|   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 SEPTEMBER 30,      2009 Commission      file number: 1-1463 UNION      CARBIDE CORPORATION(Exact      name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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| 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 required to 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 ExchangeAct.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Large      accelerated filer o                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Smaller      reporting company o |
| Non-accelerated      filer   þ                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Accelerated      filer o |
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| 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| At      September 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 CarbideCorporation

TABLE OF CONTENTS

|                                                                                                                 | PAGE     |
|----------------------------------------------------------------------------------------------------------------------|----------|
| PART I - FINANCIAL INFORMATION                                                                                       |     |
|  Item 1.  Financial      Statements.                                                                  |  3  |
|  Consolidated Statements ofIncome                                                                               |  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 4.  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 ofIncome                          |
|                                                      |   |                    |   |                   |           |   |           |   |   |           |   |   |
|                                                      |   | Three      Months Ended |   | Nine      Months Ended |           |
|                                                      |   | Sept.      30,          |   |                   | Sept.      30, |   | Sept.      30, |   |   | Sept.      30, |   |
| In      millions     (Unaudited) |   | 2009                    |   |                   | 2008           |   | 2009           |   |   | 2008           |   |
| Net      trade sales                                      |   | $                       | 35     |                   |           | $      | 48             |   |   | $              | 113    |   |   | $ | 144 |   |
| Net      sales to related companies                       |   |                    | 1,322  |                   |           |   | 1,929          |   |   |           | 3,573  |   |   |   | 5,823 |   |
| Total      Net Sales                                      |   | $                       | 1,357  |                   |           | $      | 1,977          |   |   | $              | 3,686  |   |   | $ | 5,967 |   |
| Cost      of sales                                        |   |                    | 1,145  |                   |           |   | 1,942          |   |   |           | 3,224  |   |   |   | 5,785 |   |
| Research      and development expenses                    |   |                    | 10     |                   |           |   | 16             |   |   |           | 37     |   |   |   | 54 |   |
| Selling,      general and administrative expenses         |   |                    | 1      |                   |           |   | 3              |   |   |           | 7      |   |   |   | 9 |   |
| Restructuring      charges                                |   |                    | -      |                   |           |   | -              |   |   |           | 166    |   |   |   | - |   |
| Equity      in earnings of nonconsolidated affiliates     |   |                    | 14     |                   |           |   | 55             |   |   |           | 20     |   |   |   | 172 |   |
| Sundry      income (expense) - net                        |   |                    | 320    |                   |           |   | (18            | )      |   |           | 322    |   |   |   | 38 |   |
| Interest      income                                      |   |                    | 21     |                   |           |   | 24             |   |   |           | 31     |   |   |   | 82 |   |
| Interest      expense and amortization of debt discount   |   |                    | 8      |                   |           |   | 12             |   |   |           | 32     |   |   |   | 37 |   |
| Income      before Income Taxes                           |   | $                       | 548    |                   |           | $      | 65             |   |   | $              | 593    |   |   | $ | 374 |   |
| Provision      (credit) for income taxes                  |   |                    | 222    |                   |           |   | (16            | )      |   |           | 183    |   |   |   | 93 |   |
| Net      Income Attributable to Union Carbide Corporation |   | $                       | 326    |                   |           | $      | 81             |   |   | $              | 410    |   |   | $ | 281 |   |
|                                                      |   |                    |   |                   |           |   |           |   |   |           |   |   |   |   |   |   |
| Depreciation                                              |   | $                       | 63     |                   |           | $      | 66             |   |   | $              | 201    |   |   | $ | 197 |   |
| Capital      Expenditures                                 |   | $                       | 21     |                   |           | $      | 74             |   |   | $              | 62     |   |   | $ | 173 |   |
| See      Notes to the Consolidated Financial Statements.  |   |                    |   |                   |           |   |           |   |   |           |   |   |   |   |   |   |

