What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-01-31 compared with 2023-02-01 · 99 added, 108 removed, 424 unchanged (33% of the section changed)

9 unchanged sentences

Dow's website and its content are not deemed incorporated by reference into this report.

Dow combines global breadth;

asset integration and scale;

focused innovation and materials science expertise;

leading business positions;

and environmental, social and governance ("ESG") leadership to achieve profitable growth and deliver a sustainable future.

The Company’s ambition is to become the most innovative, customer-centric, inclusive and sustainable materials science company in the world.

Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications.

Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation and the term "Dow Silicones" means Dow Silicones Corporation, both wholly owned subsidiaries of the Company.

Dow is one of the world’s leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications.

The Company's global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enables the Company to achieve profitable growth and help deliver a sustainable future.

Dow operates manufacturing sites in 31 countries and employs approximately 35,900 people.

In 2023, Dow delivered sales of approximately $45 billion.

Learn more about Dow's ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting www.dow.com .

BUSINESS SEGMENTS AND PRODUCTS

3 unchanged sentences

The Company did not aggregate any operating segments when determining its reportable segments.

See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 25 to the Consolidated Financial Statements for additional information concerning the Company’s operating segments.

See Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 24 to the Consolidated Financial Statements for additional information concerning the Company’s operating segments.

PACKAGING & SPECIALTY PLASTICS

23 unchanged sentences

In addition to ethylene, the business is a leading producer of propylene and aromatics products that are used to manufacture materials consumers use every day.

The business also produces and procures the power and feedstocks used by the Company’s manufacturing sites.

The business also produces and procures the power, steam and feedstocks used by the Company’s manufacturing sites.

Packaging and Specialty Plastics

37 unchanged sentences

• Map Ta Phut Olefins Company Limited (“Map Ta Phut”) - a Thailand-based company that manufactures propylene and ethylene;

the Company has an effective ownership of 32.77 percent (of which 20.27 percent is owned directly by the Company and aligned with the Industrial Intermediates & Infrastructure segment and 12.5 percent is owned indirectly through the Company’s equity interest in Siam Polyethylene Company Limited, an entity that is part of The SCG-Dow Group and aligned with the Packaging & Specialty Plastics segment).

the Company has an effective ownership of 32.77 percent (of which 20.27 percent is owned directly by the Company and aligned with the Industrial Intermediates & Infrastructure segment and 12.5 percent is owned indirectly through the Company’s equity interest in Siam Polyethylene Company Limited, an entity that is part of The SCGC-Dow Group and aligned with the Packaging & Specialty Plastics segment).

• Sadara Chemical Company ("Sadara") - a Saudi Arabian company that manufactures chlorine, ethylene, propylene and aromatics for internal consumption and manufactures and sells polyethylene, ethylene oxide and propylene oxide derivative products, and isocyanates;

8 unchanged sentences

owned 42.5 percent by the Company.

• The SCG-Dow Group - a group of Thailand-based companies (consisting of Siam Polyethylene Company Limited;

• The SCGC-Dow Group - a group of Thailand-based companies (consisting of Siam Polyethylene Company Limited;

Siam Polystyrene Company Limited;

5 unchanged sentences

These include:

• Construction of the world's first net-zero Scope 1 and 2 CO 2 equivalent ("CO 2 e") emissions integrated ethylene and derivatives complex in Alberta, Canada.

This project is expected to deliver 2 million metric tons of organic growth in attractive, high-end markets while decarbonizing 20% of Dow's global ethylene capacity.

• Construction of a world-scale polyethylene unit on the U.S.

Gulf Coast based on Dow’s proprietary process technologies, to meet consumer-driven demand in specialty packaging, health and hygiene, and industrial and consumer packaging applications.

• Construction of the world's first net-zero carbon emissions (with respect to Scope 1 and 2 carbon dioxide ("CO 2 ") emissions, including technology advancements) ethylene and derivatives complex in Alberta, Canada.

• Plans to construct a clean hydrogen plant where by-products from core production processes would be converted into hydrogen and CO 2 .

The CO 2 would be captured and stored until alternative technologies develop.

