Abstract
IN JUST ONE QUARTER, U.S. chemical industry earnings went from mixed to miserable. The prevailing tone from company executives has been one of shock and dismay at the disappearance of demand during the fourth quarter. At Dow Chemical, the unraveling economy resulted in a 23.4% decrease in sales during a very difficult time for the firm. Even excluding a restructuring charge of $628 million, the company had a loss of $574 million compared with earnings of $805 million in the same quarter a year earlier. In a conference call with analysts, CEO Andrew N. Liveris reported on “one of the worst quarters we have seen in more than two decades.” Like many industry leaders, he pointed to outside factors. “The rapid demand destruction and unprecedented destocking throughout almost every value chain is something none of us has ever experienced,” Liveris said. “The impact of this global economic correction in the fourth quarter was inescapable.” Also ...
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