FABRIC
FILTER
NEWSLETTER
May,
2020
No. 535
CORONAVIRUS
·
Win the War with
Coronavirus Technology Solutions
·
Technology Can Provide
an Accelerated Recovery from the Coronavirus Pandemic
·
Markets Shaped by
Coronavirus Technology and Pharmaceutical Solutions
·
Coronavirus Having Major
Impact on the Power Industry
·
Sefar Bags Used in
Australia, Europe and Around the World at Coal-fired Power Plants
IRON AND STEEL
·
Steel Dynamics Inc.
Awards IAC a Turnkey Order for the Supply and Installation of Reverse Air
Baghouses for New Steel Meltshop
PULP AND PAPER
·
Andritz to Supply
Complete Pulp Mill to UPM in Uruguay
COMPANY NEWS
·
Donaldson Withdraws Full
Year Financial Targets
·
CECO Reports Continued
Progress on Strong Execution Despite COVID-19 Headwinds
·
Hamon Orders Up in First
Quarter 2020
·
B&W Consolidated Revenues Were $148.6 Million In the First Quarter of 2020
·
Lydall Responds to Needs
Presented by COVID-19
·
FLSmidth Reports
Increase in Order Intake
·
Lower Coal Dispatch Puts
Pressure on ADES Segments
·
BHEL to Partner with
Foreign Companies that Want to Use Their Idle Factories for Manufacturing
·
New Company Name for
Mitsubishi Hitachi Power Systems
·
Long Lasting HemiPleat®
Replacement Filters Fit Most Dust Collector Brands
REGULATIONS
·
EPA Weakens Controls on
Mercury
·
Proposed Consent Decree
Against American Zinc Recycling Require Upgrading of Fabric Filters
·
Review of the National
Ambient Air Quality Standards for Particulate Matter
Win the War with Coronavirus Technology Solutions
Shelter in place may have won the first battle but not the war with COVID. The
war needs to be won not by defense but by attacking with the right strategy and
weapons. Attacking without regard to lives lost is similar to the slaughter in
the trenches in WWI.
The
weapons are available to win the war with minimum sacrifice. New research shows
that the enemy has airborne capabilities of which we previously were unaware.
But there is newly developed technology for a successful attack. Coronavirus
Technology Solutions provides the successful battle plan. It is based on
understanding the needs and the ways to meet those needs.
It
starts with anticipating the potential case load by season and country in the
coming months under various scenarios. This analysis defines the needs.
A
proactive program is then formulated around those needs. Implementation includes
obtaining agreement as to the efficacy of the program. The new research shows
that it is not the foot soldiers but the air force which is the biggest danger.
This needs to be communicated. The devil is in the details. For each factor we
need to consider a number of variables.
Potential Case Load: When there are reports of the minimum infectious dose
being as low as 10 virions combined with reports that a lusty singer in a
Washington state church choir was able to exhale thousands of virions per minute
and infect 45 out 60 safely distanced members it is clear that the enemy air
force is a real danger. McIlvaine has been involved for decades in the
analysis of transmission of small particles in the air. This phenomenon is at
the heart of air pollution, indoor air, and cleanroom technology where McIlvaine
has multiple publications.
The
potential case load is also a function of development of new vaccines and
therapies and the production of sufficient quantities to protect billions of
people. This requires a huge investment not only by pharmaceutical companies but
by contract manufacturing organizations (CMOs). McIlvaine has a
service which is tracking the progress of each potential vaccine and therapy.
Forecasts for a range of filtration products are being made in part based on
assumptions relative to the success and timing of vaccine and therapy
availability.
Identify Needs: Removing aerosols
requires filter media which removes 0.3micron particles but allows the wearer to
breathe easily. There is a scarcity of meltblown filter media, but nanofiber
membrane media is available which is washable and meets the requirements. McIlvaine
is tracking the availability of media as well as reagents and other test kit
components.
Design Proactive Program: There is a
combination of systems, components and consumables which need to be available
and in combination provide safety at reasonable costs. These products and
services are being analyzed on a daily basis.
Implement the Program: McIlvaine is
interfacing with hospitals, food processors, restaurants, and other end users.
It is conducting webinars with presentations by experts in filtration and
healthcare. A bridge between suppliers and users is created.
Collaboration: The pandemic is a problem
for the world. The fact that the demand is peaking at different times in
different countries offers an opportunity for a world approach. The fact that
South Korea can supply large numbers of test kits is because of a large
investment in automated cleanrooms. It is no coincidence that Samsung Biologics
provides more than a quarter of the world’s contract biopharmaceutical
production. The first successful vaccine could come from any country. Suppliers
can also collaborate to a much greater extent. Suppliers of foot sanitizers walk
through temperature scanners; fan filter units and air monitors all have
complementary products.
Cost effective and Safe Solution: The
program provides a way to return to near normal quickly and safely.
Click here for more information on Coronavirus Technology Solutions.
Bob McIlvaine can answer your questions at 847. 226 .2391 or
rmcilvaine@mcilvainecompany.com.
Technology Can Provide an Accelerated Recovery from the Coronavirus Pandemic
The
road to recovery is paved with Coronavirus Technology Solutions for healthcare,
industrial and commercial facilities. New or newly applied products and
processes will make us much safer than social distancing.
In
terms of air cleanliness, the health care industry is where the semiconductor
industry was decades ago. It took a lot more than social distancing to improve
air cleanliness from the ambient air levels of 500,000 particles per cubic ft
down to just 1. By contrast the best hospital operating rooms in the world are
achieving 10 particles per cubic ft and most areas of hospitals are closer to
the 500,000.
There is lots of technology developed for air filtration, air pollution control,
occupational health and cleanrooms which can be used immediately.
There is new and convincing evidence that a major transmission route is through
the air. Aerosols smaller than 5 microns are traveling long distances.
This finding obsolesces much of the advice previously given on how to prevent
further spread. However, with silobusting by industry, technology, and country
there is a safe recovery alternative.
There is an avalanche of information becoming available on the use of new or
newly applied technologies. The McIlvaine Company makes information and
analysis of these technologies available in a 10-20 page daily Alert.
Subscribers receive the latest Alert each day and can then search back through
previous issues on the Coronavirus Technology Solutions Website
The
website also has links to webinars which McIlvaine is conducting to analyze
various products and processes.
The
Alerts provide an invaluable resource for those responsible for the safety of
people (product purchasers), for governments, consultants, and suppliers.
