Latest news with #Fitterling
Associated Press
5 days ago
- Business
- Associated Press
Advancing Dow's Ambition: 2024 Progress Report
Team Dow remains agile and focused on taking proactive actions to improve profitability in the midst of persistent macroeconomic challenges, while delivering value to our customers, shareholders, and society. In 2024, we made meaningful progress to answer customer demands for sustainable products, reduce greenhouse gas (GHG) emissions and drive circularity. Our high-performance culture enabled Team Dow to help advance the materials science industry and create stronger communities. Our best-in-class governance enhanced transparency and continued to foster a culture of integrity and alignment with shareholder interests. Inside this report you will find examples of the many ways we continue to advance our ambition. Every day, Team Dow strives to deliver a sustainable future and create long-term value for all our stakeholders. Here are a few highlights of our progress in 2024. Protecting the climate In 2024, we continued to implement our Decarbonize & Grow strategy and launched our Water & Nature strategy. Both are critical for long-term business growth. Path2Zero projectWater & Nature strategyCarbon Footprint Ledger Learn more about how we help protect the climate Advancing a circular economy and safer materials Our capital-efficient approach with industry-leading partnerships is expanding our portfolio of high-value, sustainable products that meet customer demand. acquiring Circulus, a U.S.-based mechanical recyclerREVOLOOP™ Recycled Plastics ResinsMaizeCare™ Clarity Polymer Discover how we are driving towards a circular economy Learn about our approach to safer materials Cultivating a thriving team and communities We continue to advance a culture that enables our people, our Company, and our communities to grow and thrive. Great Place To Work® and FORTUNE as one of the 25 World's Best Workplaces™ Learn more about Team Dow Learn more about the communities we help support Accountability in Action We conduct business according to Dow's values while strengthening our governance practices to promote good decision-making and a culture of integrity to create long-term value for our shareholders. Learn more about our business practices About the author Jim Fitterling is Chair and Chief Executive Officer for Dow Inc., a global materials science company with 2024 sales of approximately $43 billion. He became CEO in July 2018 and was elected Board Chair in April 2020. Fitterling led Dow's transformation from a lower-margin, commodity company to one deeply focused on higher-growth markets that value innovation – with the ambition to be the most innovative, customer-centric, inclusive, and sustainable materials science company in the world. Fitterling is a leading voice in sustainability; a strong advocate for a circular and net-zero emissions economy; and vocal champion for inclusion. View original content here. DowDow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 30 countries and employ approximately 36,000 people. Dow delivered sales of approximately $43 billion in 2024. References to Dow or the Company mean Dow Inc. and its more about us and our ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting Visit 3BL Media to see more multimedia and stories from Dow
CBC
24-04-2025
- Business
- CBC
Dow delays plans for $8.9B net-zero project in Alberta's Industrial Heartland
The planned construction of a multi-billion dollar, net-zero petrochemical project near Edmonton will be delayed as chemical firm Dow Inc. looks to conserve cash amid unfavourable market conditions, the company said Thursday. Dow's Path2Zero facility — to be built in Fort Saskatchewan in Alberta's Industrial Heartland — was first announced in 2021 and garnered financial backing from the federal and provincial governments in 2023. The $8.9 billion carbon-neutral project was touted as the world's first net-zero emissions integrated ethylene cracker and derivatives site. Its plans to boost production of ethylene involved constructing a new facility and retrofitting an existing plant. Dow Inc. said on Thursday that it expects extended pressure on earnings as uncertainty from U.S. President Donald Trump's erratic trade policies adds to macroeconomic volatility. Construction will be delayed until market conditions improve, CEO Jim Fitterling said in a post-earnings call. "This decision supports our near-term cash flow and adjusts the project timing to align with the market recovery," Fitterling said. "We remain committed to the long-term strategic rationale of the project and the growth upside that it will enable in targeted applications like pressure pipe, wire and cable and food packaging." The company said it was focused on ensuring the project's returns are higher than its capital cost. "And because of that, now is the time to delay construction before spending ramps up." With the project stalled, Dow expects its total enterprise capital expenditure for 2025 to be $2.5 billion, compared to its original plan of $3.5 billion. Dow, along with other chemicals firms, has been struggling with higher feedstock and energy costs alongside weak demand and prices for its products, especially in markets such as Europe. The company said it expects to see delays in purchase and investment decisions — from both consumers and corporations — until negotiations on tariffs are finalized. The U.S.-based company said it chose Alberta for the project because it offers cost-competitive natural gas as well as cost advantage ethane, a key feedstock for ethylene production. "Our industry is in one of the most protracted down cycles in decades," Fitterling said. "Now — with the uncertainty around where tariffs are going to land, with the impact that's having on demand — that's driving our lower for longer [earnings] outlook." The expansion project would have produced and supplied about three million tonnes of low to zero-carbon emissions polyethylene and ethylene derivatives for customers around the globe, according to Dow. The Alberta Petrochemicals Incentive Program has committed approximately $1.8 billion to the project. The federal government will be contributing up to $400 million from Canada's carbon capture, utilization and storage investment tax credit as well as the clean hydrogen investment tax credit.
