|   UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 2009 Commission file number: 1-1463 UNION CARBIDE CORPORATION(Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| New York(State or other jurisdiction ofincorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 13-1421730(I.R.S. Employer Identification No.) |
|  1254 Enclave Parkway, Houston, Texas  77077                                                                    (Address of principal executive offices)   (Zip Code)                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  Registrant's telephone number, including area code:  281-966-2727                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                                                             þ Yes    o No  |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit and post such files).                     o Yes     o No                                                                                                                                                                                                                                                                                                                                                                                                          |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                           Large accelerated filer o                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                            Smaller reporting company  o |
|                           Non-accelerated filer   þ                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                              Accelerated filer  o |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                                                                    o Yes    þ No                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| At June 30, 2009, 1,000 shares of common stock were outstanding, all of which were held by the registrant’s parent, The Dow Chemical Company. The registrant meets the conditions set forth in General Instructions H(1)(a) and (b) for Form 10-Q and is therefore filing this form with a reduced disclosure format.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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Union Carbide Corporation 

TABLE OF CONTENTS

|                                                                                                            | PAGE     |
|-----------------------------------------------------------------------------------------------------------------|----------|
| PART I - FINANCIAL INFORMATION                                                                                  |     |
|  Item 1.  Financial Statements.                                                                  |  3  |
|  Consolidated Statements of Income                                                                         |  3  |
|  Consolidated Balance Sheets                                                                               |  4  |
|  Consolidated Statements of Cash Flows                                                                     |  5  |
|  Consolidated Statements of Equity                                                                         |  6  |
|  Consolidated Statements of Comprehensive Income                                                           |  6  |
|  Notes to the Consolidated Financial Statements                                                            |  7  |
|  Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations. |  18 |
|  Disclosure Regarding Forward-Looking Information                                                          |  18 |
|  Results of Operations                                                                                     |  18 |
|  Other Matters                                                                                             |  19 |
|  Item 3.  Quantitative and Qualitative Disclosures About Market Risk.                            |  22 |
|  Item 4T.  Controls and Procedures.                                                              | 22       |
|  PART II - OTHER INFORMATION                                                                               |     |
|  Item 1.  Legal Proceedings.                                                                     |  22 |
|  Item 1A.  Risk Factors.                                                                         |  22 |
|  Item 6.  Exhibits.                                                                              |  24 |
|  SIGNATURES                                                                                                |  25 |
|  EXHIBIT INDEX                                                                                             |  26 |

