News Summary: Dow Chemical 4Q loss widensJanuary 31, 2013 @ 5:48 am
(AP) - DOW DOWN: Dow Chemical posted a fourth-quarter loss of $716 million, or 61 cents per share, compared with a loss of $20 million, or 2 cents per share, in the same quarter the year before. Excluding one-time charges, the company earned 33 cents per share, a penny shy of Wall Street estimates.
CHINA SYNDROME: Chairman and CEO Andrew Liveris said Dow saw significant market deterioration in the second half of the year, particularly in China.
CUTS: The company has slashed its costs. In October, it announced plans to close 20 manufacturing plants and eliminate about 2,400 jobs.
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