Chemical makers cut costs in slow market

Large chemical firms posted tepid financial results in the third quarter, with many logging modest increases in sales but lackluster profits. Companies are looking to cut costs and trim their portfolios—largely in Europe—to help nudge momentum toward better results. Both sales and earnings at BASF were flat compared to the same quarter in 2023. The world’s largest chemical company saw its sales volumes improve across nearly all its businesses, though lower prices offset most of those gains. An exception was BASF’s automotive emission control catalyst unit, which had declines in both volumes and prices due to weak vehicle sales. CEO Markus Kamieth expects the poor performance to persist. “At the beginning of the year, we had assumed that global light vehicle production would be stable or decline slightly,” he said in prepared remarks. “After a weaker-than-expected third quarter for global light vehicle production, we have revised our assumptions for 2024