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Table of Contents

| PART I - FINANCIAL INFORMATION                       |   |               |   |             |     |   |   |     |   |   |
|------------------------------------------------------|--------|--------------------|--------|------------------|----------|--------|--------|----------|--------|--------|
|                                                 |   |               |   |             |     |   |   |     |   |   |   |   |
| ITEM 1. FINANCIAL STATEMENTS                         |   |               |   |             |     |   |   |     |   |   |
|                                                 |   |               |   |             |     |   |   |     |   |   |   |   |
| Union Carbide Corporation and Subsidiaries           |
| Consolidated Statements of Income                    |
|                                                 |   |               |   |             |     |   |   |     |   |   |   |   |
|                                                 |   | Three Months Ended |   | Six Months Ended |
|                                                 |   | June 30,           |   |             | June 30, |   |   | June 30, |   |   | June 30, |   |
| In millions     (Unaudited) |   | 2009               |   |             | 2008     |   |   | 2009     |   |   | 2008 |   |
| Net trade sales                                      |   | $                  | 43     |             |     | $      | 50     |     |   | $      | 78 |   |   | $ | 96 |   |
| Net sales to related companies                       |   |               | 1,248  |             |     |   | 1,905  |     |   |   | 2,251 |   |   |   | 3,894 |   |
| Total Net Sales                                      |   | $                  | 1,291  |             |     | $      | 1,955  |     |   | $      | 2,329 |   |   | $ | 3,990 |   |
| Cost of sales                                        |   |               | 1,060  |             |     |   | 1,882  |     |   |   | 2,079 |   |   |   | 3,843 |   |
| Research and development expenses                    |   |               | 13     |             |     |   | 19     |     |   |   | 27 |   |   |   | 38 |   |
| Selling, general and administrative expenses         |   |               | 3      |             |     |   | 3      |     |   |   | 6 |   |   |   | 6 |   |
| Restructuring charges                                |   |               | 162    |             |     |   | -      |     |   |   | 166 |   |   |   | - |   |
| Equity in earnings of nonconsolidated affiliates     |   |               | 4      |             |     |   | 63     |     |   |   | 6 |   |   |   | 117 |   |
| Sundry income (expense) - net                        |   |               | 5      |             |     |   | (14    | )        |   |   | 2 |   |   |   | 56 |   |
| Interest income                                      |   |               | 4      |             |     |   | 26     |     |   |   | 10 |   |   |   | 58 |   |
| Interest expense and amortization of debt discount   |   |               | 10     |             |     |   | 13     |     |   |   | 24 |   |   |   | 25 |   |
| Income before Income Taxes                           |   | $                  | 56     |             |     | $      | 113    |     |   | $      | 45 |   |   | $ | 309 |   |
| Provision (credit) for income taxes                  |   |               | (1     | )                |     |   | 68     |     |   |   | (39 | ) |   |   | 109 |   |
| Net Income Attributable to Union Carbide Corporation |   | $                  | 57     |             |     | $      | 45     |     |   | $      | 84 |   |   | $ | 200 |   |
| Depreciation                                         |   | $                  | 70     |             |     | $      | 66     |     |   | $      | 138 |   |   | $ | 131 |   |
| Capital Expenditures                                 |   | $                  | 20     |             |     | $      | 59     |     |   | $      | 41 |   |   | $ | 99 |   |
| See Notes to the Consolidated Financial Statements.  |   |               |   |             |     |   |   |     |   |