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Table of Contents

| Union      Carbide Corporation and Subsidiaries                                                                |
|----------------------------------------------------------------------------------------------------------------|
| Consolidated Balance Sheets                                                                                    |
|                                                                                                           |   |   |   |   |   |   |
|                                                                                                           |   | Sept.      30, |   | Dec.      31, |
| In      millions     (Unaudited)                                                      |   | 2009 |   | 2008 |
| Assets                                                                                                         |   |   |   |   |   |   |
| Current      Assets                                                                                            |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                 |   | $ | 15 |   |   | $ | 24 |   |
| Accounts      receivable:                                                                                      |   |   |   |   |   |   |   |   |
|      Trade      (net of allowance for doubtful receivables - 2009: $1; 2008:      $1) |   |   | 20 |   |   |   | 21 |   |
|      Related      companies                                                           |   |   | 284 |   |   |   | 128 |   |
|      Other                                                                            |   |   | 87 |   |   |   | 90 |   |
| Notes      receivable from related companies                                                                   |   |   | 4,562 |   |   |   | 3,934 |   |
| Inventories                                                                                                    |   |   | 193 |   |   |   | 187 |   |
| Other      current assets and deferred income taxes                                                            |   |   | 72 |   |   |   | 64 |   |
| Total      current assets                                                                                      |   |   | 5,233 |   |   |   | 4,448 |   |
| Investments                                                                                                    |   |   |   |   |   |   |   |   |
| Investments      in related companies                                                                          |   |   | 972 |   |   |   | 972 |   |
| Investments      in nonconsolidated affiliates                                                                 |   |   | 100 |   |   |   | 427 |   |
| Other      investments                                                                                         |   |   | 24 |   |   |   | 19 |   |
| Noncurrent      receivables                                                                                    |   |   | 46 |   |   |   | 46 |   |
| Noncurrent      receivables from related companies                                                             |   |   | 192 |   |   |   | 187 |   |
| Total      investments                                                                                         |   |   | 1,334 |   |   |   | 1,651 |   |
| Property                                                                                                       |   |   |   |   |   |   |   |   |
| Property                                                                                                       |   |   | 7,513 |   |   |   | 7,630 |   |
| Less      accumulated depreciation                                                                             |   |   | 5,941 |   |   |   | 5,744 |   |
| Net      property                                                                                              |   |   | 1,572 |   |   |   | 1,886 |   |
| Other      Assets                                                                                              |   |   |   |   |   |   |   |   |
| Other      intangible assets (net of accumulated amortization 2009: $139; 2008:      $135)                     |   |   | 11 |   |   |   | 17 |   |
| Deferred      income tax assets - noncurrent                                                                   |   |   | 381 |   |   |   | 439 |   |
| Asbestos-related      insurance receivables - noncurrent                                                       |   |   | 618 |   |   |   | 658 |   |
| Deferred      charges and other assets                                                                         |   |   | 74 |   |   |   | 79 |   |
| Total      other assets                                                                                        |   |   | 1,084 |   |   |   | 1,193 |   |
| Total      Assets                                                                                              |   | $ | 9,223 |   |   | $ | 9,178 |   |
| Liabilities      and Equity                                                                                    |   |   |   |   |   |   |   |   |
| Current      Liabilities                                                                                       |   |   |   |   |   |   |   |   |
| Notes      payable - related companies                                                                         |   | $ | 2 |   |   | $ | 12 |   |
| Long-term      debt due within one year                                                                        |   |   | - |   |   |   | 249 |   |
| Accounts      payable:                                                                                         |   |   |   |   |   |   |   |   |
|      Trade                                                                            |   |   | 194 |   |   |   | 170 |   |
|      Related      companies                                                           |   |   | 239 |   |   |   | 299 |   |
|      Other                                                                            |   |   | 32 |   |   |   | 35 |   |
| Income      taxes payable                                                                                      |   |   | 253 |   |   |   | 176 |   |
| Asbestos-related      liabilities - current                                                                    |   |   | 110 |   |   |   | 120 |   |
| Accrued      and other current liabilities                                                                     |   |   | 197 |   |   |   | 198 |   |
| Total      current liabilities                                                                                 |   |   | 1,027 |   |   |   | 1,259 |   |
| Long-Term      Debt                                                                                            |   |   | 571 |   |   |   | 571 |   |
| Other      Noncurrent Liabilities                                                                              |   |   |   |   |   |   |   |   |
| Pension      and other postretirement benefits - noncurrent                                                    |   |   | 611 |   |   |   | 662 |   |
| Asbestos-related      liabilities - noncurrent                                                                 |   |   | 757 |   |   |   | 824 |   |
| Other      noncurrent obligations                                                                              |   |   | 282 |   |   |   | 298 |   |
| Total      other noncurrent liabilities                                                                        |   |   | 1,650 |   |   |   | 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                                                                                         |   |   | 6,504 |   |   |   | 6,094 |   |
| Accumulated      other comprehensive loss                                                                      |   |   | (842 | ) |   |   | (844 | ) |
| Union      Carbide Corporation's stockholder's equity                                                          |   |   | 5,974 |   |   |   | 5,562 |   |
| Noncontrolling      interests                                                                                  |   |   | 1 |   |   |   | 2 |   |
| Total      equity                                                                                              |   |   | 5,975 |   |   |   | 5,564 |   |
| Total      Liabilities and Equity                                                                              |   | $ | 9,223 |   |   | $ | 9,178 |   |
| See      Notes to the Consolidated Financial Statements.                                                       |   |   |   |   |   |   |   |   |

