HUNT VALLEY, Md., Nov. 18, 2004 (PRIMEZONE) -- Millennium Chemicals (NYSE:MCH) ("Millennium") announced today price increases on the sale of all rutile and anatase Tiona(r) titanium dioxide (TiO2) products sold to all end use markets world wide effective on January 1, 2005 or as contracts allow.
In North America, prices will increase by US $0.06 per pound in the U.S. and by C $0.08 per pound in Canada.
In Europe, prices will increase by E 110 per metric ton.
In the Middle East and Africa, prices will increase by US $200 per metric ton.
In Central and South America, prices will increase by US $100 per metric ton.
In Asia outside Japan, prices will increase by US $150 per metric ton.
In Japan, prices will increase by Y 45 per kilogram.
In Australia, prices will increase by A $100 per metric ton.
Strong TiO2 demand world wide has us continuing our 30-day order lead time requirements for all Tiona products in all regions which should help us meet demand for the 2005 peak season.
These price increases are necessary to improve margins, which must increase in order to justify future investments in additional capacity and to offset continued increases in our costs.
Millennium Chemicals (website: www.millenniumchem.com) is a major international chemicals company, with leading market positions in a broad range of commodity, industrial, performance and specialty chemicals.
Millennium Chemicals is:
-- The second-largest producer of TiO2 in the world, the largest
merchant seller of titanium tetrachloride and a producer of
silica gel and cadmium/based pigments;
-- The second-largest producer of acetic acid and vinyl acetate
monomer in North America;
-- A leading producer of terpene-based fragrance and flavor
chemicals; and,
-- Through its 29.5% interest in Equistar Chemicals, LP, a partner
in the second-largest producer of ethylene and third-largest
producer of polyethylene in North America, and a leading producer
of performance polymers, oxygenated chemicals, aromatics and
specialty petrochemicals.