Dow will also look for ways to enable usage of the CO 2 in its processes rather than storing it.

The hydrogen plant would allow Dow's Terneuzen manufacturing site to reduce CO 2 emissions by approximately 1.4 million metric tons per year.

• Dow previously signed several renewable and cleaner power agreements which are expected to reduce Scope 2 emissions by more than 600,000 metric tons of CO 2 equivalent per year.

• Ongoing collaboration with Mura Technology (“Mura”) to help solve the global plastics waste issue and advance circularity via circular feedstocks, which are converted into recycled plastics.

Mura plans to construct a new facility at Dow's Böhlen site in Germany, the latest in a series of planned facilities across the U.S.

and Europe to rapidly scale advanced recycling of plastics, and the first expected to be based at a Dow site.

This project is targeted for a final investment decision by the end of 2023.

This would position Dow to become the largest consumer of circular feedstock for polyethylene production globally.

Mura plans to construct a new facility at Dow's Böhlen site in Germany, the latest in a series of planned facilities across the United States and Europe to rapidly scale advanced recycling of plastics, and the first expected to be based at a Dow site.

• Plans to construct a clean hydrogen plant in Europe where by-products from core production processes would be converted into hydrogen and CO 2 .

The hydrogen plant would allow Dow's Terneuzen manufacturing site to reduce CO 2 e emissions by approximately 1.4 million metric tons per year.

Project completion and deployment is expected to occur after 2030.

The Company's ambition includes becoming the most sustainable materials science company, with a strategy to advance the well-being of humanity by helping lead the transition to a sustainable planet and society.

This includes lowering energy and greenhouse gas emissions and further enabling a shift to a circular economy for plastics by focusing on resource efficiency and integrating recycled content and renewable feedstocks into its production processes.

As part of that strategy, Dow announced the following in 2022:

• In the fourth quarter of 2022, Dow commissioned the retrofit of its first UNIFINITY TM Fluidized Catalytic Dehydrogenation ("FCDh") technology for cost-advantaged, on-purpose propylene manufacturing and continues to successfully cross all critical startup milestones and make strong progress toward production of on-spec propylene at scale.

As part of that strategy, Dow announced the following investments that have been completed or are still being progressed in 2023:

• In 2022, Dow commissioned the retrofit of its first UNIFINITY TM Fluidized Catalytic Dehydrogenation ("FCDh") technology for cost-advantaged propylene and in 2023 has been optimizing operations of this new technology.

The FCDh unit, located at one of Dow's mixed-feed crackers in Plaquemine, Louisiana, will ultimately enable production of approximately 150,000 metric tons of additional on-purpose propylene at full run-rate.

The breakthrough propylene manufacturing technology, which Dow will license through Univation Technologies, LLC, a wholly owned subsidiary of the Company, can reduce capital outlay by up to 25 percent while lowering energy usage and greenhouse gas emissions by up to 20 percent.

This project was originally announced in 2019.

• Acceleration of the Company's sustainability targets set in 2020 by expanding its stop the waste target to a transform the waste target.

By 2030, Dow will transform plastic waste and other forms of alternative feedstock to commercialize 3 million metric tons of circular and renewable plastics solutions annually.

• Launched a new collaboration with Waste Management ("WM") to improve residential recycling for hard-to-recycle plastic films by allowing consumers in select markets to recycle these materials directly in their curbside recycling.

Once operating at full capacity, this program is expected to help WM divert more than 120,000 metric tons of plastics film from landfills annually.

Dow will support this initiative by incorporating recycled content into its product solutions, in line with the Company’s goals.

• Signed an agreement with French recycling company Valoregen to contribute to building the largest single hybrid recycling site in France, to be owned and operated by Valoregen.

The project, which is expected to be operational and delivering recycled materials in the first half of 2023, will mark an important step in bringing together mechanical recycling (which processes certain plastic waste into secondary products) and newer, advanced recycling processes (which breaks down mixed, hard-to-recycle plastics into their original naphtha-like liquid form to manufacture new virgin-like polymers).

Dow will be the main recipient of Valoregen’s post-consumer resins, which it will use to develop new plastic products marketed under Dow’s REVOLOOP™ product range.

