Chemical company

Union Carbide

(UK)

issued an earnings warning today, blaming rising costs for crude oil and other raw materials.

The company, which will release earnings Oct. 30, said it expects to earn 20 cents a share for the third quarter. The two-analyst

First Call/Thomson Financial

consensus was for earnings of 57 cents a share. The company earned 36 cents a share in the year-ago period.

Union Carbide is being acquired by

Dow Chemical

(DOW) - Get Report

, a chemical producer that also issued an earnings warning for this quarter.

DuPont

(DD) - Get Report

and

PolyOne

(POL) - Get Report

also issued warnings, as chemical companies have seen profits erode due to rising raw materials costs.