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Table of Contents

| Union Carbide Corporation and Subsidiaries                                                           |
|------------------------------------------------------------------------------------------------------|
| Consolidated Balance Sheets                                                                          |
|                                                                                                 |   |   |   |   |   |   |
|                                                                                                 |   | June 30, |   |   | Dec. 31, |   |
| In millions     (Unaudited)                                                 |   | 2009 |   |   | 2008 |   |
| Assets                                                                                               |   |   |   |   |   |   |
| Current Assets                                                                                       |   |   |   |   |   |   |
| Cash and cash equivalents                                                                            |   | $ | 19 |   |   | $ | 24 |   |
| Accounts receivable:                                                                                 |   |   |   |   |   |   |   |   |
|      Trade (net of allowance for doubtful receivables - 2009: $1; 2008: $1) |   |   | 20 |   |   |   | 21 |   |
|      Related companies                                                      |   |   | 311 |   |   |   | 128 |   |
|      Other                                                                  |   |   | 89 |   |   |   | 90 |   |
| Notes receivable from related companies                                                              |   |   | 3,648 |   |   |   | 3,934 |   |
| Inventories                                                                                          |   |   | 199 |   |   |   | 187 |   |
| Other current assets and deferred income taxes                                                       |   |   | 89 |   |   |   | 64 |   |
| Total current assets                                                                                 |   |   | 4,375 |   |   |   | 4,448 |   |
| Investments                                                                                          |   |   |   |   |   |   |   |   |
| Investments in related companies                                                                     |   |   | 972 |   |   |   | 972 |   |
| Investments in nonconsolidated affiliates                                                            |   |   | 404 |   |   |   | 427 |   |
| Other investments                                                                                    |   |   | 21 |   |   |   | 19 |   |
| Noncurrent receivables                                                                               |   |   | 46 |   |   |   | 46 |   |
| Noncurrent receivables from related companies                                                        |   |   | 190 |   |   |   | 187 |   |
| Total investments                                                                                    |   |   | 1,633 |   |   |   | 1,651 |   |
| Property                                                                                             |   |   |   |   |   |   |   |   |
| Property                                                                                             |   |   | 7,567 |   |   |   | 7,630 |   |
| Less accumulated depreciation                                                                        |   |   | 5,941 |   |   |   | 5,744 |   |
| Net property                                                                                         |   |   | 1,626 |   |   |   | 1,886 |   |
| Other Assets                                                                                         |   |   |   |   |   |   |   |   |
| Other intangible assets (net of accumulated amortization 2009: $138; 2008: $135)                     |   |   | 12 |   |   |   | 17 |   |
| Deferred income tax assets - noncurrent                                                              |   |   | 410 |   |   |   | 439 |   |
| Asbestos-related insurance receivables - noncurrent                                                  |   |   | 627 |   |   |   | 658 |   |
| Deferred charges and other assets                                                                    |   |   | 79 |   |   |   | 79 |   |
| Total other assets                                                                                   |   |   | 1,128 |   |   |   | 1,193 |   |
| Total Assets                                                                                         |   | $ | 8,762 |   |   | $ | 9,178 |   |
| Liabilities and Equity                                                                               |   |   |   |   |   |   |   |   |
| Current Liabilities                                                                                  |   |   |   |   |   |   |   |   |
| Notes payable - related companies                                                                    |   | $ | 11 |   |   | $ | 12 |   |
| Long-term debt due within one year                                                                   |   |   | - |   |   |   | 249 |   |
| Accounts payable:                                                                                    |   |   |   |   |   |   |   |   |
|      Trade                                                                  |   |   | 176 |   |   |   | 170 |   |
|      Related companies                                                      |   |   | 233 |   |   |   | 299 |   |
|      Other                                                                  |   |   | 29 |   |   |   | 35 |   |
| Income taxes payable                                                                                 |   |   | 104 |   |   |   | 176 |   |
| Asbestos-related liabilities - current                                                               |   |   | 110 |   |   |   | 120 |   |
| Accrued and other current liabilities                                                                |   |   | 187 |   |   |   | 198 |   |
| Total current liabilities                                                                            |   |   | 850 |   |   |   | 1,259 |   |
| Long-Term Debt                                                                                       |   |   | 571 |   |   |   | 571 |   |
| Other Noncurrent Liabilities                                                                         |   |   |   |   |   |   |   |   |
| Pension and other postretirement benefits - noncurrent                                               |   |   | 627 |   |   |   | 662 |   |
| Asbestos-related liabilities - noncurrent                                                            |   |   | 793 |   |   |   | 824 |   |
| Other noncurrent obligations                                                                         |   |   | 278 |   |   |   | 298 |   |
| Total other noncurrent liabilities                                                                   |   |   | 1,698 |   |   |   | 1,784 |   |
| Stockholder's Equity                                                                                 |   |   |   |   |   |   |   |   |
| Common stock (authorized and issued: 1,000 shares of $0.01 par value each)                           |   |   | - |   |   |   | - |   |
| Additional paid-in capital                                                                           |   |   | 312 |   |   |   | 312 |   |
| Retained earnings                                                                                    |   |   | 6,178 |   |   |   | 6,094 |   |
| Accumulated other comprehensive loss                                                                 |   |   | (848 | ) |   |   | (844 | ) |
| Union Carbide Corporation's stockholder's equity                                                     |   |   | 5,642 |   |   |   | 5,562 |   |
| Noncontrolling interests                                                                             |   |   | 1 |   |   |   | 2 |   |
| Total equity                                                                                         |   |   | 5,643 |   |   |   | 5,564 |   |
| Total Liabilities and Equity                                                                         |   | $ | 8,762 |   |   | $ | 9,178 |   |
| See Notes to the Consolidated Financial Statements.                                                  |   |   |   |   |   |   |   |   |