• Dow previously signed an agreement with French recycling company Valoregen to contribute to building the largest single hybrid recycling site in France, to be owned and operated by Valoregen.

The project's 15,000 metric ton mechanical recycling line reached mechanical completion in the fourth quarter of 2023 and the advanced recycling line is expected to start-up in the first half of 2024.

This will mark an important step in bringing together mechanical recycling (which processes certain plastic waste into secondary products) and newer, advanced recycling processes (which breaks down mixed, hard-to-recycle plastics into their original naphtha-like liquid form to manufacture new virgin-like polymers).

Dow will be the main recipient of Valoregen’s post-consumer resins ("PCR"), which it will use to develop new plastic products marketed under Dow’s REVOLOOP ™ product range.

It will also support the development of Valoregen's recycling technology capabilities.

• Invested in Plastogaz SA, a technology start-up and proprietor of an advanced recycling technology, which will help to simplify the process of converting plastic waste to feedstock and provide another carbon-efficient option to keep plastic waste out of landfills and the environment.

Dow will bring global reach and materials science expertise to further develop technologies with companies, like Plastogaz, who are developing circular feedstock for plastics.

• Invested in Mr.

Green Africa, the first recycling company in Africa to be a Certified B Corporation, to enable further diversion of plastic waste from informal dumpsites and the environment, drive positive change in local communities, address inadequacies in existing waste management systems and close the loop on plastics waste across Africa.

The investment marks the first of its kind from Dow on the continent and expects to enable approximately 90,000 metric tons of plastic waste to be recovered over four years and recycled into new packaging applications.

• Signed a letter of intent with X-energy, a nuclear energy innovation company which will help Dow advance its carbon emissions reduction goals through the development and deployment of X-energy's advanced small modular nuclear technology in the United States.

• Signed a definitive agreement to take a minority stake in the Hanseatic Energy Hub GmbH ("HEH") and is working with HEH's current members to advance Germany's capabilities to import supplies of liquified natural gas, bio-liquified natural gas and synthetic natural gas through the construction of an import terminal.

• The first Mura plant in the UK commenced commissioning of its 20,000 metric tons advanced recycling facility in the fourth quarter of 2023 and plans to produce feedstocks in the first half of 2024.

Dow will be the main recipient of the product produced at this site.

• Dow announced a joint development agreement with X-energy, a nuclear energy innovation company which will help Dow advance its greenhouse gas emissions reduction goals through the development and deployment of X-energy's advanced small modular nuclear technology at an industrial site in North America.

In 2023, Dow selected its Seadrift Operations manufacturing site in Texas for its proposed advanced small modular reactor ("SMR") nuclear project.

The project will be focused on providing the Seadrift site with safe, reliable, zero emissions power and steam as existing energy and steam assets near their end-of-life.

• Continued collaboration with Hanseatic Energy Hub GmbH ("HEH") as a minority stakeholder and is working with HEH's current members to advance Germany's capabilities to import supplies of liquified natural gas, bio-liquified natural gas and synthetic natural gas through the construction of an import terminal.

The HEH consortium is planning to build, own, and operate an import terminal for liquified gases on Dow's Stade, Germany industrial park.

The zero-carbon emission terminal will be co-located with Dow's facilities in Stade.

Dow is making land available for the construction of the terminal as well as infrastructure services, off-gas heat, site services and mutual harbor use rights.

The zero emission terminal will be co-located with Dow's facilities in Stade.

making land available for the construction of the terminal as well as infrastructure services, off-gas heat, site services and mutual harbor use rights.

• Dow and privately-held New Energy Blue have reached a long-term supply agreement to produce bio-based ethylene from renewable agricultural residues.

This is the first agreement in North America to generate plastic sourced materials from corn stover (stalks and leaves), and is the Company's first agreement in North America to utilize agriculture residues for plastic production.

Under the terms of the deal, Dow will support the design of New Energy Freedom, a new facility in Iowa that is expected to process corn stover and produce commercial quantities of second-generation ethanol and clean lignin, with nearly half of the ethanol to be turned into bio-based ethylene feedstock reducing CO 2 e emissions from plastic production, and using it in recyclable applications across transportation, footwear, and packaging.

