Dow is one of the world's largest commodity chemicals and materials companies. Its core business is polyethylene (PE), the world's most widely used plastic, produced at scale through an integrated ethylene-to-PE value chain anchored by low-cost ethane cracking on the U.S. Gulf Coast and in the Middle East. Dow also produces propylene oxide and polyurethane intermediates (used in foam and insulation), ethylene oxide derivatives and specialty amines (used in cleaning, personal care, and pharma), silicones (serving electronics, automotive, and personal care), and acrylic binders for coatings. Dow sells primarily to industrial customers — packaging companies, consumer goods manufacturers, automotive OEMs, and construction firms — through a direct sales force. Dow operates three segments: Packaging & Specialty Plastics (~47% of revenue), Industrial Intermediates & Infrastructure (~27%), and Performance Materials & Coatings (~19%). Dow's earnings are driven by the integrated margin between hydrocarbon feedstocks and finished chemical prices, capacity utilization across its fixed-cost manufacturing base, and product mix toward higher-value specialty grades. Dow's primary growth investment is the Path to Zero project in Fort Saskatchewan, Canada — a net-zero integrated ethylene complex expected to add ~$1B of incremental EBITDA at mid-cycle. Concurrently, Dow is rationalizing high-cost European assets and executing a restructuring program targeting at least $2B of EBITDA improvement by 2028.