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| Union Carbide Corporation and Subsidiaries                                         |
|------------------------------------------------------------------------------------|
| Consolidated Statements of Cash Flows                                              |
|                                                                               |   | Six Months Ended |
|                                                                               |   | June 30, |   |   | June 30, |   |
| In millions     (Unaudited)                               |   | 2009 |   |   | 2008 |   |
| Operating Activities                                                     |   |   |   |   |   |   |
|  Net Income                                                                   |   | $ | 84 |   |   | $ | 200 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:  |   |
| Depreciation and amortization                                                      |   |   | 132 |   |   |   | 157 |   |
| Charge (credit) for deferred income tax                                            |   |   | (42 | ) |   |   | 100 |   |
| Earnings of nonconsolidated affiliates less than (in excess of) dividends received |   |   | 16 |   |   |   | (86 | ) |
| Net gain on sales of property                                                      |   |   | (3 | ) |   |   | (7 | ) |
| Restructuring charges                                                              |   |   | 166 |   |   |   | - |   |
| Pension contributions                                                              |   |   | (1 | ) |   |   | (1 | ) |
| Other gains, net                                                                   |   |   | (1 | ) |   |   | - |   |
| Changes in assets and liabilities:                                                 |   |   |   |   |   |   |   |   |
| Accounts and notes receivable                                                      |   |   | (32 | ) |   |   | 7 |   |
| Related company receivables                                                        |   |   | 103 |   |   |   | (473 | ) |
| Inventories                                                                        |   |   | (12 | ) |   |   | (48 | ) |
| Accounts payable                                                                   |   |   | 27 |   |   |   | 69 |   |
| Related company payables                                                           |   |   | (68 | ) |   |   | 142 |   |
| Other assets and liabilities                                                       |   |   | (86 | ) |   |   | 10 |   |
|  Cash provided by operating activities                                        |   |   | 283 |   |   |   | 70 |   |
| Investing Activities                                                     |   |   |   |   |   |   |   |   |
|  Capital expenditures                                                         |   |   | (41 | ) |   |   | (99 | ) |
|  Changes in noncurrent receivable from related company                        |   |   | (3 | ) |   |   | 23 |   |
|  Proceeds from sales of property                                              |   |   | 6 |   |   |   | 6 |   |
|  Purchases of investments                                                     |   |   | (13 | ) |   |   | (4 | ) |
|  Proceeds from sales of investments                                           |   |   | 12 |   |   |   | 7 |   |
|  Cash used in investing activities                                            |   |   | (39 | ) |   |   | (67 | ) |
| Financing Activities                                                |   |   |   |   |   |   |   |   |
|  Payments on long-term debt                                                   |   |   | (249 | ) |   |   | - |   |
|  Cash used in financing activities                                            |   |   | (249 | ) |   |   | - |   |
| Summary                                                                            |   |   |   |   |   |   |   |   |
|  Increase (decrease) in cash and cash equivalents                             |   |   | (5 | ) |   |   | 3 |   |
|  Cash and cash equivalents at beginning of year                               |   |   | 24 |   |   |   | 22 |   |
|  Cash and cash equivalents at end of period                                   |   | $ | 19 |   |   | $ | 25 |   |
| See Notes to the Consolidated Financial Statements.                                |   |   |   |   |   |   |   |   |

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| Union Carbide Corporation and Subsidiaries                          |
|---------------------------------------------------------------------|
| Consolidated Statements of Equity                                   |
|                                                                |   | Six Months Ended |
|                                                                |   | June 30, |   |   | June 30, |   |
| In millions     (Unaudited)                |   | 2009 |   |   | 2008 |   |
| Common Stock                                                        |   |   |   |   |   |   |
| Balance at beginning of year and end of period                      |   |   | - |   |   |   | - |   |
| Additional Paid-in Capital                                          |   |   |   |   |   |   |   |   |
| Balance at beginning of year                                        |   | $ | 312 |   |   | $ | 121 |   |
| Capital contribution                                                |   |   | - |   |   |   | 191 |   |
| Balance at end of period                                            |   |   | 312 |   |   |   | 312 |   |
| Retained Earnings                                                   |   |   |   |   |   |   |   |   |
| Balance at beginning of year                                        |   |   | 6,094 |   |   |   | 5,767 |   |
| Net income                                                          |   |   | 84 |   |   |   | 200 |   |
| Balance at end of period                                            |   |   | 6,178 |   |   |   | 5,967 |   |
| Accumulated Other Comprehensive Loss, Net of Tax                    |   |   |   |   |   |   |   |   |
| Cumulative Translation Adjustments at beginning of year             |   |   | (61 | ) |   |   | (69 | ) |
| Translation adjustments                                             |   |   | (3 | ) |   |   | 2 |   |
| Balance at end of period                                            |   |   | (64 | ) |   |   | (67 | ) |
| Pension and Other Postretirement Benefit Plans at beginning of year |   |   | (783 | ) |   |   | (164 | ) |
| Adjustments to pension and other postretirement benefit plans       |   |   | (1 | ) |   |   | 3 |   |
| Pension and Other Postretirement Benefit Plans at end of period     |   |   | (784 | ) |   |   | (161 | ) |
| Accumulated Investment Gain at beginning of year and end of period  |   |   | 1 |   |   |   | - |   |
| Accumulated Derivative Gain at beginning of year                    |   |   | (1 | ) |   |   | - |   |
| Net hedging results                                                 |   |   | - |   |   |   | (1 | ) |
| Balance at end of period                                            |   |   | (1 | ) |   |   | (1 | ) |
| Total accumulated other comprehensive loss                          |   |   | (848 | ) |   |   | (229 | ) |
| Union Carbide Corporation's Stockholder's Equity                    |   |   | 5,642 |   |   |   | 6,050 |   |
| Noncontrolling Interests                                            |   |   | 1 |   |   |   | 2 |   |
| Total Equity                                                        |   | $ | 5,643 |   |   | $ | 6,052 |   |
| See Notes to the Consolidated Financial Statements.                 |   |   |   |   |   |   |   |   |

