Dow Chemical, the largest U.S. chemical producer, is planning to cut 11 percent of its workforce, close plants, and sell parts of its business. The job cuts represent 5,000 of its employed positions as well as 6,000 of the company's contractors. Hassan Ahmed, an analyst at HSBC Securities, stated that they are looking at the fourth quarter and preparing for the worst.

Dow Chemical is deciding rather or not to make a counter offer for Britain's Imperial Chemical Industries. Earlier this week Britain Imperial Chemical Industries rejected a bid of 7.8 billion from the Akzo Nobel.