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| Union      Carbide Corporation and Subsidiaries                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| Consolidated Statements of Cash    Flows                                                                                                                 |
|                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                     |   | Nine      Months Ended |
|                                                                                                                                                     |   | Sept.      30, |   | Sept.      30, |
| In      millions     (Unaudited)                                                                                                |   | 2009 |   | 2008 |
| Operating      Activities                                                                                                                                |   |   |   |   |   |   |
| Net      Income Attributable to Union Carbide Corporation                                                                                                |   | $ | 410 |   |   | $ | 281 |   |
| Adjustments      to reconcile net income to net cash provided by (used in) operating      activities:                                                    |   |   |   |   |   |   |   |   |
|           Depreciation      and amortization                                                           |   |   | 219 |   |   |   | 204 |   |
|           Provision      (credit) for deferred income tax                                              |   |   | (9 | ) |   |   | 113 |   |
|           Earnings      of nonconsolidated affiliates less than (in excess of) dividends      received |   |   | 7 |   |   |   | (136 | ) |
|           Net      gain on sales of property                                                           |   |   | (3 | ) |   |   | (7 | ) |
|           Restructuring      charges                                                                   |   |   | 166 |   |   |   | - |   |
|           Other      gain, net                                                                         |   |   | (4 | ) |   |   | - |   |
|           Gain      on sale of ownership interest in nonconsolidatedaffiliates                         |   |   | (328 | ) |   |   | - |   |
|           Pension      contribution                                                                    |   |   | (1 | ) |   |   | (2 | ) |
| Changes      in assets and liabilities:                                                                                                                  |   |   |   |   |   |   |   |   |
|           Accounts      and notes receivable                                                           |   |   | (41 | ) |   |   | (6 | ) |
|           Related      company receivables                                                             |   |   | (784 | ) |   |   | (263 | ) |
|           Inventories                                                                                  |   |   | (6 | ) |   |   | (44 | ) |
|           Accounts      payable                                                                        |   |   | 36 |   |   |   | 27 |   |
|           Related      company payables                                                                |   |   | (70 | ) |   |   | (1 | ) |
|           Other      assets and liabilities                                                            |   |   | 47 |   |   |   | (24 | ) |
| Cash      provided by (used in) operating activities                                                                                                     |   |   | (361 | ) |   |   | 142 |   |
| Investing      Activities                                                                                                                                |   |   |   |   |   |   |   |   |
| Capital      expenditures                                                                                                                                |   |   | (62 | ) |   |   | (173 | ) |
| Proceeds      from sale of ownership interest in nonconsolidated    affiliates                                                                           |   |   | 660 |   |   |   | - |   |
| Changes      in noncurrent receivable from related company                                                                                               |   |   | (5 | ) |   |   | 29 |   |
| Proceeds      from sales of property                                                                                                                     |   |   | 6 |   |   |   | 6 |   |
| Purchases      of investments                                                                                                                            |   |   | (17 | ) |   |   | (12 | ) |
| Proceeds      from sales of investments                                                                                                                  |   |   | 19 |   |   |   | 11 |   |
| Cash      provided by (used in) investing activities                                                                                                     |   |   | 601 |   |   |   | (139 | ) |
| Financing      Activities                                                                                                                                |   |   |   |   |   |   |   |   |
| Payments      on long-term debt                                                                                                                          |   |   | (249 | ) |   |   | - |   |
| Cash      used in financing activities                                                                                                                   |   |   | (249 | ) |   |   | - |   |
| Summary                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Increase      (decrease) in cash and cash equivalents                                                                                                    |   |   | (9 | ) |   |   | 3 |   |
| Cash      and cash equivalents at beginning of year                                                                                                      |   |   | 24 |   |   |   | 22 |   |
| Cash      and cash equivalents at end of period                                                                                                          |   | $ | 15 |   |   | $ | 25 |   |
| See      Notes to the Consolidated Financial Statements.                                                                                                 |   |   |   |   |   |   |   |   |