Product Purchasers: Whether it is a hospital waiting room or a meat processing
plant there are unique requirements for each application. The Daily Alerts have
the latest information on technology which will allow them to make the best
choices.
Governments and Consultants: This is a
technology forcing situation where rules and regulations need to be revised due
to technology developments. The Daily Alerts unveil major new options.
Suppliers: The daily alerts have
information on customer requirements, opportunities, and analysis of competitor
products. Suppliers also receive lists of prospects and one free recorded
interview. Broad forecasts are also supplied with the option for further
consulting or packaging this service with others supplied by McIlvaine.
Markets Shaped by Coronavirus Technology and Pharmaceutical Solutions
All
the air, water, energy, and cleanroom markets for which McIlvaine forecasts
future revenues will be greatly affected by the Coronavirus. There are two
specific solutions which will mitigate the impact and allow return to a new
normal. One is “Coronavirus Technology Solutions.” This service with
Daily Alerts is showing a path for safe resumption of near normal activities
with filtered air, masks, monitoring, decontamination, and other PPE.
Coronavirus Pharmaceutical Solutions analyzes the vaccines, therapies, reagents,
and test kits which will also have major impact on the return to near normal.
The first step is to find products which will solve the problem, but an equally
big challenge is to produce the hundreds of millions of doses which would be
necessary.
McIlvaine has been publishing Cleanroom Projects for many years. This
service will help analyze the production quantities of new vaccines and
therapies. It will also forecast the timing for effective use. The initial
research and trials being carried on by hundreds of pharmaceutical companies
need to be analyzed and determinations made about the future success of these
products. Detailed tracking of each major product and the company or companies
producing it is provided.
Click
here for a sample profile of Gilead and remdesivir.
Going forward all the McIlvaine market reports will rely on these two analyses
to help predict future markets. Despite the claims that we can resume normal
routines even if millions die from COVID McIlvaine believes that this will not
be the case. So near normal activity will return only with some combination of
the two solutions.
Example: McIlvaine is analyzing the impact on media suppliers such as Berry
Global. The company has over $12 billion in global sales with home, health, and
personal care accounting for 30 percent of the total. Consumer packaging and
other businesses are hurt by the pandemic.
Under a base case where the situation continues to slowly improve the relative
magnitude on normal business could be a negative 14 whereas growth opportunities
would be a positive 10. Air filtration media will be needed to capture the
virus. On the other hand, the Merv 8 market may be reduced by the selection of
more efficient media. There will be reduced purchases in some of the air filter
segments associated with industrial activity. There will be minor positive
impact on liquid filtration media. A large number of vaccine and therapy plants
will be built. They will use cartridges. But this revenue will be offset by
slowdown in food, chemical, and energy which are major cartridge consumers.
Reemay cartridges are also used in the pool and spa markets which are being
negatively impacted.
Berry is expanding mask media production in France, Germany, and the U.S. A big
initiative is a new mask for the general population. The newly introduced
Synergex ONE provides a multilayer nonwoven composite product in a single sheet,
as an alternative to traditional face mask layer structures. This new material
will be manufactured in Europe and serve the European market and is available
immediately. The near-term potential is modest but longer term this product
could be a leading revenue generator for the company. If three billion
people average mask purchases of $10/yr the market would be 60 billon or five
times greater than the present sales of Berry.
More gown media will also be sold. There will be a greater positive than
negative effect on wipes. Consumer packaging and other business will be
negatively impacted by an amount which will offset any gains from coronavirus
related activities. The Berry analysis is shown at:
http://home.mcilvainecompany.com/images/berry_2020-05-19.pdf
For
all the companies supplying air, water, cleanroom, and energy products the
future depends on the answer to few questions. To what extent does coronavirus
travel like cigarette smoke long distances and retain viability over time?
When will successful vaccines and therapies be available? Will outbreaks
reoccur each year? Will people take advantage of the technology solutions? Every
market forecast needs to make assumptions about the answers to these questions.
Details on the reports are available at www.mcilvainecompany.com.
For
more information contact Bob McIlvaine at
rmcilvaine@mcilvainecompany.com;
847.226.2391.
Coronavirus Having Major Impact on the Power Industry
The
EIA revised its forecast for the U.S. electric power sector generation to
include the COVID-19 outbreak’s massive economic disruptions. While the oil and
gas industries face the greatest risks, the EIA’s latest Short-Term Energy
Outlook also predicts steep declines in commercial and industrial electricity
demand as well as a significant decline in new generation capacity as a result.
EIA
now expects retail sales of electricity to the commercial sector to fall by 4.7
percent in 2020 as businesses close and industrial sales to fall by 4.2 percent
as factories cut back production. And while residential customers will likely
increase electricity use under stay-at-home orders, predicted milder winter and
summer weather will still lead to a modest 0.8 percent decline in electric
sales, EIA says.
Similar views on a coming U.S. recession led ratings agencies Moody's and S&P to
lower to "negative" their outlooks for utilities and power-generation projects
over the past week. Moody’s wrote that “the dual shock of power demand
destruction from businesses shutting down and a natural gas oversupply will
further pressure power prices and operating margins in 2020 before rebounding in
2021.”
These drop-offs in demand will drive down total U.S. electric power sector
generation by 3 percent in 2020, EIA has forecast. Coal-fired power plants,
already struggling to compete with cheaper natural gas and renewables, will see
the biggest decline of about 20 percent over the year, whereas natural-gas
generation is expected to increase by a slight 1 percent because of new
generation capacity and lower fuel costs.
While EIA expects renewable energy to retain the title of the fastest-growing
source of electricity generation in 2020, it also predicts the coronavirus
pandemic will slow progress over the next few months. EIA expects that 19.4
gigawatts of new wind capacity and 12.6 gigawatts of utility-scale
solar capacity will be built in 2020, figures that are 5 percent and 10 percent
lower than its previous forecasts, respectively.
Sefar Bags Used in Australia, Europe and Around the World at Coal-fired Power
Plants
Sefar produces Pura-Tex dust filter bags and tubing made from high-quality
felts. Depending on the application, they can be designed with snap rings or
felt collars, metal bands, or drawstrings. The firm manufactures bags according
to order and clients' specifications. Their vast range of available felts in
various weights and with different surface treatments combined with their local
state of the art manufacturing facilities allow them to offer their clients the
best solution for their applications. Leading in technical fabrics for around
190 years, Sefar operates weaving mills in Switzerland, Romania, and Thailand.
