Dow Chemical reports it lost money in the last quarter of 2012.
It says it's as a result of markets deteriorating across the world.In a statement, the company says it lost 61 cents per share in the 4th quarter, compared to a loss of 2 cents per share in the same quarter of 2011. Sales in the quarter were down 1 percent to $13.9 billion. For the year, sales were down 5 percent to $56.8 billion.
??The second half of 2012 saw significant deterioration in the markets we serve, particularly in China," Andrew N. Liveris, chairman and chief executive officer of Dow Chemical, said in a prepared statement. "In response, Dow identified and took aggressive action to mitigate the effects of a slow-to-no-growth global environment ?? by deploying cost and cash flow levers and by continuing to prudently manage our portfolio and prioritize growth investments."
In October 2012, Dow slashed 24 hundred jobs.
It also closed 20 plants
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