Finland-based major renewable fuel producer Neste announced a loss for the quarter to December 2024 and canceled its dividend policy. The company also planned to cut almost 600 jobs in 2025. As a result, Neste's shares plunged to its lowest level since 2016. A decline in profitability was caused by lower margins in the renewable products segment. According to the company, global production capacity increased in 2024 due to the entry of new competitors. This excess capacity resulted in lower selling prices and a significant drop in refining margins. Additionally, the slow pace of growth in demand for low-carbon fuels also contributed to the decline in profits.