Dow Chemical Co. reported a quarterly net loss on Thursday due to large restructuring charges and falling sales of specialty plastics and chlorine.

For the fourth quarter the company posted a net loss of $716 million, or 61 cents per share, compared with a net loss of 20 million, or 2 cents per share, in the year-earlier quarter.

Sales fell 1 percent to $13.92 billion.

Dow Chemical took a $990 million charge in the fourth quarter, part of a plan announced in October to lay off 5 percent of its workforce, close 20 plants and write down the value of its underperforming lithium ion battery business.