Fitch Ratings on Wednesday said it may cut the ratings for Dow Chemical and Rohm & Haas after Kuwait scrapped a deal to form a $17.4 billion petrochemical joint venture with Dow.

The multibillion-dollar joint venture fell victim to the financial crisis and the collapse of oil prices.

Dow Chemical said it would cut 5,000 full-time jobs — about 11 percent of its work force — close 20 plants and sell several businesses to rein in costs amid the recession.

The job cuts represent 11 percent of the company’s total work force and are aimed at cutting costs amid poor market conditions.

The job cuts represent 11 percent of the company’s total work force and are aimed at cutting costs amid poor market conditions.

The company recorded third-quarter profit of $428 million, helped by price hikes that offset a nearly 50 percent increase in raw materials and energy costs.

GRAND RAPIDS, Mich. (AP) — Dow Chemical Co. said Thursday that despite record sales and two double-digit price increases unveiled in the second quarter, its profit for the period fell 27 percent, in large part because of sharply higher costs for energy and raw materials.

Dow sa id that it was raising prices for the second time in a month, as well as introducing freight surcharges and reducing production to offset ever-rising energycosts.

Two of Dow Chemical’s top executives worked on a $50 billion takeover of their company last year, behind the backs of the company’s chief executive and board.

The company reported a 3 percent drop in first-quarter profit because of higher prices for raw materials and energy, but still managed to top Wall Street’s expectations.