| Union Carbide Corporation and Subsidiaries                    |
|---------------------------------------------------------------|
| Consolidated Statements of Comprehensive Income               |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   | Three Months Ended |   | Six Months Ended |
|                                                          |   | June 30, |   |   | June 30, |   |   | June 30, |   |   | June 30, |   |
| In millions     (Unaudited)          |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Net Income Attributable to Union Carbide Corporation          |   | $ | 57 |   |   | $ | 45 |   |   | $ | 84 |   |   | $ | 200 |   |
| Other Comprehensive Income (Loss), Net of Tax                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net unrealized gain on investments                            |   | $ | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Translation adjustments                                       |   |   | 2 |   |   | $ | (4 | ) |   | $ | (3 | ) |   | $ | 2 |   |
| Adjustments to pension and other postretirement benefit plans |   |   | 1 |   |   |   | 2 |   |   |   | (1 | ) |   |   | 3 |   |
| Net loss on cash flow hedging derivative instruments          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1 | ) |
| Total other comprehensive income (loss)                       |   |   | 4 |   |   |   | (2 | ) |   |   | (4 | ) |   |   | 4 |   |
| Comprehensive Income                                          |   | $ | 61 |   |   | $ | 43 |   |   | $ | 80 |   |   | $ | 204 |   |
| See Notes to the Consolidated Financial Statements.           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Notes to the Consolidated Financial Statements

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| 2009 Restructuring Activities In millions                 |   | Impairment of Long-Lived Assets and Other Assets |   |   | Severance Costs |   |   |  Total |   |
|----------------------------------------------------------------|--------|--------------------------------------------------|--------|--------|-----------------|--------|--------|-------------|--------|
| Restructuring charges recognized in the second quarter of 2009 |   | $                                                | 159    |   |            | $      | 3      |        |   | $ | 162 |   |
| Charges against reserve                                        |   |                                             | (159   | )      |            |   | -      |        |   |   | (159 | ) |
| Reserve balance at June 30, 2009                          |   |                                             | -      |   |            | $      | 3      |        |   | $ | 3 |   |

| 2009 Activities Related to 2008 Restructuring In millions |   | Costs associated with Exit or Disposal Activities |   |   | Severance Costs |   |   | Total  |   |
|----------------------------------------------------------------|--------|---------------------------------------------------|--------|--------|-----------------|--------|--------|--------|--------|
| Reserve balance at December 31, 2008                           |   | $                                                 | 24     |   |            | $      | 24     |   |   | $ | 48 |   |
| Adjustment to the reserve                                      |   |                                              | -      |   |            |   | 4      |   |   |   | 4 |   |
| Cash payments                                                  |   |                                              | -      |   |            |   | (8     | )      |   |   | (8 | ) |
| Reserve balance at March 31, 2009                              |   | $                                                 | 24     |   |            | $      | 20     |   |   | $ | 44 |   |
| Cash payments                                                  |   |                                              | -      |   |            |   | (10    | )      |   |   | (10 | ) |
| Reserve balance at June 30, 2009                               |   | $                                                 | 24     |   |            | $      | 10     |   |   | $ | 34 |   |

