OLIN Corp

We expect second quarter 2025 operating results from our Chemical businesses to be comparable to the first quarter 2025, despite increased second quarter costs from a delayed first quarter planned maintenance turnaround. Our Chlor Alkali Products and Vinyls business expects seasonal volume improvements and strengthened caustic soda values in the second quarter. We expect our Winchester business second quarter 2025 results to improve from first quarter 2025 due to seasonally stronger commercial demand and higher military sales and military project revenue.

Other corporate and unallocated costs in 2025 are expected to be higher than the $90.1 million in 2024.

During 2025, we anticipate environmental expenses in the $25 million to $35 million range, compared to $30.2 million in 2024.

We expect non-operating pension income in 2025 to be lower than the $26.0 million in 2024. Based on our plan assumptions and estimates, we will not be required to make any cash contributions to our domestic qualified defined benefit pension plan in 2025. We have several international qualified defined benefit pension plans for which we anticipate cash contributions of less than $5 million in 2025.

In 2025, we currently expect our capital spending to be in the $200 million to $220 million range. We expect 2025 depreciation and amortization expense to be in the $525 million range.

We currently believe the 2025 effective tax rate will be in the 25% to 30% range. We expect cash taxes paid to be $175 million to $200 million primarily for earnings in foreign jurisdictions, including the previously deferred international tax payments expected to be made in 2025.