Dow Chemical profit rises 6 percent in 3Q

Dow Chemical Co. reported a 6 percent increase in third-quarter profits Thursday due to substantial price hikes, but the nation's largest chemical company said a global recession is likely to last through most of next year.

"The global economy is now feeling the full effects of the same economic issues that have plagued the U.S. for the past several quarters," said Chairman and Chief Executive Andrew N. Liveris. "These issues have now been exacerbated by the lack of credit, resulting in a drop in demand not only in the U.S., but around the world.

"In our view, we will likely see a global recession through most of 2009."

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