and customers by enhancing our operating model through focused ESG actions.

These actions include:

3 unchanged sentences

• Developing and enabling sustainable solutions within the value chain through our product and service offerings

• Consistently upholding our values and governance standards as we amplify our culture of inclusion and cultivate our diverse workforce

• Consistently upholding our values and governance standards as we amplify our culture of high performance and engagement

We believe Olin’s industry leadership, focused ESG actions, and our engaged workforce will create a positive, long-lasting impact on our communities and the environment.

9 unchanged sentences

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