Dow to cut 1,500 jobs amid uncertainty

Responding to what it calls “ongoing microeconomic uncertainty,” Dow is launching a $1 billion cost-cutting program that will include eliminating 1,500 jobs, or about 4% of its workforce. The company also plans to reduce its annual capital spending, now about $3.5 billion, by $300 million–$500 million. The actions “are focused on reinforcing our long-term competitiveness as we continue to navigate this prolonged economic downturn,” Dow CEO Jim Fitterling said on a Jan. 30 call with stock analysts to discuss financial results. Profits at Dow, the largest US chemical maker, fell 24.4% last year from 2023. Sales tumbled 3.7%. The firm managed to increase sales volumes, but prices have been weak. Fourth-quarter prices declined an average of 3% from the prior year quarter. The cost-cutting follows a review Dow unveiled in October that’s focused on its European business in polyurethane raw materials. The company is considering, among other options, selling some