HUN · CIK 1307954
What Huntsman Corporation told the SEC could break it.
Huntsman's disclosures center on the feedstocks behind its polyurethanes business. Its MDI-based chemicals depend on benzene — historically its largest raw-material cost — plus chlorine, caustic, carbon monoxide, nitric acid, formaldehyde and propylene oxide, and European natural-gas-linked input costs have been volatile. That supply is also concentrated: for several raw materials it relies on only a limited number of suppliers or a single supplier, along with toll manufacturers and collaborations. Layered on top is a trade-policy cost: the EU's Carbon Border Adjustment Mechanism, effective from 2026, could raise its import costs and limit access to lower-cost non-EU inputs, with a proposed UK version adding more.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- benzene and MDI feedstocks (chlorine, caustic, CO, nitric acid, formaldehyde, PO)medium
MDI-based polyurethane production depends on benzene (historically the largest raw-material cost), plus chlorine, caustic, carbon monoxide, nitric acid, formaldehyde and PO; European natural-gas-related input costs have also been volatile.
“The primary raw materials for MDI-based polyurethane chemicals are benzene, chlorine, caustic, carbon monoxide, nitric acid and formaldehyde. Benzene is a widely available commodity that we purchase from third parties to manufacture nitrobenzene and aniline, almost all of which we then use to produce MDI.”
SEC filing →As of 2026
Regulatory & policy
- EU / UK Carbon Border Adjustment Mechanism (CBAM)medium
The EU CBAM (from 2026) could raise Huntsman's cost of importing materials and limit access to lower-cost non-EU inputs; a proposed UK CBAM could add further cost.
“The EU CBAM could increase our costs of importing materials beginning in 2026 and/or limit our ability to import lower cost materials from non-EU countries.”
SEC filing →As of 2026
Sole-source dependency
- limited/single-source raw materials and toll manufacturersmedium
Huntsman relies on vendors, sole-source suppliers, toll manufacturers and collaborations for chemicals, feedstocks, energy and certain facilities; for several raw materials only a limited number of suppliers or a single supplier exists.
“There are, however, several raw materials for which there are only a limited number of suppliers or a single supplier.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
AAC (Arabian Amines Company, Zamil Group JV)
“AAC is our 50 %-owned joint venture with the Zamil Group that manufactures products for our Performance Products segment. As required in the operating agreement governing this joint venture, we purchase all of AAC's production and sell it to our customers.”
Cited →Sinopec (China Petroleum & Chemical Corp.)
“In November 2012, we entered into an agreement to form a joint venture with Sinopec, which operates a world-scale PO/MTBE facility in China. Under the joint venture agreement, we hold a 49% interest in the joint venture and Sinopec holds a 51% interest.”
Cited →
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