Code Red

Bad news continues as chemical makers aggressively reduce costs in response to sharply lower demand and sudden inventory depletion across all supply chains. Dow Chemical announced plans to cut 5,000 jobs last week; Praxair will eliminate 1,600; and Sabic Innovative Plastics, about 1,000. The news comes after similar announcements from BASF and DuPont. Hundreds of plants have been idled and dozens of permanent shutdowns announced at just these companies. Dow said last week that it has been operating under “Company Code Red” for the past two months. Dow...

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