News Summary: Dow Chemical 4Q loss widens

AP News
Posted: Jan 31, 2013 8:47 AM

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.