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Since its formation in 1897, Dow has continuously demonstrated its ability to adapt and improve, shaping and strengthening the Company for the opportunities and the challenges of a constantly changing world. Today, that ability manifests itself more strikingly than ever as we respond to the forces of global competition, high and volatile feedstock and energy costs, rising social expectations and ever-increasing public scrutiny, while at the same time seeking new growth opportunities in emerging economies.
At one level, we worked during 2004 to achieve more with less, eliminating unnecessary initiatives, conserving resources and increasing productivity through our continued financial discipline and drive for operational efficiencies. At another level, we focused on developing business models that take advantage of a shifting global economy, ensuring we sustain our leading position in key products and end-use applications over the long term. And we enhanced the governance, ethical and social dimensions of what we do, taking actions that safeguard the integrity of our Company and ensure that expectations and policies are properly articulated and appropriately adopted throughout the organization – thereby strengthening our license to operate.
- We continued to develop business models that will deliver competitive advantage and sustain our leadership position in the long term, challenging conventional thinking as we sought new ways to ensure sustainable growth. For example, in Europe we announced jointly with BASF plans to commercialize a new technology to produce propylene oxide using hydrogen peroxide as the feedstock. In the United States, we signed a 20-year agreement with Freeport LNG that will provide globally competitive sources of natural gas to our Gulf Coast manufacturing facilities. We announced an agreement with China’s largest coal producer, Shenhua, to jointly evaluate the feasibility of coal-to-olefins projects in that country. And we stepped up our long-term commitment to alternative fuel technologies through efforts such as our hydrogen fuel cell project with General Motors, which in 2004 expanded from a single test site to a multi-cell pilot plant.
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