Loews Corporation

$110.04

+1.01%

N/A+$1.10

Financial Services

Insurance - Property & Casualty

NYSE

Active Trading

Loews Corporation functions as a diversified holding company, with significant business segments spanning insurance, energy infrastructure, hospitality, and manufacturing. Its insurance division ...

Supply Chain of L

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Regional Electricity Utilities

Natural Gas Producers / Pipeline Operators

Exxon Mobil

Air Liquide

Airgas (Air Liquide subsidiary)

QatarEnergy (formerly Qatar Petroleum)

BLM (US Bureau of Land Management)

BASF

Regional Electricity Utilities

Power for air separation units (ASU) — highest energy input

Natural Gas Producers / Pipeline Operators

Feedstock for hydrogen production; helium byproduct source; energy for processes

Exxon Mobil

NYSE:XOM

Largest US liquid helium producer; Wyoming helium-rich natural gas fields

Air Liquide

ENXTPA:AI

Helium sourcing partner (Qatar Ras Laffan JV: 30% offtake); some regional distribution overlap

Airgas (Air Liquide subsidiary)

US packaged gas distribution; helium supply

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Samsung Electronics

TSMC

BASF

Dow

ArcelorMittal

H2 Green Steel

Healthcare Systems / Hospitals

Food & Beverage Manufacturers

Samsung Electronics

KRX:005930

Long-term industrial gas supply; on-site ASU at Pyeongtaek semiconductor complex (largest electronics customer site worldwide); 45+ year relationship

TSMC

NYSE:TSM

Ultra-high purity gases for Arizona semiconductor fabs; expanding US presence

BASF

ETR:BAS

Long-term hydrogen supply (Chalampé, France — doubled capacity 2025); CO2-neutral power agreement for Zhanjiang, China; helium technology partnership

Dow

NYSE:DOW

Clean hydrogen and nitrogen partner for net-zero ethylene complex in Canada

ArcelorMittal

MT:EUR

Long-term gas supply for steelmaking; new ASU at Temirtau; Romanian operations; industrial gases for European steel sites

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Air Liquide

Air Products and Chemicals

Nippon Sanso Holdings

Air Liquide

ENXTPA:AI

World's #2 industrial gas company; similar product mix, customer base (chemicals, healthcare, electronics), geographic footprint (Europe, Asia, Americas). Closest peer by business model.

Air Products and Chemicals

NYSE:APD

US-based #3 global industrial gas company; proxy for US exposure, hydrogen energy strategy, mega-project execution. Largest US-listed pure-play comparable.

Nippon Sanso Holdings

TSE:4091

Japan-based #4 global industrial gas company; proxy for Asia-Pacific electronics exposure, Asian manufacturing dynamics.

Geographic

Region-level exposures that can distort the supply network.

Geographic

Middle East (Qatar)

Asia-Pacific (South Korea, Taiwan, China)

Americas

QatarEnergy

Samsung Electronics

TSMC

BASF China (Zhanjiang)

Dow

Middle East (Qatar)

Helium source — geopolitical/supply chain fragility

QatarEnergyHelium byproduct of LNG; major global helium supply

Asia-Pacific (South Korea, Taiwan, China)

Electronics customer concentration — Samsung (KRX:005930), TSMC (NYSE:TSM)

Samsung ElectronicsKRX:005930Long-term ASU supply at Pyeongtaek complex

TSMCNYSE:TSMUltra-high purity gases for Arizona fabs

BASF China (Zhanjiang)ETR:BASPower agreement for Verbund site

Americas

Largest revenue segment; significant healthcare/chemicals/manufacturing exposure

DowNYSE:DOWHydrogen/nitrogen for Canada ethylene complex

Europe

Green energy transition — hydrogen, decarbonization projects

BASFETR:BASHydrogen supply at Chalampé, France

ArcelorMittalMT:EURSteel sector gas supply

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Equipment

Medium

Single-company dominance in ASU/helium plant engineering (Linde Engineering builds most of its own assets), creating execution risk on mega-projects

Customer

High

Electronics segment (Samsung, TSMC) is high-growth but concentrated in two customers; any fab slowdown (e.g., memory downturn, geopolitical restrictions) could significantly impact APAC revenue

Foundry

Critical

Helium sourcing is geographically concentrated: Qatar (~35% of global supply disrupted per 2026 Iran conflict reports), US (Wyoming BLM), Algeria, Australia, Russia. Supply chain fragility.

Customer

Medium

Steel industry (ArcelorMittal, H2 Green Steel) is cyclical and facing decarbonization transition costs; could pressure volumes/pricing

Memory

Medium

Semiconductor memory oversupply cycles (Samsung DRAM/NAND) could compress electronics gas demand

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Americas

44.6%

$15.2B

Largest geographic segment; drives demand for industrial gases in chemicals, energy, manufacturing, healthcare end-markets. Heavy electricity/power inputs for ASU operations.

EMEA

25.1%

$8.6B

Significant steel, chemicals (BASF), and automotive manufacturing base. Green hydrogen projects growing (EU decarbonization).

APAC

19.5%

$6.7B

Fastest-growing segment; driven by semiconductor expansion (Samsung Pyeongtaek, TSMC). Energy-intensive manufacturing base.

Engineering

7.9%

$2.7B

Proprietary plant construction (ASU, LNG, helium); vertically integrated. Reduces dependency on third-party equipment suppliers.

Other/Eliminations

2.6%

$0.9B

Intersegment eliminations and minor businesses.

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Loews Corporation

Supply Chain of L

Upstream

Regional Electricity Utilities

Natural Gas Producers / Pipeline Operators

Exxon Mobil

Air Liquide

Airgas (Air Liquide subsidiary)

QatarEnergy (formerly Qatar Petroleum)

BLM (US Bureau of Land Management)

BASF

View More

Downstream

Samsung Electronics

TSMC

BASF

Dow

ArcelorMittal

H2 Green Steel

Healthcare Systems / Hospitals

Food & Beverage Manufacturers

View More

Proxies

Air Liquide

Air Products and Chemicals

Nippon Sanso Holdings

Geographic

Middle East (Qatar)

Asia-Pacific (South Korea, Taiwan, China)

Americas

View More

Supply Chain of L

Upstream

Regional Electricity Utilities

Natural Gas Producers / Pipeline Operators

Exxon Mobil

Air Liquide

Airgas (Air Liquide subsidiary)

QatarEnergy (formerly Qatar Petroleum)

BLM (US Bureau of Land Management)

BASF

View More

Downstream

Samsung Electronics

TSMC

BASF

Dow

ArcelorMittal

H2 Green Steel

Healthcare Systems / Hospitals

Food & Beverage Manufacturers

View More

Proxies

Air Liquide

Air Products and Chemicals

Nippon Sanso Holdings

Geographic

Middle East (Qatar)

Asia-Pacific (South Korea, Taiwan, China)

Americas

View More