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News Summary: Dow Chemical 4Q loss widens
Thursday - 1/31/2013, 8:24am EST
(AP) - 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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)