Dow posts dour quarterly results, plans to slash 2,000 jobs


Source: cnbc.com cnbc.com

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Chemicals giant Dow Inc on Thursday missed Wall Street estimates for fourth-quarter results, hurt by higher energy costs, weaker demand and supply chain disruptions, and said it would cut about 2,000 jobs, or about 5% of its workforce. Production costs have risen in recent quarters following Russia's invasion of Ukraine, while China's Covid-led lockdowns have squeezed demand for Dow, which sells its chemicals to industries ranging from automobiles and food packaging to electronics that are also facing supply chain disruptions. Dow said it plans to achieve $1 billion in cost savings in 2023 by reducing operating expense by $500 million....