Martin Ledwon, Vice President Marketing, Sustainability & Communications of UPM Biorefining & Technology stands next to some beech trees in a forest near Annarode on November 14, 2025. Looking at a pile of freshly cut beechwood, forest manager Johannes Brodowski wonders if he is looking at the future of Germany's chemicals industry. Finnish materials group UPM unveiled a refinery in the east German state of Saxony-Anhalt in the summer, taking a big risk on a 1.3 billion euro project ($1.5 billion) at a difficult time for the German chemicals sector. (Photo by JENS SCHLUETER / AFP via Getty Images) / TO GO WITH AFP STORY