| 2009 Activities Related to 2007 Restructuring In millions |   | Costs associated with Exit or Disposal Activities |   |   | Severance Costs |   |   | Total  |   |
|----------------------------------------------------------------|--------|---------------------------------------------------|--------|--------|-----------------|--------|--------|--------|--------|
| Reserve balance at December 31, 2008                           |   | $                                                 | 12     |   |            | $      | 15     |   |   | $ | 27 |   |
| Cash payments                                                  |   |                                              | -      |   |            |   | (2     | )      |   |   | (2 | ) |
| Reserve balance at March 31, 2009                              |   | $                                                 | 12     |   |            | $      | 13     |   |   | $ | 25 |   |
| Cash payments                                                  |   |                                              | -      |   |            |   | (1     | )      |   |   | (1 | ) |
| Reserve balance at June 30, 2009                               |   | $                                                 | 12     |   |            | $      | 12     |   |   | $ | 24 |   |

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| InventoriesIn millions |   | June 30,2009 |   |   | Dec. 31,2008 |   |
|------------------------|--------|--------------|--------|--------|--------------|--------|
| Finished goods         |   | $            | 58     |   |         | $      | 48 |   |
| Work in process        |   |         | 12     |   |         |   | 10 |   |
| Raw materials          |   |         | 49     |   |         |   | 55 |   |
| Supplies               |   |         | 80     |   |         |   | 74 |   |
| Total inventories      |   | $            | 199    |   |         | $      | 187 |   |

| Summarized Income Statement Information |   | Six Months Ended |   |
|-----------------------------------------|--------|------------------|--------|
| In millions                             |   | June 30,2009     |   |   | June 30,2008 |   |
| Sales                                   |   | $                | 90     |   |   | $ | 123 |   |
| Gross profit                            |   | $                | 58     |   |   | $ | 91 |   |
| Net Income                              |   | $                | 29     |   |   | $ | 64 |   |

| Other Intangible Assets              |   | At June 30, 2009      |   |   | At December 31, 2008     |   |
|--------------------------------------|--------|-----------------------|--------|--------|--------------------------|--------|
| In millions                          |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |   | Net |   |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |   | Net |   |
| Intangible assets with finite lives: |   |                  |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Licenses and intellectual property   |   | $                     | 33     |   |                     | $      | (33 | ) |   |   | - |   |   | $ | 33 |   |   | $ | (33 | ) |   |   | - |   |
| Patents                              |   |                  | 2      |   |                     |   | (1 | ) |   | $ | 1 |   |   |   | 2 |   |   |   | (1 | ) |   | $ | 1 |   |
| Software                             |   |                  | 115    |   |                     |   | (104 | ) |   |   | 11 |   |   |   | 117 |   |   |   | (101 | ) |   |   | 16 |   |
| Total other intangible assets        |   | $                     | 150    |   |                     | $      | (138 | ) |   | $ | 12 |   |   | $ | 152 |   |   | $ | (135 | ) |   | $ | 17 |   |

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| Estimated Amortization ExpenseIn millions |   |
|-------------------------------------------|--------|
| 2009                                      |   | $ | 5 |   |
| 2010                                      |   | $ | 4 |   |
| 2011                                      |   | $ | 3 |   |
| 2012                                      |   | $ | 2 |   |
| 2013                                      |   |   | - |   |
| 2014                                      |   |   | - |   |

| Investing Results                                    |   | Six Months Ended   |   |
|------------------------------------------------------|--------|--------------------|--------|
| In millions                                          |   | June 30, 2009 |   |
| Proceeds from sales of available-for-sale securities |   | $                  | 5      |   |

