Abstract
BY THIS TIME LAST YEAR, THE CHEMICAL INDUSTRY was hoping, even cautiously predicting, that 2003 would finally bring a rebound. The optimism even continued into early 2003. However, the situation didn't actually improve much over time, and companies continued to struggle with high costs for energy and raw materials and declining earnings. So, instead of brighter prospects, the industry faced yet another challenging year. Among the challenges were many external issues that gained strength and momentum. These included litigation related to past products and pollution, security initiatives, product bans, charges of pricefixing, and European regulatory and U.S. energy policies. Meanwhile, the more mundane aspects of chemicals manufacturing—namely production, pricing, demand, and trade—remained decidedly mixed. To cope with structural problems, many chemical companies underwent extensive changes, especially at Dow Chemical, DuPont, and Bayer. Many major firms instituted management shifts while cutting jobs broa...
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