With Monosuisse, the Sefar Group has its yarn production with locations in
Switzerland, Poland, Romania, and Mexico.
According to the company, "With our extensive experience in the process
filtration industry and using our local test lab facilities, we have the ability
and equipment to design a system for our clients to suit their process
application needs," commented the company spokesperson. "Our local manufacturing
facilities enable us to adapt existing designs to provide clients with a
tailor-made solution and custom-made designs to suit many other applications. We
can also integrate custom-made labels, color coding, or other designs.
Pura-Tex Sefar sells the media in Australia. One of the OEMs is BWF Enviroec
IRON AND STEEL
Steel Dynamics Inc. Awards IAC a Turnkey Order for the Supply and Installation
of Reverse Air Baghouses for New Steel Meltshop
Steel Dynamics Inc. (SDI) has awarded IAC an order for the supply & installation
of the Alloy Additive Systems including HBI, Carbon and Lime for their two
EAF’s, each with two (2) twin Ladle Furnaces, for its Sinton location in the
state of Texas. The new Mini-Steel Plant will have an annual capacity of
liquid steel of over three million tons. Commissioning is scheduled for
mid-2021.
IAC
Will Supply the Following Equipment and Services:
·
Incoming Receiving Pits
and Storage Silos
·
Pneumatic and Mechanical
Conveyor conveying of Additives in to the EAF’s and LMF’s
·
Ventilation and Dust
Control for Silos and Conveying Equipment
·
Turnkey Installation
Services, Commissioning & Start-up
·
MCC and Process
Automated Controls
·
Steel Dynamics, Inc.
(SDI), headquartered in Fort Wayne, Indiana, is one of the largest steel
producers and metal recyclers in the United States with production facilities
located throughout the United States, and in Mexico.
PULP AND PAPER
Andritz to Supply Complete Pulp Mill to UPM in Uruguay
This world-class eucalyptus pulp mill will have an annual
production capacity of 2.1 million tonnes and is scheduled for start-up in the
second half of 2022.
The core equipment supplied by Andreitz will originate
largely from Finland and thus will have a significant positive employment impact
on employment for Andritz’s staff there as well as on the Andritz workshops
where a large part of the core equipment for this contract will be manufactured.
The Andritz scope of supply includes the following:
A
complete Wood Processing Plant maximizing utilization of various
eucalyptus species.
The world’s
largest single-line Fiberlinen,
including
state-of-the-art LoSolids continuous cooking with efficient heat
recovery and unique washing and bleaching technology based on
DD-Washers, all contributing towards high-quality pulp, highest
operational time, and low chemical consumption, thus having
lowest environmental impact.
A new and
innovative EvoDry Pulp Drying System with two energy-efficient
pulp drying lines based on the high-capacity Twin Wire Former
technology.
An
energy-efficient black liquor Evaporation Plant with a
tailor-made process solution resulting in high availability and
increasing the overall production and efficiency of the plant.
The HERB
Recovery Boiler features energy-efficient flue gas cooling and
feed water preheating technologies to maximize steam production
for power generation. The state-of-the-art HERB Recovery Boiler
is designed for extended operating periods.
A biomass
Power Boiler based on high-quality Andritz EcoFluid Bubbling
Fluidized Bed (BFB) technology. The scope of supply includes a
biomass-fired boiler with flue gas cleaning and other auxiliary
equipment. The Power Boiler also supplies steam for the mill
during start-up. The fuels used are bark, harvesting residues
and sludges from the mill.
A complete
White Liquor Plant. The new recausticizing plant includes
efficient green liquor filtration with LimeGreen filters —
producing clean green liquor and minimizing waste to landfill.
The new lime kiln plant includes two lime kilns with
high-efficiency Andritz LimeCools.
COMPANY NEWS
Donaldson Withdraws Full Year Financial Targets
At
the end of April, Donaldson issued a press release in which it withdrew its
full-year financial targets for fiscal 2020 and fiscal 2021 due to significant
uncertainty as a result of the pandemic. For the third quarter (period ending
April 30), total revenue is expected to decline 14 percent-16 percent
year-over-year. Management said sales in February and March were down 9 percent
(7 percent excluding a 2 percent foreign currency headwind), with sales in April
expected to be down 25 percent-30 percent compared with 2019. Sales of
replacement parts (about 60 percent of total Donaldson revenue) significantly
outperformed new equipment sales during the quarter, according to management.
William Blair tracks Donaldson. It expects that slowdowns in construction,
industrial activity, and agriculture markets will all likely weigh on demand for
the remainder of fiscal 2020. Caterpillar recently reported a 27 percent year
over-year decline in sales of construction machinery for the first quarter, and
Japanese competitor Komatsu, through its remote monitoring system known as
Komtrax, published data indicating a 13 percent year-over-year drop in average
operating times for the company’s machinery. Lower operating times indicate
decreased utilization of construction equipment in the field, meaning demand for
replacement parts is likely to fall. Sentiment in the agriculture market remains
depressed at trough levels.
In
response to softening demand, Donaldson implemented a number of cost control
measures, including matching production labor with demand, a non-essential
hiring freeze, and reduction of discretionary expenses. While the company has
experienced temporary closures at some facilities, management said it has
avoided meaningful operational disruption.
William Blair lowered the Donaldson fiscal 2020 revenue estimate to $2.57
billion (previously $2.71 billion; consensus: $2.57 billion), representing a
year-over-year decline of 10 percent (previously 5 percent decline). Blair is
now forecasting adjusted EPS of $1.70 in fiscal 2020 (previously $2.12;
consensus: $1.83). Previous guidance was for fiscal 2020 revenue in the range of
$2.65 billion to $2.76 billion (down 3 percent-7 percent) and adjusted EPS in
the range of $2.05-$2.19. For fiscal 2021, Blair reduced Donaldson revenue
estimate to $2.67 billion (previously $2.79 billion; consensus: $2.59 billion).
This would represent year-over-year growth of 4 percent compared with the new
fiscal 2020 estimate.
CECO Reports Continued Progress on Strong Execution Despite COVID-19 Headwinds
CECO Environmental Corp.
reported its
financial results for the 1st quarter 2020.