| Fair Value of Financial Instruments:              |   |
|---------------------------------------------------|--------|
|                                              |   | At June 30, 2009 |   |   | At December 31, 2008 |   |
| In millions                                       |   | Cost |   |   | Gain |   |   | Loss |   |   | Fair Value |   |   | Cost |   |   | Gain |   |   | Loss |   |   | Fair Value |   |
| Marketable securities (1):                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt securities                                   |   | $ | 16 |   |   | $ | 1 |   |   |   | - |   |   | $ | 17 |   |   | $ | 13 |   |   | $ | 1 |   |   |   | - |   |   | $ | 14 |   |
| Equity securities                                 |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total marketable securities                       |   | $ | 17 |   |   | $ | 1 |   |   |   | - |   |   | $ | 18 |   |   | $ | 13 |   |   | $ | 1 |   |   |   | - |   |   | $ | 14 |   |
| Long-term debt including debt due within one year |   | $ | (571 | ) |   | $ | 180 |   |   |   | - |   |   | $ | (391 | ) |   | $ | (820 | ) |   | $ | 145 |   |   |   | - |   |   | $ | (675 | ) |

| (1) | Included in “Other investments” in the consolidated balance sheets. |
|-----|---------------------------------------------------------------------------------|

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| Basis of Fair Value MeasurementsOn a Recurring Basis at June 30, 2009In millions |   | Significant Other Observable Inputs (Level 2) |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
| Assets at fair value:                                                            |   |                                          |   |
|     Debt securities (1)                                      |   | $                                             | 17     |   |

| (1) | Included in “Other investments” in the consolidated balance sheets. |
|-----|---------------------------------------------------------------------------------|

| Basis of Fair Value Measurements On a Nonrecurring Basis at June 30, 2009 In millions |   | Significant Other Unobservable Inputs(Level 3) |   |   | Total Losses |   |
|-------------------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|--------|--------------|--------|
| Assets at fair value:                                                                           |   |                                           |   |   |         |   |
| Long-lived assets                                                                               |   |                                           |   |   | $            | (159   | ) |
| Total assets at fair value                                                                      |   |                                           | -      |   |         | $      | (159 | ) |

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| Receivables for Costs Submitted to Insurance Carriers |   |
|-------------------------------------------------------|--------|
| In millions                                           |   | June 30, 2009 |   |   | Dec. 31, 2008 |   |
| Receivables for defense costs                         |   | $ | 23 |   |   | $ | 28 |   |
| Receivables for resolution costs                      |   |   | 239 |   |   |   | 244 |   |
| Total                                                 |   | $ | 262 |   |   | $ | 272 |   |

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| Fixed and Determinable Portion of Take-or-Pay Obligationsat December 31, 2008In millions |   |
|-----------------------------------------------------------------------------------------------|--------|
| 2009                                                                                          |   | $ | 13 |   |
| 2010                                                                                          |   |   | 14 |   |
| 2011                                                                                          |   |   | 6 |   |
| 2012                                                                                          |   |   | 4 |   |
| 2013                                                                                          |   |   | 4 |   |
| 2014 and beyond                                                                               |   |   | 14 |   |
| Total                                                                                         |   | $ | 55 |   |

| GuaranteesIn millions                | Final Expiration |   | Maximum Future Payments |   |   | Recorded Liability |   |
|--------------------------------------|-----------------------|--------|-------------------------|--------|--------|--------------------|--------|
| Guarantees at June 30, 2009     | 2014                  |   | $                       | 69     |   |               | $      | 1 |   |
| Guarantees at December 31, 2008 | 2014                  |   | $                       | 72     |   |               | $      | 1 |   |

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| Net Periodic Benefit Cost (Credit) for All Significant Plans |   | Three Months Ended |   |   | Six Months Ended |   |
|--------------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
| In millions                                                  |   | June 30,2009       |   |   | June 30,2008     |   |   | June 30,2009 |   |   | June 30,2008 |   |
| Defined Benefit Pension Plans:                               |   |               |   |   |             |   |   |   |   |   |   |   |
| Service cost                                                 |   | $                  | 4      |   |             | $      | 5 |   |   | $ | 8 |   |   | $ | 10 |   |
| Interest cost                                                |   |               | 56     |   |             |   | 56 |   |   |   | 112 |   |   |   | 112 |   |
| Expected return on plan assets                               |   |               | (75    | )      |             |   | (78 | ) |   |   | (150 | ) |   |   | (156 | ) |
| Amortization of prior service cost                           |   |               | 1      |   |             |   | 2 |   |   |   | 2 |   |   |   | 4 |   |
| Amortization of net loss                                     |   |               | 1      |   |             |   | - |   |   |   | 2 |   |   |   | 1 |   |
| Net periodic benefit credit                                  |   | $                  | (13    | )      |             | $      | (15 | ) |   | $ | (26 | ) |   | $ | (29 | ) |
| Other Postretirement Benefits:                               |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Service cost                                                 |   |               | -      |   |             | $      | 1 |   |   |   | - |   |   | $ | 2 |   |
| Interest cost                                                |   | $                  | 8      |   |             |   | 7 |   |   | $ | 16 |   |   |   | 14 |   |
| Amortization of prior service credit                         |   |               | -      |   |             |   | - |   |   |   | - |   |   |   | (1 | ) |
| Net periodic benefit cost                                    |   | $                  | 8      |   |             | $      | 8 |   |   | $ | 16 |   |   | $ | 15 |   |

