As a commodity chemical company, we focus on the areas that are within our control.

FIRST, WE MUST KEEP OUR COSTS DOWN. In a capital-intensive and cyclical commodity chemical business, a low-cost position is essential. We have invested in low-cost, world-scale assets and we have created a culture that makes cost reduction an everyday activity.

SECOND, WE MUST MAINTAIN THE APPROPRIATE RISK/REWARD BALANCE FOR OUR SHAREHOLDERS. Throughout this prolonged chemical industry trough, reducing risk has been a priority. We improved our balance sheet by selling non-strategic assets, reducing debt and keeping tight control of capital expenditures. The result is a stronger company with the industry's greatest leverage to the expected recovery in our four major product lines.

But reducing risk is only half the equation. To increase the reward to our shareholders, we are leveraging traditional technologies and utilizing existing assets to develop a unique portfolio of higher-value products. These new products have performance advantages that deliver increased value to our customers — resulting in higher margins for us.