Jim Fitterling

Dow is the world's largest producer of polyethylene (the most widely used plastic), a major producer of other commodity chemicals (ethylene oxide, propylene oxide, silicones), and a leading player in industrial intermediates, coatings, and packaging materials. Dow's business is highly cyclical, driven by the ethylene cycle: when ethylene and polyethylene prices are high (tight supply vs. demand), Dow generates enormous cash flow; when prices are low (oversupply from new cracker capacity, particularly in China), margins compress severely. Fitterling's challenge is managing this cyclicality while investing in long-term growth and sustainability. The most significant strategic investment is Path2Zero — a $6.5 billion project in Fort Saskatchewan, Alberta to build the world's first net-zero carbon emissions integrated ethylene cracker and derivatives complex. Using clean hydrogen, carbon capture, and renewable power, Path2Zero would triple Dow's ethylene capacity in Alberta while achieving net-zero emissions, addressing the chemical industry's massive carbon footprint challenge. Key stock drivers include polyethylene and ethylene prices, global chemical supply/demand balance, Path2Zero project execution and economics, feedstock costs (ethane, naphtha), construction activity (silicones, coatings), packaging demand, dividend sustainability, and Chinese chemical capacity additions that impact global supply.