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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANICAL CONDITION AND RESULTS OF OPERATIONS

| DISCLOSURE REGARDING FORWARD-LOOKING INFORMATION |
|--------------------------------------------------|

RESULTS OF OPERATIONS

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OTHER MATTERS

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|                                              |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Claims unresolved at January 1                    |   |   | 75,706 |   |   |   | 90,322 |   |
| Claims filed                                      |   |   | 4,263  |   |   |   | 6,035 |   |
| Claims settled, dismissed or otherwise resolved   |   |   | (5,012 | )      |   |   | (7,663 | ) |
| Claims unresolved at June 30                      |   |   | 74,957 |   |   |   | 88,694 |   |
| Claimants with claims against both UCC and Amchem |   |   | 24,138 |   |   |   | 28,154 |   |
| Individual claimants at June 30                   |   |   | 50,819 |   |   |   | 60,540 |   |

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| Defense and Resolution Costs |   | Six Months Ended |
|------------------------------|--------|------------------|
| In millions                  |   | June 30,2009     |   |   | June 30,2008 |   |   | Aggregate Costs to Date as ofJune 30, 2009 |   |
| Defense costs                |   | $                | 20 |   |   | $ | 23 |   |   | $ | 645 |   |
| Resolution costs             |   | $                | 41 |   |   | $ | 68 |   |   | $ | 1,427 |   |

| Receivables for Costs Submitted to Insurance Carriers |   |
|-------------------------------------------------------|--------|
| In millions                                           |   | June 30, 2009 |   |   | Dec. 31, 2008 |   |
| Receivables for defense costs                         |   | $ | 23 |   |   | $ | 28 |   |
| Receivables for resolution costs                      |   |   | 239 |   |   |   | 244 |   |
| Total                                                 |   | $ | 262 |   |   | $ | 272 |   |

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

ITEM 4T.  CONTROLS AND PROCEDURES.

PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

No material developments in asbestos-related matters occurred during the second quarter of 2009. For a summary of the history and current status of asbestos-related matters, see Management’s Discussion and Analysis of Financial Condition and Results of Operations, Asbestos-Related Matters; and Note I to the ConsolidatedFinancial Statements. 

RISK

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TEM

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ignat

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|                            |   | UNION CARBIDE CORPORATION     |
|---------------------------------|--------|-------------------------------|
|                            |   | Registrant                    |
|                            |   |                          |
|                            |   |                          |
| Date:  August 3, 2009 |   |                          |
|                            | By:    | /s/ WILLIAM H. WEIDEMAN       |
|                            |   | William H. Weideman           |
|                            |   | Vice President and Controller |
|                            |   | The Dow Chemical Company      |
|                            |   | Authorized Representative of  |
|                            |   | Union Carbide Corporation     |
|                            |   |                          |
|                            |   |                          |
|                            |   |                          |
|                            |   |                          |
|                            | By:    | /s/ EUDIO GIL                 |
|                            |   | Eudio Gil                     |
|                            |   | Vice President, Treasurer and |
|                            |   | Chief Financial Officer       |

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Exhibit Index

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| EXHIBIT NO. |                                                       DESCRIPTION  |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 23          | Analysis, Research & Planning Corporation’s Consent.                                                                                                                                                                                                                                                                                   |
| 31.1        | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                         |
| 31.2        | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                         |
| 32.1        | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                         |
| 32.2        | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                              |

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