• Dow and Reciclar S.A.

joined forces to build an efficient model for plastic recycling in Argentina that will produce more than 6,500 tons of post-consumer plastic resin.

This collaboration agreement with Reciclar S.A.

will last three years and aims to improve the capacity of Reciclar S.A.

to process waste on a larger scale and produce high-quality post-consumer plastic materials under the REVOLOOP TM brand.

• Dow has signed several renewable and cleaner power agreements which are expected to reduce Scope 2 emissions by more than 600,000 metric tons of CO 2 e per year.

INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE

1 unchanged sentence

These businesses primarily produce and market ethylene oxide and propylene oxide derivatives that are aligned to market segments as diverse as appliances, coatings, furniture and bedding, construction, mobility and automotive, electronics, surfactants for cleaning and sanitization, infrastructure and oil and gas.

The businesses' global scale and reach, world-class technology, research and development capabilities and materials science expertise enable the Company to be a premier solutions provider offering customers value-added sustainable solutions to enhance comfort, energy efficiency, product effectiveness and durability across a wide range of home comfort and appliance, building and construction, mobility and transportation, and adhesive and lubricant applications, among others.

Industrial Solutions

9 unchanged sentences

The business supports manufacturers across a large variety of end-markets, notably coatings, detergents and cleaners, crop protection, pharmaceuticals, electronics, oil and gas, inks and textiles.

The business is a leading producer of purified ethylene oxide, ethylene amines and ethanol amines.

The business is a leading producer of purified ethylene oxide, ethyleneamines and ethanolamines.

Polyurethanes & Construction Chemicals

4 unchanged sentences

The CAV business' assets are predominantly in Western Europe and Latin America and largely produce materials for internal consumption.

market segments and applications ranging from roofing and flooring to gypsum-, cement-, concrete- and dispersion-based building materials.

The Construction Chemicals business provides cellulose ethers, redispersible latex powders, and acrylic emulsions used as key building blocks for differentiated building and construction materials across many market segments and applications ranging from roofing and flooring to gypsum-, cement-, concrete- and dispersion-based building materials.

Both Polyurethanes and Construction Chemicals deliver sustainable products aligned toward green building markets yielding reduced environmental impacts and lower product intensity compared to traditional offerings.

29 unchanged sentences

and efficiency improvements around the world.

In 2022, the Company benefited from the completion of a debottlenecking project along the U.S.

Gulf Coast to increase aniline production by 60,000 tons per year, which drove the integrated margins higher for the portfolio.

Also, in the past year, the Company further progressed and scaled key projects aligned to longer-term sustainability goals, including the first industrial-scale production unit aligned to the RENUVA™ Mattress Recycling Program.

This project represents a fully circular investment across the value chain highlighting Dow’s materials science solutions to critical challenges facing the industry.

In 2022, ACCUTRACE™ Plus Fuel Marker was selected by the European Commission as the new European Union common fiscal marker to support fuel fraud prevention.

The adoption of ACCUTRACE™ Plus Fuel Marker as the new Euromarker was supported by extensive independent technical and safety assessments of the latest fuel marking technologies conducted by the Joint Research Centre and the Scientific Committee on Health, Environmental and Emerging Risks.

The marker maintains a unique fingerprint in fuel, which alerts authorities to its intended use and enhances supply chain governance and product identification.

In 2023, the Company benefited from the completion of an integrated MDI distillation and prepolymers facility along the U.S.

Gulf Coast to increase distillation capabilities by 30 percent versus prior levels, which is expected to improve integrated margins for the portfolio.

Also, in the past year, the Company further progressed and scaled key projects aligned to longer-term sustainability goals across the world leading propylene glycol franchise including propylene glycol RDC (lower carbon) featuring DECARBIA TM bio-based technology from second generation bio-based raw material, and propylene glycol CIR (circular) featuring RENUVA TM recycled content from post-consumer waste streams.

In 2023, the Industrial Solutions business completed investments on the U.S.