Highlights of the 1st Quarter 2020
·
Revenue of $80.5
million, compared with $86.0 million
·
Gross profit of $28.3
million (35.2 percent margin), compared with $28.4 million (33.0 percent margin)
·
Operating income of $4.2
million, compared with $4.9 million
·
Non-GAAP operating
income of $6.3 million, compared with $7.2 million
·
Net income was $3.4
million, compared with $1.9 million
·
Non-GAAP net income of
$5.3 million, compared with $4.1 million
·
Net income per diluted
share was $0.10, compared with $0.05
·
Non-GAAP net income per
diluted share of $0.15, compared with $0.12
·
Adjusted EBITDA of $7.4
million, compared with $8.5 million
·
Bookings of $75.7
million, compared with $97.3 million
·
Backlog of $208.9
million, compared with $216.6 million as of December 31, 2019
·
Cash and cash
equivalents were $82.5 million, compared with $35.6 million as of December 31,
2019
CECO's Chief Executive Officer Dennis Sadlowski commented, "Our first quarter
results once again demonstrate our ability to execute despite the accelerating
social and economic changes caused by the COVID-19 pandemic. After a very solid
start to the year revenue moderated ending down 10 percent sequentially and 6
percent year over year. Even with lower revenue, our team's track record of
strong execution produced a healthy gross operating margin of 35 percent, which
is up both sequentially and year over year.
Mr.
Sadlowski added, "Our team generated new orders of $76 million up 12 percent
from 4th quarter with sequential orders up double digits in all three
of our reporting segments after a down final quarter of 2019. We continued to
build on a robust backlog of $209 million while executing proactive cost
measures to secure a strong future for the company. We are maintaining a 100
percent commitment to the health and safety of our associates while serving our
customers in critical applications and essential industries, while the markets
remain highly uncertain due to the pandemic."
Hamon Orders Up in First Quarter 2020
€130 million of orders were received in the first quarter. This is a net
increase compared with the same period last year (€66.2 million).
The
Deltak unit received a large order for three recovery boilers for a cogeneration
plant in Alabama. As for the environmental business activities, the order
backlog was bolstered by a refurbishing contract for a very large electrostatic
precipitator at a copper refinery in Arizona and by another contract in Michigan
for a very high-performance wet electrostatic precipitator for a thermal and
acoustic insulation materials production line.
The
majority of the orders received in Asia this quarter involve cooling systems,
including an air-cooled condenser in China and cooling towers in Indonesia,
Bangladesh, and Thailand for various industries (textiles, petrochemicals,
fertilizer). On the environmental side, a new wet gas scrubber order for
catalytic cracking units confirms the appeal of the Group’s technology and its
commercial potential in the highly specialized field of oil refineries.
In
terms of product lines, Hamon’s leading position in the cooling tower market was
confirmed by the large number of orders received by this unit. EMEA Hamon
technology was chosen for the air-cooled condenser for the first next-generation
combined cycle power station in Italy, and, in Greece, for a cooling tower which
uses seawater. Hamon has developed unique expertise with this technology, which
reduces freshwater use and avoids releasing waste heat into the ocean. Hamon was
also awarded a major contract for the renovation of two large natural draft
cooling towers in France, once again reasserting its technological expertise and
leadership.
Hamon Group is continuing to monitor, on a daily basis, the effects the global
pandemic is having on its activities. There are two main potential impacts:
·
A risk to the Group's
ability to execute the projects it has been awarded. To mitigate this risk, the
Group has taken many measures to secure the most critical components of its
supply chain and preserve its engineering activities within a confinement and
remote working scenario. The Group is in constant contact with customers whose
initial project execution schedule may be jeopardized by the pandemic in order
to work on alternative scenarios while protecting the interests of the various
participants.
·
A risk to the Group's
ability to maintain the current rate of orders, for the Customer Service
segment, which depends on the teams being able to access customers’ sites.
The
fact that the energy sector is considered essential by many countries allows
customers to maintain a certain level of activity at their most important
facilities, notably for maintenance and upkeep projects, an area in which Hamon
is very active. The effects of the coronavirus on the Hamon Group’s global
business are limited by the geographical diversification of its activities and,
especially, by the fact that the Group is active in countries that are at
different stages of confinement or easing. Furthermore, the Group has taken
advantage of the various support systems implemented by the governments of the
countries in which it is active to ensure the continuity of its business
activities. It is not possible to quantify the effects of COVID-19 on the
Group’s financial results at this stage of the pandemic given the many
uncertainties which persist about the current crisis and, in particular, its
expected duration.
B&W Consolidated Revenues Were $148.6 Million In the First Quarter of 2020
Babcock & Wilcox
announced a 1st quarter 2020 GAAP loss from continuing operations of
$33.5 million, an improvement of $16.3 million compared to a loss of $49.9
million in 1st quarter 2019. Adjusted EBITDA was a positive $0.7
million, an improvement of $5.1 million compared to negative adjusted EBITDA of
$4.4 million in the prior year period, resulting in the company's fourth
consecutive quarter of profitability on an adjusted EBITDA basis.
On
May 14, 2020, the company amended its Credit Agreement, which amendment replaces
and supersedes the previously disclosed agreement to refinance the company's
senior debt by May 15, 2020, among other things. Under the terms of the amended
Credit Agreement, and as agreed between the company, its senior lender
syndicate, and B. Riley Financial, Inc., the company's current revolving credit
facility and availability for letters of credit will be extended for two years
with a maturity date of June 30, 2022
"As
we've discussed before, many of our projects are delayed or deferred due to the
global COVID-19 pandemic and the measures taken by local and national
governments to control its spread, and we are not able to fully predict the
extent of this impact at this time," said Kenneth Young, B&W Enterprises Chief
Executive Officer. "We have implemented work-at-home mandates in many locations,
and where necessary have furloughed some employees. However, we are an essential
business, and are committed to supporting our customers in critical
infrastructure industries such as power generation, pulp and paper and hospital
facilities. Despite all of these challenges, our bookings in the first quarter
roughly matched those of the prior-year period, and we are seeing our pipeline
increase as many new projects are emerging, including renewable or green energy
projects.
"Despite an operating loss on a GAAP basis, we closed the first quarter of 2020
with positive adjusted EBITDA despite the combined effects of COVID-19 and our
industry's historically weak first quarter spending patterns. This is due to the
determination and experience of the management and employee team that engineered
the turnaround of our business, and their efforts to plan and implement changes
throughout our operations in response to the unprecedented impacts of COVID-19,"
said Louis Salamone, B&W Enterprises Chief Financial Officer. "With our
financing agreement in place, we continue to focus on managing our costs and
cash flow through this crisis, while continually evaluating its effects on our
business, to support our customers in the long-term. As we evaluate the impact
of COVID-19, while it is impossible to fully predict, we expect deferrals and
delays of certain projects to affect our performance in the second quarter of
2020 and anticipate the majority of deferred projects to re-mobilize in late
2020 and through 2021."
