Dow reports first-quarter loss, expands review of European assets

Chemicals firm Dow Inc reported a first-quarter loss on Thursday versus a year-ago profit, hurt by lower prices and higher energy and feedstock costs, and said it is expanding the review of its European assets. 

Dow, along with other chemicals firms, has been struggling with higher feedstock and energy costs as well as weak demand for its products, especially in markets such as Europe. 

In January, Dow said it would reduce global headcount by 1,500 as part of a cost-saving plan due to lackluster demand and margin pressures. 

The company has also undertaken a strategic review of some of its European assets. 

 

On Thursday, the company said it is expanding the review to Polyurethanes and also including three upstream assets across all operating segments for further action. 

Michigan-based Dow's net loss for the quarter ended March 31 was $290 million or 44 cents per share, compared to a net income of $538 million, or 73 cents per share, a year ago.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)