Gulf Coast and in Europe to expand capacity of specialty amines and alkoxylation chemistries to serve fast growing energy transition, pharmaceutical, home care, cleaning, and agriculture end-markets.

In 2023, the Company progressed the following:

• Construction of an integrated MDI distillation and prepolymers facility at its site in Freeport, Texas.

This investment supports increasing demand for downstream polyurethane systems products and advances Dow’s leading positions in attractive applications in construction, consumer, and industrial markets that are growing above gross domestic product.

The new Freeport MDI facility will replace Dow’s current U.S.

& Canada capacity in La Porte, Texas, and will also be capable of supplying an additional 30 percent of product to Dow’s customers.

In coordination with the start-up of the new MDI facility expected in 2023, Dow will shut down its polyurethane assets at the La Porte site.

• Expanded production of propylene glycol capacity at its existing joint venture facility in Map Ta Phut, Thailand by 80,000 tons per year – bringing total capacity to 250,000 tons per year.

• Successful startup and operation of hydrogen to peroxide to propylene glycol pilot plant with Evonik at its site in Hanau, Germany.

In contrast to the traditional process, where propylene is used to make propylene oxide, which is converted to propylene glycol through hydrolysis, the pilot plant will leverage the HYPROSYN ® process, which uses a novel catalytic system to generate propylene glycol directly from propylene and hydrogen peroxide.

The integration of all key reaction stages in a single reactor eliminates the need of additional investments in propylene oxide capacity and lowers capital requirements.

The process also enables a reduced environmental footprint.

• Expansion of propylene glycol capacity at its existing joint venture facility in Map Ta Phut, Thailand by 80,000 tons per year – bringing total capacity to 250,000 tons per year.

The additional capacity will support customer growth across Asia Pacific and India and is expected to come online in 2024.

2 unchanged sentences

The additional capacity is needed to support increasing demand across a wide range of fast-growing end-markets where the Company is delivering 10 percent to 15 percent annual growth rates, from home and personal care to industrial and institutional cleaning solutions and pharmaceuticals.

The investments are backed by supply agreements with customers, including leading consumer brands, and are expected to come online in 2024 and 2025, respectively.

The investments are backed by supply agreements with customers, including leading consumer brands, and are expected to come online in the United States and Europe in 2024 and 2025, respectively.

• Dow and Orion Chemicals Orgaform together with Eco-mobilier, H&S Anlagentechnik and The Vita Group have inaugurated a pioneering mattress recycling plant as part of the RENUVA ™ program.

55 unchanged sentences

vinyl acetate monomers;

weatherable acrylic capstock compounds for thermoplastic and thermosetting materials Acetic acid, acetone, acrylic acid, ammonia, butanol, butyl acrylate, methanol, methyl methacrylate, propylene, styrene Arkema, BASF, Celanese, Evonik, LyondellBasell, Wacker Chemie

weatherable acrylic capstock compounds for thermoplastic and thermosetting materials

Acetic acid, acetone, acrylic acid, ammonia, butanol, butyl acrylate, methanol, methyl methacrylate, propylene, styrene Arkema, BASF, Celanese, Evonik, LyondellBasell, Wacker Chemie

Consumer Solutions Personal care and home care;

22 unchanged sentences

SYL-OFF ™ Silicone Release Coatings

Hydrochloric acid, methanol, platinum, silica, silicon metal Elkem, Momentive, Shin-Etsu, Wacker Chemie

Methanol, platinum, silica, silicon metal Elkem, Momentive, Shin-Etsu, Wacker Chemie

Current and Future Investments

1 unchanged sentence

These include:

• Silicone elastomers capacity in U.S.

& Canada for the world's first recyclable silicone self-sealing tire solution, which meets self-sealing tire manufacturers' demands for high performance and sustainability, while providing drivers and passengers with a lighter-weight, safer, and more durable solution.

• Incremental capacity expansion in U.S.

& Canada for silicone sealants supporting greater design flexibility and enabling safe, sustainable, and durable building and infrastructure.

• Debottlenecking silicone key intermediates and enhancing capacity of engineered materials in Asia Pacific to accelerate growth in advanced automotive and consumer electronics.

