Abstract
Something good has happened in the U.S. chemical industry. It seems to be able to shrug off some of the negative economic factors that 10 years ago would have sent it into a tailspin. Perhaps the restructuring that has gone on for more than a decade has had an effect. As companies have shucked off lowperforming assets, concentrated on core businesses, cut employment rolls, and done all of the other things necessary to increase shareholder value, perhaps efficiencies did indeed enter into the financial picture. Or perhaps it is just luck. Whatever has happened, earnings in the second quarter for the 30 major chemical companies regularly surveyed by C&EN declined just 4% from last year's second quarter to an aggregate $1.91 billion-despite low growth in gross domestic product during the quarter, continued lackluster chemical pricing, only moderate growth in chemical production, the Asian economic crisis, a strong dollar, and a shrinking chemical trade surplus. ...
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