Babcock & Wilcox segment
revenues were $122.0 million in the 1st quarter of 2020 compared to
$188.6 million in the prior-year period, primarily attributable to lower volume
related to the periodic nature of large construction new build projects.
Adjusted EBITDA in first quarter 2020 was $10.7 million, an increase of 17.2
percent compared to $9.1 million in last year's quarter, primarily due to higher
parts margins and the results of costs savings and restructuring initiatives
partly offset by the decrease in revenue volume; adjusted EBITDA margin was 8.7
percent in the quarter as compared to 4.8 percent in the same period last year.
Adjusted gross profit in the Babcock & Wilcox segment in 1st quarter
2020 was $32.9 million, a 5.7 percent increase compared to $31.1 million in the
prior-year period, primarily related to the benefits of cost reductions,
partially offset by the effects of decreased volume as described above; gross
profit margin was 27.0 percent, compared to 16.5 percent in the same period last
year, primarily due to higher parts margins and the benefits of costs savings
and restructuring initiatives partly offset by the decrease in revenue.
SPIG segment
revenues were $11.3 million in the 1st quarter of 2020 compared to
$28.9 million in 1st quarter 2019, mainly due to the ongoing
wind-down of the SPIG U.S. operation, the impact of worksite COVID-19
restrictions on services volume, and more selective bidding and focus on core
geographies and products to improve profitability. Adjusted EBITDA was negative
$1.2 million, down $1.9 million compared to positive $0.7 million in the same
period last year, driven by the decrease in revenue and lower margins due to
changes in product mix described above, as well as a $0.7 million settlement on
a legacy dry cooling project expected to facilitate the collection of related
outstanding receivables, partly offset by lower overhead fixed costs. Adjusted
gross profit declined to $0.9 million in first quarter 2020, compared to $3.7
million in the prior-year period, primarily due to the decrease in revenue,
changes in product mix and legacy dry cooling project settlement described
above. At March 31, 2020, SPIG's U.S. entity had two remaining significant loss
contracts; the first was 100 percent complete at the end of the first quarter
2020 with only performance testing remaining, which is expected be completed in
the 3rd quarter of 2020; the second was 89 percent complete at the
end of the 1st quarter of 2020 and is expected to be completed in the
third quarter of 2020. No additional charges were recognized on these contracts
in the 1st quarter of 2020.
Vølund & Other Renewable segment
revenues were $15.3 million for the 1st quarter of 2020, compared to
$29.5 million in 1st quarter 2019. First quarter revenues were lower
compared to the prior year quarter mainly due to the divestiture of Loibl, a
materials handling business in Germany, that contributed $7.2 million of revenue
in the first quarter of 2019 and a lower level of EPC project activity due to
the completion of the European EPC loss contracts, partially offset by the
startup of two operations and maintenance contracts in the U.K. that followed
turnover of the EPC loss contracts to the customers.
Adjusted EBITDA in the quarter improved to negative $3.3 million compared to
negative $8.8 million in the 1st quarter last year, primarily due to
the absence of losses on the European EPC loss contracts; in the 1st
quarter of 2020, the segment recorded a gain of $0.1 million on the European EPC
loss contracts as compared to $4.1 million of losses recorded in the 1st
quarter of 2019, inclusive of warranty expense. The improvement also reflected
the benefits of restructuring, including lower levels of direct overhead
support, warranty expense and SG&A. The segment's adjusted gross profit was
positive $1.5 million in 1st quarter 2020, an improvement of $4.3
million compared to negative $2.9 million reported in 1st quarter
2019, primarily driven by the absence of losses on the European EPC loss
contracts and lower levels of direct overhead support and warranty expense as
described above, partially offset by the absence of adjusted gross profit from
Loibl due to its sale.
Financial Highlights – 1st Quarter 2020 versus 1st 2019
GAAP
Financials
·
Cash flow
from operations was $26.7 million, compared to $14.4 million
·
—
1st
quarter ending cash balance of $87.8 million, compared to $47.9 million
·
Net sales
of $200.5 million, down 8.0 percent
·
Gross
margin of 19.2 percent, down 10 basis points
·
Operating loss of ($55.6) million, compared to operating
income of $9.1 million
— Goodwill and other long-lived asset impairment
charges of $61.1 million, or ($3.35) per share
·
—
Strategic initiatives expense of $1.9 million, or ($0.08) per share, compared to
$0.8 million or ($0.04)
·
Loss per
share of ($3.25), compared to earnings per share of $0.22
Non-GAAP Financial Measures
·
Organic
sales decline of 5.7 percent
·
Adjusted
gross margin of 19.2 percent, down 30 basis points
·
Adjusted
operating margin of 3.7 percent, down 100 basis points
·
Adjusted
earnings per share of $0.20, compared to adjusted earnings of $0.28 per share
·
Adjusted
EBITDA of $20.0 million, compared to $21.8 million
When it first became apparent that COVID-19 would have a significant impact on
the global economy, we acted rapidly and decisively to safeguard the health and
safety of our global workforce and the sustainability of our business,” Sara A.
Greenstein, President and Chief Executive Officer, said. “We immediately
responded to the large unmet need and global shortage of supplies for front line
and first responder personnel and re-prioritized our manufacturing capabilities
in North America and Europe to produce filtration products used in N95
respirators, surgical and medical masks, and medical wipes, pads and gowns.
In response to our automotive customers ceasing operations in the U.S. and
Europe late in the quarter, we quickly ramped down production at our Thermal
Acoustical Solutions facilities in these geographies.”
Ms.
Greenstein concluded, "Lydall's mission is to create a cleaner, quieter, and
safer world as we have been doing for the past 150 years. COVID-19
highlights the enduring role the Company has played in delivering life-saving
capabilities in specialty filtration. As experts in filtration, we have
been in regular contact with the highest levels of the U.S. government, and in
contact with leaders in Canada, Europe, and the United Kingdom to provide
solutions and expertise to help in the fight against COVID-19.
