Neste is transitioning from legacy oil refining to renewable fuel production, leveraging strategic global refinery assets. Industry margins collapsed in 2023–2024 due to overcapacity and Chinese biodiesel imports but recovered sharply after EU anti-dumping tariffs and increased U.S. mandates. NTOIY's access to scarce feedstock via Mahoney Environmental and willingness to pay premiums positions it advantageously as weaker players exit.