Cytec Initiates Natural Gas Surcharge On Melamine Crystal.Business Editors WEST PATERSON, N.J.--(BUSINESS WIRE)--Jan. 10, 2001 Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today that due to unprecedented price escalation of natural gas feedstock in the U.S., effective immediately or as contracts permit, Cytec Industries Inc. is implementing a natural gas surcharge to be added to its January 2001 melamine melamine (mĕl`əmēn'), common name for 2,4,6-triamino-1,3,5-triazine. Melamine is a trimer (see polymer) of cyanamide, H2NC≡N, and is synthesized from calcium carbide. prices. Using the New York Mercantile Exchange New York Mercantile Exchange (NYMEX) The world's largest physical commodity futures exchange. published natural gas prices for each month, Cytec will implement a surcharge of +1 cents/lb. on melamine crystal for each 25 cent/MBTU (Million British Thermal Units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. ) increase in natural gas (vs. a natural gas base price $4.50/MBTU in effect November 2000). In January the published natural gas price is $9.98/MBTU for a difference of $5.48. Therefore, Cytec's melamine crystal surcharge will be +21.9 cents/lb during the month of January. Cytec Industries is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S & P Mid-cap 400 index. |
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