"In
response to the global shortage of personal protective equipment (or PPE), we
have re-deployed people and assets, and have significantly increased production
of filtration materials. In May, we secured a major long-term agreement
with Honeywell to supply meltblown filtration media for their N95 mask
production facilities. Our proven technical and production capabilities
were key factors in our selection. As a result, we have already committed
additional capital to acquire a new meltblown production line to satisfy this
and related demand. We also recently developed a new application for
nonwoven materials used in medical gowns and secured an order from the New York
Dept. of Health for this product.
"April volumes for Performance Materials' Filtration subsegment increased 20
percent compared to the prior year, reflective of the demand for PPE.
April volumes in the TAS business were down almost 90 percent. Our China sites
were back in operation in the first quarter of 2020, while our European
automotive sites have started to slowly ramp up to support customer
requirements. In North America, Ford, GM and FCA have announced plans to
resume production on May 18. We are ready to support this re-start and
have completed a reduction in force program in TAS to provide a leaner fixed
cost structure as demand comes back.
"In
summary, despite substantial headwinds in the quarter, we reacted quickly to
this crisis, delivered sequential margin expansion and strong cash flow, and
have enhanced our liquidity. Lydall's long history and product application
expertise as a trusted supplier of specialty filtration solutions will be a
cornerstone of our long-term strategic vision, with the current crisis
accelerating our focus on our filtration and engineered materials businesses.”
FLSmidth Reports Increase in Order Intake
Order intake increased by 16 percent to DKK 6526 million in 1st
quarter 2020, owing to a record high service order intake and three large
announced orders in Mining. The COVID-19 pandemic is intensifying the hesitation
on large capital investments but producers in both mining and cement are
increasingly looking at digitalized solutions, driven by the restrictions of
on-site services. Mining order intake increased 73 percent, comprising a 16
percent increase in service orders and a 160 percent growth in capital orders.
Cement service order intake was stable compared to Q1 2019, but total Cement
order intake declined 50 percent due to hesitation on capital investments and
the absence of large project orders.
The order backlog increased by 10 percent to DKK 15,591 million in 1st
quarter 2020 (end of 2019: DKK 14,192 million) because of the high Mining order
intake during the quarter.
Apart from the announced mining orders, customer hesitation on capital
investments has intensified. Technical services and commissioning are challenged
by restricted access to sites. Demand for spare and wear parts is seen
relatively stable and in line with production rates, but dependent on activity
level on sites.
FLSmidth Group CEO, Thomas Schulz, commented: “The COVID-19 outbreak has
resulted in extraordinary times for all countries around the globe. Throughout
the quarter, we have navigated the unpredictability and our clear top priority
has been on the safety of our employees and customers. Around 70 percent our
employees are currently working from home and a safe working environment has
been established for the remaining employees. At the same time, we have been
adapting our operations to the changing circumstances to support our customers
the best way possible.”
Revenue increased 2 percent to DKK 4,525m in Q1 2020, explained by a 6 percent
growth in Mining, partly offset by a 3 percent decline in Cement. Organic
revenue growth for the Group was 4 percent.
EBITA decreased 27 percent to DKK 228m, as a result of extraordinary costs
related to business improvement initiatives and COVID-19, as well as the
previously announced lower profitability in the Mining capital business.
Consequently, the EBITA margin decreased 2.1 percentage points to 5.0 percent.
Cash flow from operating activities decreased to DKK -35 million in 1st
quarter 2020, due to a lower EBITDA and cash outflow from working capital,
despite strong collection of receivables. The free cash flow adjusted for
acquisitions and disposals decreased to DKK -103m, compared to DKK 155 million
in 1st quarter 2019.
Average capital employed increased to DKK 15,424 million, mainly related to
working capital and intangible assets. Consequently, ROCE decreased slightly to
10.2 percent.
Thomas Schulz, continues, “The COVID-19 pandemic has a significant impact on the
current and future business and impacted our first quarter results, especially
in the month of March, as the pandemic has led to higher costs associated with
more complex logistics and lower capacity utilization. There will be economic
impacts for both of our core industries, but we see a relatively resilient
mining industry, and the extensive global policy response already seen, such as
the proposed USD 2 trillion infrastructure package in the U.S., could fuel a
rapid growth in metals demand and boost construction and cement markets
worldwide.”
On
23 March, FLSmidth suspended its financial guidance for 2020 because of the
global uncertainty caused by the current pandemic and pending further
clarification of market developments and the actual financial impact on the
business.
Lower Coal Dispatch Puts Pressure on ADES Segments
Advanced Emissions Solutions, Inc. filed its Quarterly Report on Form 10-Q and reported financial results for the 1st quarter ended March 31, 2020, including information about its equity investments in Tinuum Group, LLC and Tinuum Services, LLC, of which ADES owns 42.5 percent and 50 percent, respectively.
Power Generation and Industrials ("PGI") Highlights
·
Recognized 1st
quarter segment revenue of $8.5 million, compared to $14.6 million in the prior
year
·
Segment operating loss
in the 1st quarter was $6.6 million compared to an operating loss of
$3.5 million in the prior year
·
Segment EBITDA loss in
the 1st quarter was $4.4 million, compared to a segment EBITDA loss
of $1.4 million in the prior year
ADES Consolidated Highlights
·
Consolidated net loss
was $1.9 million for the 1st quarter compared to a net profit of
$14.4 million in 2019; pretax loss was $1.5 million for the 1st
quarter compared to a pretax profit of $16.1 million in 2019
·
Consolidated Adjusted
EBITDA was $10.8 million, a decrease from $18.0 million over prior year
·
Made quarterly principal
payment of $6.0 million on the company's term loan, and reduced the principal
balance to $34.0 million
·
Ended the 1st
quarter 2020 with a cash balance, inclusive of restricted cash, of $17.2
million, an increase of $0.1 million since December 31,
March 10, 2020
·
Took proactive steps in
response to the COVID-19 pandemic in order to:
o
Protect employee health and safety, including updating safe workplace protocols
and offering work-from-home where possible:
o
Ensure business continuity as an essential service provider, which involved
taking actions to continue to operate the company's activated carbon
manufacturing facility, engaging customers on how to best respond to changing
market dynamics and protecting ADES' integrated supply chain; and
o
Bolster financial flexibility and preserve near-term available cash and
liquidity, by evaluating non-core spending and adjusting capital allocation
plans, prioritizing prudent organic investments to ensure continued
manufacturing capabilities, and suspending the company's quarterly cash dividend
on its common stock
L.
