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Dow Chemical Company said that this year's capital expenditures will be reduced from 2.8 billion US dollars last year to 1.3 billion US dollars, a drop of 54%. DuPont announced that this year's capital expenditure will be reduced by 30% from last year, from $ 2 billion to $ 1.4 billion.
From the current situation, if the market continues to slump, some chemical companies will further reduce capital expenditures.
In May this year, Albemarle Inc., a US specialty chemical manufacturer, announced a series of measures aimed at improving cash flow, including reducing capital expenditures. The company spent $90 million on some major projects this year, a $30 million reduction from the original plan of $120 million.
US chemical companies cut spending to ease financial pressure
Due to the sluggish end-market and credit constraints, most chemical companies in North America have already cut their capital expenditures. If market demand continues to weaken, companies that have not yet cut capital expenditure will also be forced to cut back. This year, the capital expenditures of the American Chemical Company dropped drastically, from US$25.4 billion last year to US$18.7 billion, a decrease of 26.4% year-on-year.