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| Union      Carbide Corporation and Subsidiaries                         |
|-------------------------------------------------------------------------|
| Consolidated Statements of Equity                                       |
|                                                                    |   |   |   |   |
|                                                                    |   |   | Nine      Months Ended |
|                                                                    |   |   | Sept.      30, | Sept.      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                                                         |   |   |                  410 |                  281 |
| Other                                                                   |   |   |                      - |                      1 |
| Balance      at end of period                                           |   |   |               6,504 |               6,049 |
| Accumulated      Other Comprehensive Loss, Net of Tax                   |   |   |   |   |
| Cumulative      Translation Adjustments at beginning of year            |   |   |                  (61) |                  (69) |
| Translation      adjustments                                            |   |   |                      1 |                      1 |
| Balance      at end of period                                           |   |   |                  (60) |                  (68) |
| Pension      and Other Postretirement Benefit Plans at beginning ofyear |   |   |                (783) |                (164) |
| Adjustments      to pension and other postretirement benefit plans      |   |   |                      - |                      4 |
| Pension      and Other Postretirement Benefit Plans at end of period    |   |   |                (783) |                (160) |
| Accumulated      Investment Gain at beginning of year and end of period |   |   |                      1 |                      - |
| Accumulated      Derivative Gain at beginning of year                   |   |   |                    (1) |                      - |
| Net      hedging results                                                |   |   |                      1 |                    (1) |
| Balance      at end of period                                           |   |   |                      - |                    (1) |
| Total      accumulated other comprehensive loss                         |   |   |                (842) |                (229) |
| Union      Carbide Corporation's Stockholder's Equity                   |   |   |               5,974 |               6,132 |
| Noncontrolling      Interests                                           |   |   |                      1 |                      2 |
| Total      Equity                                                       |   | $ | 5,975 |  $           6,134 |
| See      Notes to the Consolidated Financial Statements.                |   |   |   |   |