Heath Sampson, President and CEO of ADES commented, “In terms of our first
quarter performance, lower aggregate coal dispatch continued to put pressure on
both of our segments, driven by mild temperatures, cheap alternative fuel
sources and reduced energy demand brought about by pandemic-related business
shutdowns. Data provided by the EIA indicates that coal-fired power dispatch in
the first quarter was down approximately 33 percent compared to the first three
months of 2019. These market dynamics continue to impact our PGI segment, but we
are making encouraging strides in our product diversification efforts away from
coal-based solutions toward Industrial, Water and other non-coal markets. We
continue to be confident that our activated carbon manufacturing plant will
remain the cornerstone asset to growth in this fragmented market. The team has
been building exciting new products and capabilities for the last 12 months and
we are well positioned to capture new sustainable volume across diverse
end-markets in the future. Our pipeline includes the potential to bring on
significant capacity and once captured, the asset will be back in a position of
strength and able to pursue incremental strategic options."
Greg Marken, CFO of ADES, concluded, “Looking out to the rest of 2020, we expect
to continue to execute and maintain high renewal rates with our current
activated carbon customers. We also expect that the initiatives enacted
throughout 2019 to solidify the sales infrastructure and diversity of our
activated carbon product portfolio will allow us to achieve improved commercial
results in non-power generation markets. We are placing an additional emphasis
on our liquidity position to ensure that we possess the balance sheet strength
to weather COVID-19 related business impacts, which includes the suspension of
our quarterly dividend. Reduction of our Senior Term Loan remains a priority,
and we are evaluating all discretionary and non-core capital spending
initiatives to control our cost structure and drive cash flows.”
BHEL to Partner with Foreign Companies that Want to Use Their Idle Factories for
Manufacturing
India's public sector power equipment maker Bharat Heavy Electricals (BHEL)'s
decision to partner with foreign companies who wish to use its currently idle
factories for manufacturing from India could be a win-win situation for both the
foreign company and BHEL, say analysts. Struggling with sluggish orders and
recession, BHEL has called for an Expression of Interest (EOI) inviting global
companies to partner and leverage its facilities and capabilities for setting up
a manufacturing base in the country, BHEL said.
The
partnership can shorten the time to set up manufacturing facility for the
incoming partner while also helping BHEL utilize its idle factories and
employees, say analysts.
With power sector demand still struggling, this is a significant diversification
move, said analysts with Emkay Research. India has so far lagged in grabbing a
share of the global supply chain shift from China to other emerging markets,
mainly due to a lack of readymade land bank, delay in approvals and fear of
dealing with Indian bureaucracy. With BHEL offering a readymade solution in the
form of factories, staff as well as pre-set vendor base and supply chain, this
can open up several possibilities for BHEL in the longer term.
"It
is too early to comment on how much value this could add for BHEL, as even in
the most optimistic scenario, the first revenue contribution from such
partnership will materialize only after 12-18 months", said Analyst Amar Kedia
of Emkay Research.
A
Maharatna under the Dept. of Heavy Industries, BHEL has 16 manufacturing
facilities with substantial land bank as well as extensive built up industrial
and commercial and residential spaces. It's manpower strength of about 34,000
includes 9000 engineers
BHEL, which contributes 53 percent of total installed power capacity in India,
had net standalone sales of Rs 30,349 crore with an adjusted profit after tax of
Rs 1215.4 crore in Fiscal Year 19. Analysts estimate this to slip to revenues of
Rs 23,762 crore with Rs 300 crore profits in Fiscal Year 20. Order book had
shrunk from Rs 43,727 crore in Fiscal Year 16 to Rs 23,859 crore in Fiscal Year
19.
Once struggling to execute orders when India was increasing its power generation
capacity in the 2005-17 period, BHEL began to lose orders for boilers, turbines,
and generators (BTGs) once India began to promote renewable power instead of
coal-fired capacities. In the last few years, BHEL tried to diversify into
railways and rolling stocks, power transmission, transportation, renewable
energy, water, defense and aerospace, industrial products, and energy storage
with a view to generate half the revenues from diversifications. However, this
venture did not taste success.
New Company Name for Mitsubishi Hitachi Power Systems
Mitsubishi Hitachi Power Systems, Ltd. (MHPS), a part of Mitsubishi Heavy
Industries (MHI) Group, announced its new company name, Mitsubishi Power, and
will also adopt a new corporate brand logo. Under its new name, Mitsubishi Power
will work to enhance its reputation around the world as one of the companies
enabling the decarbonization of electric power
Mitsubishi Power, as one of the core subsidiaries of MHI Group, offers
cutting-edge technologies and energy solutions for the power industry,
supporting affordable and reliable power supplies in regions throughout the
world. Further, by providing new technologies to reduce and eliminate CO2 emissions
at the point of power generation and storage, Mitsubishi Power is a key
participant in creating a decarbonized economy and helping to resolve the
challenges facing the global society.
The
new brand logo combines the three diamonds figurative mark of Mitsubishi with
the English company name. The logo font, a roundish, modern design in a gothic
typeface, was adopted to present an image of the advanced, environment-friendly
power generation technologies that Mitsubishi Power seeks to offer, while at the
same time expresses a corporate stance of responding flexibly to society
changes.
The
company has been planning to change its name following the transfer of all stock
held by Hitachi, Ltd. to Mitsubishi Heavy Industries, Ltd. Mitsubishi Power will
begin operating under the new name once it receives approvals from antitrust
authorities in several countries, and necessary procedures for the stock
transfer have been completed.
Long Lasting HemiPleat® Replacement Filters Fit Most Dust Collector
Brands
HemiPleat® premium replacement filter cartridges from Camfil APC fit
most leading dust collector brands and are guaranteed to last longer than
standard filters. Because of their high efficiency and long filter life,
HemiPleat replacement cartridges need to be changed out less frequently, saving
operators time, and reducing maintenance costs.
HemiPleat filters use a patented pleating technology that exposes more filter
media to the air stream to boost the performance of industrial dust collectors.
HemiPleat media lowers the filter’s pressure drop and facilitates a better
release of dust during pulse cleaning. This also results in using less
compressed air and lowering the energy demand of the fan motor.
