Regaining Ground

What a difference a year continues to make. Chemical makers globally are reporting strong second-quarter earnings and volume gains (p. 6, 7). Dow Chemical sharply reversed year-ago losses and DuPont and BASF nearly doubled year-ago earnings. Aggressive cost cutting and rationalization in late 2008 and early 2009 has paid off as margins and profits approach pre-crisis levels, even with overall volumes that remain 10% below 2008 peaks in the U.S. and Europe. Producers are maintaining or increasing earnings expectations for the rest of 2010, despite concerns that...

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