• New silicone gum blends capacity in Latin America to meet the growing demand for sustainable silicone solutions in the personal care industry.

• Debottlenecking of silicone key intermediates enabling downstream growth globally across multiple end-markets, such as building and infrastructure, mobility and transportation, and consumer and electronics.

• Capacity expansions in EMEAI to meet demand growth for sustainable silicone solutions in the personal care industry.

• Capacity expansions in Asia Pacific to meet growing demand for mobility and transportation end-markets.

• Incremental capacity expansion in the United States to accelerate growth in targeted applications within consumer and electronics as well as the building and infrastructure end-markets.

The Company continues to make incremental investments in lower-capital, higher-return projects in the silicones and coatings franchises to further enhance competitiveness.

16 unchanged sentences

The Netherlands;

the United Kingdom;

The Company's primary source of these raw materials are natural gas liquids ("NGLs"), which are derived from natural gas and crude oil production, and naphtha, which is produced during the processing and refining of crude oil.

35 unchanged sentences

Saudi Arabia 35.00 % Manufactures chlorine, ethylene, propylene and aromatics for internal consumption and manufactures and sells polyethylene, ethylene oxide and propylene oxide derivative products, and isocyanates

The SCG-Dow Group:

The SCGC-Dow Group:

Siam Polyethylene Company Limited Thailand 50.00 % Manufactures polyethylene

9 unchanged sentences

SUSTAINABILITY STRATEGY

Dow is working to deliver a sustainable future by collaborating and innovating to expand its ability to make a positive impact on society and the planet.

As a leading materials science company, Dow has the responsibility and opportunity to act and lead the industry in areas where Dow's science and innovation can make a difference.

This means Dow is reducing its environmental footprint, developing and implementing circular economy solutions, and creating new materials that are more sustainable.

Dow’s sustainability strategy focuses on three areas, which address some of the most pressing challenges facing the planet and offer the most opportunity for Dow to use its science and global scale to make a positive impact.

Climate Protection – Dow is committed to protecting the planet by combating climate change, including contributing to a lower-carbon future, both in its operations and value chains.

Dow’s comprehensive strategy includes actions to optimize the Company's manufacturing facilities and processes for sustainability, increase clean energy in Dow's purchased power mix, collaborate with the Company's supply chain to address upstream carbon emissions, invest in transformative next-generation solutions for climate protection, and develop low carbon products, technologies and services.

Circular Economy – Dow is taking a leading role in driving a more circular economy by designing for circularity, transforming plastic waste and alternative feedstock into circular and renewable solutions, building new business models for circular materials, and partnering in an industrial ecosystem to end plastic waste.

Safer Materials – Dow is innovating new materials that offer a more favorable health and environmental profile over their life cycles compared to incumbent solutions.

Dow believes that creating safer materials is a continuous journey and is possible through innovation, design and more predictive, enabling technologies.

Dow’s innovations must meet the needs of customers and society, and Dow is committed to continue to evolve its approach to safer materials in line with these expectations.

Climate Protection, Circular Economy and Safer Materials are critical to Dow’s license to operate and represent areas where Dow is using its science, scale and global relationships across value chains to create shared opportunity for Dow and society.

To accelerate the Company's sustainability commitments, Dow has implemented and continues to expand on its multi-decade targets intended to put the Company on a path to achieve carbon neutrality and eliminate plastic waste, which include the following:

• By 2030, Dow will reduce its net annual Scope 1 and 2 carbon emissions by 5 million metric tons compared with its 2020 baseline, representing a 15 percent reduction from 2020 and a 30 percent reduction since 2005.

• By 2050, Dow intends to be carbon neutral (Scope 1+2+3 plus product benefits).

Dow believes a sustainable future is attainable, but only if everyone comes together to drive forward science- and technology-based solutions to address global challenges.

Dow is collaborating across value chains and using its materials science to scale business solutions and deliver transformational change that leads to a more circular, lower-carbon, more resource-efficient society and a healthier planet.

By constantly innovating and improving how the Company sources, designs, manufactures and delivers material solutions, Dow is helping its customers make a positive contribution to society and the environment, while opening new paths for business growth.