| Union      Carbide Corporation and Subsidiaries                    |
|--------------------------------------------------------------------|
| Consolidated Statements of Comprehensive      Income               |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | Three      Months Ended |   | Nine      Months Ended |
|                                                               |   | Sept.      30, |   |   | Sept.      30, |   | Sept.      30, |   |   | Sept.      30, |
| In      millions     (Unaudited)          |   | 2009 |   |   | 2008 |   | 2009 |   |   | 2008 |
| Net      Income Attributable to Union Carbide Corporation          |   | $ | 326 |   |   | $ | 81 |   |   | $ | 410 |   |   | $ | 281 |   |
| Other      Comprehensive Income, Net of Tax                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Translation      adjustments                                       |   | $ | 4 |   |   | $ | (1 | ) |   | $ | 1 |   |   | $ | 1 |   |
| Adjustments      to pension and other postretirement benefit plans |   |   | 1 |   |   |   | 1 |   |   |   | - |   |   |   | 4 |   |
| Net      gain (loss) on cash flow hedging derivative instruments   |   |   | 1 |   |   |   | - |   |   |   | 1 |   |   |   | (1 | ) |
| Total      other comprehensive income                              |   |   | 6 |   |   |   | - |   |   |   | 2 |   |   |   | 4 |   |
| Comprehensive      Income                                          |   | $ | 332 |   |   | $ | 81 |   |   | $ | 412 |   |   | $ | 285 |   |
| See      Notes to the Consolidated Financial Statements.           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Notes to the Consolidated FinancialStatements

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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 |   |
| Cash      payments                                                  |   |                                                  | -      |                 |   |        | (2 | ) |   |   | (2 | ) |
| Reserve      balance at September 30, 2009                          |   |                                                  | -      |                 |   | $           | 1 |   |   | $ | 1 |   |

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| 2009      Activities Related to 2008 Restructuring In      millions |   | Costs      associated with Exit orDisposal      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 |   |
| Cash      payments                                                       |   |                                                       | -      |   |                 |   | (4    | ) |   |   | (4 | ) |
| Reserve      balance at September 30, 2009                               |   | $                                                          | 24     |   |                 | $      | 6     |   |   | $ | 30 |   |

| 2009      Activities Related to 2007 Restructuring In      millions |   | Costs      associated with Exit orDisposal      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 |   |
| Cash      payments                                                       |   |                                                       | -      |   |                 |   | (3    | ) |   |   | (3 | ) |
| Reserve      balance at September 30, 2009                               |   | $                                                          | 12     |   |                 | $      | 9     |   |   | $ | 21 |   |

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| InventoriesIn      millions |   | Sept.      30,2009 |   |   | Dec.      31,2008 |   |
|-----------------------------|--------|--------------------|--------|--------|-------------------|--------|
| Finished      goods         |   | $                  | 58     |   |              | $      | 48 |   |
| Work      in process        |   |               | 11     |   |              |   | 10 |   |
| Raw      materials          |   |               | 45     |   |              |   | 55 |   |
| Supplies                    |   |               | 79     |   |              |   | 74 |   |
| Total      inventories      |   | $                  | 193    |   |              | $      | 187 |   |

| Other      Intangible Assets              |   | At      September 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    |   |                          |   | (105 | ) |   |   | 10 |   |   |   | 117 |   |   |   | (101 | ) |   |   | 16 |   |
| Total      other intangible assets        |   | $                          | 150    |   |                          | $      | (139 | ) |   | $ | 11 |   |   | $ | 152 |   |   | $ | (135 | ) |   | $ | 17 |   |

| Estimated      Amortization ExpenseIn      millions |   |
|-----------------------------------------------------|--------|
| 2009                                                |   | $ | 6 |   |
| 2010                                                |   | $ | 5 |   |
| 2011                                                |   | $ | 4 |   |
| 2012                                                |   | $ | 2 |   |
| 2013                                                |   |   | - |   |
| 2014                                                |   |   | - |   |

| Investing      ResultsIn millions                         |   | Nine      Months Ended Sept. 30, 2009 |   |
|-----------------------------------------------------------|--------|--------------------------------------------|--------|
| Proceeds      from sales of available-for-sale securities |   | $                                          | 5      |   |

