Chemicals giant Dow Inc on Thursday missed Wall Street estimates for fourth-quarter results, hurt by higher energy costs, weaker demand and supply chain disruptions and said it would cut about 2,000 jobs, or about 5% of its workforce.
A Dow sign is seen at the third China International Import Expo in Shanghai, China November 5, 2020. REUTERS/Aly Song/File Photoon Thursday missed Wall Street estimates for fourth-quarter results, hurt by higher energy costs, weaker demand and supply chain disruptions and said it would cut about 2,000 jobs, or about 5% of its workforce.
Dow said it plans to achieve $1 billion in cost savings in 2023 by reducing operating expense by $500 million. It said it will shut down assets, and further evaluate its global asset base, particularly in Europe.
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