HemiPleat replacement filter cartridges are available with these media types:
·
HemiPleat Green for
nuisance dust
·
HemiPleat PTFE and
Dura-Pleat® PTFE for harmful and toxic dust
·
Dura-Pleat Hydro
Oleophobic for hygroscopic and sticky dust
·
HemiPleat FR and
HemiPleat eXtreme FR for flammable dust
·
HemiPleat Carbon and
Dura-Pleat Aluminized for statically charged dust
·
HemiPleat eXtreme
Nanofiber for ultrafine dust
REGULATIONS
EPA Weakens Controls on Mercury
The
Trump administration recently weakened regulations on the release of mercury and
other toxic metals from oil- and coal-fired power plants, another step toward
rolling back health protections in the middle of a pandemic.
The
new Environmental Protection Agency rule does not eliminate restrictions on the
release of mercury, a heavy metal linked to brain damage. Instead, it creates a
new method of calculating the costs and benefits of curbing mercury pollution
that environmental lawyers said would fundamentally undermine the legal
underpinnings of controls on mercury and many other pollutants.
By
reducing the positive health effects of regulations on paper and raising their
economic costs, the new method could be used to justify loosening restrictions
on any pollutant that the fossil fuel industry has deemed too costly to control.
“That is the big unstated goal,” said David Konisky, a Professor of Public and
Environmental Affairs at Indiana University. “This is less about mercury than
about potentially constraining or handcuffing future efforts by the EPA to
regulate air pollution.”
The
proposed change is the latest in the Trump administration’s long-running effort
to roll back environmental regulations and reduce regulatory burdens,
particularly on the coal, oil, and gas industries. Over the past three years the
administration has weakened rules to cut planet-warming carbon dioxide emissions
from coal-fired power plants, restrict coal companies from dumping debris in
streams and claimed falsely that President Trump has revived the dying coal
industry.
Over the past few weeks as the nation struggled with the coronavirus, the
administration has also rushed to loosen curbs on automobile tailpipe emissions,
opted not to strengthen a regulation on industrial soot emissions and moved to
drop the threat of punishment to companies that kill birds “incidentally.”
The
deregulatory push appears designed to secure less restrictive rules quickly. A
new government could move quickly under the Congressional Review Act to overturn
any regulation or federal rule within 60 days of it being finalized — making any
rule completed after late May or early June vulnerable.
The
mercury rollback is a particular victory for Robert E. Murray, the former chief
executive of Murray Energy Corp. Mr. Murray personally requested the rollback in
a written “wish list” to top officials shortly after the president took office.
The company has since declared bankruptcy and is undergoing a reorganization.
“Under this action, no more mercury will be emitted into the air than before,”
Andrew R. Wheeler, the E.P.A. administrator said in announcing the rule.
Environmental lawyers and public health leaders called the timing of the final
mercury rule, as well as its substance, an attack on air quality.
Two
people close to the administration said the White House was concerned enough
about the public perception of loosening environmental rules during the outbreak
that it held the mercury plan for several weeks after it passed a review from
the White House Office of Information and Regulatory Affairs. EPA officials
assured the White House that the agency was merely responding as required to a
2015 Supreme Court ruling that found it must justify the economic impact of the
mercury standards.
The
weakening of the mercury rule would be one of the most significant regulatory
rollbacks engineered by the Trump administration. The existing federal
regulation on mercury pollution, completed in 2012, is the most expensive clean
air regulation ever written by the EPA.
When it published its draft cost-benefit changes last year, the Trump
administration’s E.P.A. said the cost of cutting mercury from power plant
emissions “dwarfs” the economic benefits and argued that the Obama rule could
not be justified as “appropriate and necessary.”
The
EPA.’s 2012 regulation was the first federal standard to require power plants to
install pricey pollution controls to limit mercury emissions — at a cost to
industry of $9.6 billion a year. The Obama administration justified that cost
with some mathematical legerdemain of its own. The Obama EPA tallied not just
the benefits of reducing mercury but also “co-benefits” like reducing sulfur
dioxide, fine particulate matter and other pollutants that were also curbed by
the equipment.
In
his announcement, Mr. Wheeler called the Obama administration’s accounting of
health benefits “dishonest.”
While coal producers urged Mr. Trump to roll back the rule, the vast majority of
electric utility companies have agreed the cost-benefit changes may be of little
help to them, because they have already spent the billions of dollars needed to
come into compliance. Many of those companies urged the Trump administration to
leave the mercury measure in place.
Coal plants subject to the rule “have already spent millions of dollars to
install mercury equipment to reduce mercury emissions,” wrote Scott A. Weaver,
the director of air quality services for American Electric Power, an Ohio-based
electric utility company that operates power plants in 11 states, in a public
comment on a draft of the rule.
Proposed Consent Decree Against American Zinc Recycling Require Upgrading of
Fabric Filters
On
April 29, 2020, the Dept. of Justice lodged a proposed Consent Decree with the
United States District Court for the Northern District of Illinois in the
lawsuit entitled United States v.
American Zinc Recycling Corp.
The
United States filed a Complaint seeking civil penalties and injunctive relief
from Defendant American Zinc Recycling Corp. for alleged violations of the Clean
Air Act, at its electric arc furnace flue dust recycling facility in Chicago
Among other things, the United States alleges that AZR has violated statutory
and regulatory requirements limiting particulate matter emissions from the
Facility, as well as corresponding requirements in AZR’s Clean Air Act permits
for the Facility.
When the Complaint was filed, the United States also lodged a proposed Consent
Decree that would settle the claims asserted in the Complaint. The proposed
Consent Decree would require that AZR implement appropriate injunctive relief to
control air pollutant emissions from the Facility, including upgrading multiple
bag collectors that filter and remove particulate matter from air exhausted from
the Facility. The Consent Decree also assess a $1,054,000 civil penalty.
$654,000 of the penalty assessment would be payable on discounted basis under
AZR’s 2016 Chapter 11 bankruptcy reorganization plan. The remaining $400,000
would be paid in full.
The
publication of this notice opens a period for public comment on the proposed
Consent Decree.
Based on the Environmental Protection Agency’s (EPA’s) review of the air quality
criteria and the national ambient air quality standards (NAAQS) for particulate
matter (PM), the Administrator has reached proposed decisions on the primary and
secondary PM NAAQS. With regard to the primary standards meant to protect
against fine particle exposures (i.e., annual and 24-hour PM 2.5 standards), the
primary standard meant to protect against coarse particle exposures (i.e.,
24-hour PM10 standard), and the secondary PM2.5 and PM10
standards, the EPA proposes to retain the current standards, without revision
Federal Register / Vol. 85, No. 84 / Thursday, April 30, 2020 / Proposed Rules