Evercore Investment Banking Pitch Book
Soda Ash Market Background
Comparison of Natural Trona and Synthetic Production
Overview
Sisecam Wyoming produces soda ash with naturally
mined soda as opposed to synthetically produced soda
Synthetic production is approximately twice as
expensive to produce compared to U.S. natural soda
ash production
■ Synthetic soda ash consumes substantially more
energy, incurs additional costs associated with by-
products and has a greater carbon footprint
Production related CO2 intensity in natural soda is
approximately 70% lower than synthetic, while
energy usage is approximately 60% lower and water
usage is approximately 85% lower
Comparison of Soda Ash Production Methods
Solvay
Process
Raw
Materials
Energy
Usage
By-Products
U.S. Natural
Trona One
4-6 MMBtu/ton
Source: company presentations
EVERCORE
None
Salt (brine),
Limestone,
Ammonia
10-14
MMBtu/ton
Calcium
Chloride (waste
product)
China Hou
Salt (brine),
Limestone,
Carbon Dioxide
10-14
MMBtu/ton
Ammonium
Chloride (co-
product)
10
3.0x
2.0x
1.0x
0.0x
2021 Global Production Capacity
China Hou
20%
Confidential - Preliminary and Subject to Change
1.0x
Others
15%
Solvay
Process
47%
Comparison of Production Costs
U.S. Natural
2.0x
U.S. Natural
18%
EU Solvay
2.1x
China Solvay
2.4x
China Hou
ŞİŞECAMView entire presentation