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| Fair      Value of Financial Instruments:              |   |
|--------------------------------------------------------|--------|
|                                                   |   | At      September 30, 2009 |   |   | At      December 31, 2008 |   |
| In      millions                                       |   | Cost |   | Gain |   |   | Loss |   |   | Fair      Value |   | Cost |   | Gain |   |   | Loss |   |   | Fair      Value |
| Marketable      securities (1):                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt      securities                                   |   | $ | 19 |   |   | $ | 1 |   |   |   | - |   |   | $ | 20 |   |   | $ | 13 |   |   | $ | 1 |   |   |   | - |   |   | $ | 14 |   |
| Equity      securities                                 |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      marketable securities                       |   | $ | 20 |   |   | $ | 1 |   |   |   | - |   |   | $ | 21 |   |   | $ | 13 |   |   | $ | 1 |   |   |   | - |   |   | $ | 14 |   |
| Long-term      debt including debt due within one year |   | $ | (571 | ) |   | $ | 98 |   |   |   | - |   |   | $ | (473 | ) |   | $ | (820 | ) |   | $ | 145 |   |   |   | - |   |   | $ | (675 | ) |

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

| Basis      of Fair Value Measurementson      a Recurring Basis atSeptember 30,      2009 In      millions |   | Significant      Other Observable Inputs (Level      2) |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
| Assets      at fair value:                                                                                          |   |                                                         |   |
|     Debt      securities (1)                                                                    |   | $                                                            | 20     |   |

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

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| Basis      of Fair Value Measurementson      a Nonrecurring Basis atSeptember      30, 2009 In      millions |   | Significant      Other Unobservable Inputs(Level      3) |   |   | Total  |   |   | Total      Losses Three Months Ended Sept.      30,2009 |   |   | Total      Losses Nine Months EndedSept.      30, 2009 |   |
|-------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|--------|--------|--------|--------|--------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|
| Assets      at fair value:                                                                                        |   |                                                     |   |   |   |   |   |                                                         |   |   |                                                   |   |
| Long-lived      assets                                                                                            |   |                                                     | -      |   |   |   | -      |                                                         |   |   | -                                                      |   |   | $ | (159 | ) |

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| Receivables      for Costs Submitted to Insurance Carriers |   |
|------------------------------------------------------------|--------|
| In      millions                                           |   | Sept.30,2009 |   |   | Dec.      31, 2008 |   |
| Receivables      for defense costs                         |   | $ | 21 |   |   | $ | 28 |   |
| Receivables      for resolution costs                      |   |   | 231 |   |   |   | 244 |   |
| Total                                                      |   | $ | 252 |   |   | $ | 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 |   |

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| Net      Periodic Benefit Cost (Credit) for All Significant Plans |   | Three      Months Ended |   | Nine      Months Ended |
|-------------------------------------------------------------------|--------|-------------------------|--------|------------------------|
| In      millions                                                  |   | Sept.      30,2009      |   | Sept.      30,2008     |   | Sept.      30,2009 |   | Sept.      30,2008 |   |
| Defined      Benefit Pension Plans:                               |   |                    |   |                   |   |   |   |   |   |   |   |   |
| Service      cost                                                 |   | $                       | 4      |                   |   | $ | 5 |   |   | $ | 12 |   |   | $ | 15 |   |
| Interest      cost                                                |   |                    | 56     |                   |   |   | 56 |   |   |   | 168 |   |   |   | 168 |   |
| Expected      return on plan assets                               |   |                    | (75    | )                      |   |   | (78 | ) |   |   | (225 | ) |   |   | (234 | ) |
| Amortization      of prior service cost                           |   |                    | 2      |                   |   |   | 2 |   |   |   | 4 |   |   |   | 6 |   |
| Amortization      of net loss                                     |   |                    | -      |                   |   |   | 1 |   |   |   | 2 |   |   |   | 2 |   |
| Net      periodic benefit credit                                  |   | $                       | (13    | )                      |   | $ | (14 | ) |   | $ | (39 | ) |   | $ | (43 | ) |
| Other      Postretirement Benefits:                               |   |                    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Service      cost                                                 |   |                    | -      |                   |   | $ | 1 |   |   |   | - |   |   | $ | 3 |   |
| Interest      cost                                                |   | $                       | 8      |                   |   |   | 7 |   |   | $ | 24 |   |   |   | 21 |   |
| Amortization      of prior service credit                         |   |                    | -      |                   |   |   | (1 | ) |   |   | - |   |   |   | (2 | ) |
| Net      periodic benefit cost                                    |   | $                       | 8      |                   |   | $ | 7 |   |   | $ | 24 |   |   | $ | 22 |   |