Dow’s sustainability efforts are focused on three areas that are critical to the Company’s business and where Dow believes it can use its science, global reach and partnerships to make a positive impact.

These focus areas guide Dow’s business decisions and sustainability framework.

Climate Protection – Dow is committed to protecting the planet by combating climate change, including contributing to lower CO 2 e emissions and conserving and restoring natural resources, such as native habitats and freshwater, within its operations and value chains.

Circular Economy – Dow is taking a leading role in driving a more circular economy by designing for circularity, building new business models for circular materials, and partnering in an industrial ecosystem to end plastic pollution.

Safer Materials – Dow is innovating new materials that offer more favorable health and environmental profiles over their life cycles than incumbent solutions.

• By 2030, Dow will reduce its net annual Scope 1 and 2 CO 2 e emissions by 5 million metric tons compared with its 2020 baseline, representing a 15 percent reduction from 2020 and a 30 percent reduction in greenhouse gas emissions since 2005.

• By 2030, Dow will transform plastic waste and other forms of alternative feedstock to commercialize 3 million metric tons of circular and renewable solutions annually.

To do this, Dow will expand its efforts to stop the waste by building industrial ecosystems to collect, reuse or recycle waste and expand its portfolio to meet rapidly growing demand.

Dow expects the waste required to produce this target will surpass and replace its original 1 million metric tons stop the waste goal.

To do this, Dow is expanding its efforts to build industrial ecosystems to collect, reuse or recycle plastic waste and address waste management gaps.

Dow is also working to close the loop by helping its customers design for recyclability and increasing its use of feedstocks from recycled and renewable sources.

• By 2050, Dow intends to be carbon neutral (Scope 1+2+3, as defined by the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, plus product benefits).

The Company's progress in achieving these targets is reviewed regularly by management and with the Environment, Health, Safety & Technology Committee of the Dow Inc.

5 unchanged sentences

and Notes 1 and 14 to the Consolidated Financial Statements.

In addition, detailed information on the Company's performance regarding environmental matters and goals, including the Company's annual ESG Report, is accessible through the Science & Sustainability webpage at www.dow.com/sustainability.

In addition, detailed information on the Company's performance regarding environmental matters and goals, including the Company's annual INtersections Report, is accessible through the Science & Sustainability webpage at www.dow.com/sustainability.

Dow's website and its content are not deemed incorporated by reference into this report.

2 unchanged sentences

Dow employees create innovative and sustainable materials science solutions to advance the world.

Every answer starts with asking the right questions.

This is why the diverse, dedicated Dow team collaborates with customers and other stakeholders to find solutions to the world's toughest challenges.

Every answer starts with asking the right questions, which is why the diverse, dedicated Dow team collaborates with customers and other stakeholders to find solutions to the world's toughest challenges.

The Company's values of Respect for People, Integrity and Protecting Our Planet are fundamental beliefs that are ingrained in each action taken, can never be compromised and are the foundation of the Company's Code of Conduct.

9 unchanged sentences

In addition to access for occupational health needs, the Company also has a comprehensive well-being strategy, which is framed across four dimensions – physical, mental, community and financial well-being – for an approach that is holistic, global, employee centered and outcome-driven.

Key ambitions

across the four dimensions focus on elements such as workplace stress, psychological safety, resiliency, workload, healthy eating and activities, and social community and inclusion opportunities.

Key ambitions across the four dimensions focus on elements such as workplace stress, psychological safety, resiliency, workload, healthy eating and activities, and social community and inclusion opportunities.

Dow maintains active Crisis Management Teams at the corporate level and in each region where the Company operates to ensure appropriate plans are in place in the event of natural disasters or other emergencies.

2 unchanged sentences

A strategic and intentional focus on ID&E not only enhances the employee experience and satisfaction, but it also supports innovation, customer experience and understanding of the communities the Company serves.

In 2022, Dow advanced to #15 in the DiversityInc Top 50 Companies for Diversity and for the second year in a row was named to the Fortune 100 Best Companies to Work For ® list.

