First-quarter financial results for the major US and European chemical firms are in, and they show that the industry got off to a strong start in 2022. A couple of problems have executives worried about the quarters ahead, however. They see strict COVID-19 lockdowns in China slowing operations, and they think that inflation—exacerbated by Russia’s invasion of Ukraine—hasn’t quite finished rippling through the economy. Sales at the world’s largest chemical maker, BASF, climbed 19% in the first quarter from the same quarter a year earlier, while earnings jumped 35%. Higher selling prices, mainly in the firm’s chemical and materials unit, drove the results. A 60% rise in earnings helped Celanese break a profit record set during the second quarter of last year. Acetyl chemicals remain enormously profitable for the company. At Dow, results showed solid improvement, but profit margins in its core packaging plastic business thinned because of escalating raw