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ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS.

DISCLOSURE REGARDING FORWARD-LOOKINGINFORMATION

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                                      |   |   | 6,379  |   |   |   | 8,357 |   |
| Claims      settled, dismissed or otherwise resolved   |   |   | (6,728 | )      |   |   | (15,856 | ) |
| Claims      unresolved at September 30                 |   |   | 75,357 |   |   |   | 82,823 |   |
| Claimants      with claims against both UCC and Amchem |   |   | 24,328 |   |   |   | 26,184 |   |
| Individual      claimants at September 30              |   |   | 51,029 |   |   |   | 56,639 |   |

| Defense      and Resolution Costs |   | Nine      Months Ended |   |   | Aggregate      Costs |   |
|-----------------------------------|--------|------------------------|--------|--------|----------------------|--------|
| In      millions                  |   | Sept.      30,2009     |   |   | Sept.      30,2008   |   |   | to      Date as ofSept.      30, 2009 |   |
| Defense      costs                |   | $                      | 40     |   |                 | $      | 37 |   |   | $ | 665 |   |
| Resolution      costs             |   | $                      | 77     |   |                 | $      | 90 |   |   | $ | 1,463 |   |

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| Receivables      for Costs Submitted to Insurance Carriers |   |
|------------------------------------------------------------|--------|
| In      millions                                           |   | Sept. 30,      2009 |   |   | Dec.      31, 2008 |   |
| Receivables      for defense costs                         |   | $ | 21 |   |   | $ | 28 |   |
| Receivables      for resolution costs                      |   |   | 231 |   |   |   | 244 |   |
| Total                                                      |   | $ | 252 |   |   | $ | 272 |   |

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK.

ITEM 4.  CONTROLS AND PROCEDURES.

PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

No material developments in asbestos-related matters occurredduring the third quarter of 2009. For a summary of the history and currentstatus of asbestos-related matters, see Management’s Discussion and Analysis ofFinancial Condition and Results of Operations, Asbestos-Related Matters; andNote I to the Consolidated Financial Statements.

ITEM 1A.  RISK FACTORS.

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ITEM 6.  EXHIBITS.

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Signatures

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|                                   |   | UNION      CARBIDE CORPORATION     |
|----------------------------------------|--------|------------------------------------|
|                                   |   | Registrant                         |
|                                   |   |                               |
|                                   |   |                               |
| Date:  October      30, 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  |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.2              | Agreement      for the Sale & Purchase of Shares, dated as of August 17, 2009,      among Union Carbide Corporation, UCMG L.L.C. and Petroliam Nasional      Berhad, (See Exhibit 2.1 of the Corporation’s Current Report on Form      8-K dated September 30, 2009).                                                   |
| 10.5.7           | Seventh      Amendment to the Amended and Restated Revolving Credit Agreement,      effective as of September 30, 2009, among the Corporation, The      Dow Chemical Company and certain Subsidiary Guarantors.                                                                                                                        |
| 10.7.2           | Second      Amendment to Second Amended and Restated Revolving Loan Agreement,      effective as of August 1, 2009, between the Corporation and The Dow      Chemical Company.                                                                                                                                                              |
| 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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