In 2023, Dow advanced to #7 in the DiversityInc Top 50 Companies for Diversity and for the third year in a row was named to the Fortune 100 Best Companies to Work For ® list.

These are significant accomplishments that represent only two of the many awards the Company received related to its efforts in ID&E.

33 unchanged sentences

At December 31, 2023, the Company permanently employed approximately 35,900 people on a full-time basis.

Minority includes employees who self-identify as Hispanic or Latino, Black or African American, Asian, American Indian or Alaskan Native, Native Hawaiian or other Pacific Islander, or two or more races.

ethnic minorities include employees who self-identify as American Indian or Alaskan Native, Asian, Black or African American, Hispanic or Latino, Native Hawaiian or other Pacific Islander, or two or more races.

Employees who self-identify as White are considered U.S.

Non-Minority.

Additional information regarding Dow’s human capital measures can be found in the Company's annual ESG Report, as well as Dow's U.S.

Additional information regarding Dow’s human capital measures can be found in the Company's annual INtersections Report, as well as Dow's U.S.

Equal Employment Opportunity Report (EEO-1), accessible through the Inclusion and Diversity webpage at www.dow.com/diversity .

3 unchanged sentences

EXECUTIVE OFFICERS OF THE REGISTRANT

Set forth below is information related to the Company's executive officers as of February 1, 2023:

Set forth below is information related to the Company's executive officers as of January 31, 2024:

Name, Age Present Position with Registrant Year Elected as Executive Officer of Dow Inc.

13 unchanged sentences

Chief Inclusion Officer from July 2017 to November 2022.

Dominowski, 49 Controller and Vice President of Controllers 2024 DOW INC.:

Controller and Vice President of Controllers effective February 1, 2024.

Global Business Director for Silicone Feedstocks & Intermediates from August 2020 to February 2024.

Regional Finance Director for North America from January 2018 to August 2020.

Edmonds, 66 Controller and Vice President of Controllers and Tax 2019 DOW INC.:

Controller and Vice President of Controllers and Tax since April 2019.

Controller and Vice President of Controllers and Tax from April 2019 to February 1, 2024.

Controller and Vice President since November 2009;

Vice President of Tax since January 2016.

Jim Fitterling, 61 Chairman and Chief Executive Officer 2018 Dow Inc.:

Chairman since April 2020;

Vice President of Tax from January 2016 to February 1, 2024.

Jim Fitterling, 62 Chair and Chief Executive Officer 2018 DOW INC.:

Chair since April 2020;

Chief Executive Officer since August 2018.

Chairman since April 2020;

Chair since April 2020;

Chief Executive Officer since July 2018.

President and Chief Operating Officer from February 2016 to July 2018.

Mauro Gregorio, 61 President, Performance Materials & Coatings 2020 DOW INC.:

8 unchanged sentences

Business President, Polyurethanes and Chlor-Alkali & Vinyl from April 2018 to February 2020.

Business President, Polyurethanes and Chlor-Alkali from October 2016 to April 2018;

Business President, Building and Construction from June 2013 to April 2018.

Sampson, 63 Senior Vice President, Operations, Manufacturing & Engineering 2021 DOW INC.:

7 unchanged sentences

Senior Vice President of Research & Development since August 2013.

Howard Ungerleider, 54 President and Chief Financial Officer 2018 Dow Inc.:

President and Chief Financial Officer since August 2018.

Chief Financial Officer since October 2014;

President since July 2018;

Vice Chairman from October 2015 to July 2018.

Tate, 54 Chief Financial Officer 2023 DOW INC.:

Chief Financial Officer since November 2023.

LEGGETT & PLATT INCORPORATED:

Executive Vice President and Chief Financial Officer from September 2019 to June 2023.

Chief Financial Officer since November 2023.

Vice President and Business Finance Director, Packaging & Specialty Plastics from August 2017 to August 2019.

Wilson, 53 General Counsel and Corporate Secretary 2018 DOW INC.:

3 unchanged sentences

Corporate Secretary since February 2015.

Associate General Counsel from April 2017 to September 2018;

Director of the Office of the Corporate Secretary from August 2013 to October 2018.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business