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Dow Inc. said it’s delaying construction at a major chemicals project in Canada until market conditions improve, cutting the United States company’s capital spending plan for the year by US$1 billion.
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Dow’s decision follows President Donald Trump’s trade tariffs that have fuelled business uncertainty and roiled financial markets in recent weeks.
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The company said Thursday it’s still committed to the Path2Zero project in Fort Saskatchewan, Canada. It now sees overall enterprise capital spending for this year at US$2.5 billion, compared with an original plan for US$3.5 billion.
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“Our industry continues to experience challenging market conditions that are expected to persist in the near-term, given increased macroeconomic and geopolitical volatility,” Dow said in presentation slides posted on its website.
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Dow shares fell 0.9 per cent before the start of regular trading in New York.
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Announced in 2021, Path2Zero comprises a new facility and retrofitting an existing plant to boost production of ethylene, a raw material used to make plastics. The project is envisaged as being the first integrated ethylene cracker and derivatives facility with net zero emissions on a Scope 1 and Scope 2 basis.
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