(Commission File No. 1-14862 )

     Year-to-date EBITDA reaches R$3.0 billion In U.S. dollar, EBITDA was US$1.9 billion, an increase of 10%

MAIN HIGHLIGHTS:

The economic measures adopted by the European countries and the United States were insufficient to add momentum to the global economy in 3Q11. In addition, increasing uncertainties regarding the impact of a slowdown on emerging country growth ended up jeopardizing the commodities market.

In 3Q11, the global petrochemical industry was marked by the continuing volatility of feedstock prices, combined with speculation in the oil market; and the lower basic petrochemical and resin prices, caused by shrinking demand. Resin¹ and basic petrochemical² spreads, except for those of butadiene, fell by around 12% and 17%, respectively, over the previous quarter.

The Brazilian economy, however, continued to show a consistent performance in relation to the global market, with expectations of annual growth of around 3.2%. Brazilian thermoplastic resin demand in the first nine months remained virtually flat over the same period last year, totaling 3.6 million tons. The domestic market was adversely impacted by the increase in manufactured products imports that, in general, were influenced by the benefits of ICMS tax credits conceded when entering the country through some states. This type of regime has already been declared unconstitutional by the Federal Supreme Court, which will have an impact on imports benefiting from these incentives.

Influenced by seasonality, the Brazilian thermoplastic resin market³ grew by 13% over 2Q11 to 1.3 million tons, while Braskem s sales increased by 12% to 857 ktons in line with the upturn in domestic demand. Resin prices⁴ remained in line with international prices, which recorded a 7% fall. Average cracker capacity use remained flat at 86%.

Braskem posted 3Q11 EBITDA of R$940 million, or US$568 million, mainly affected by the reduction in the contribution margin, in line with the international trajectory of lower spreads. The EBITDA margin excluding naphtha, condensate and oil resale was 12.5%.

Year-to-date EBITDA totaled US$1,850 million, 10% up on 9M10, despite the high volatility in the global market, underlining the Company s strong cash generation capacity. In reais, EBITDA amounted R$3.0 billion, in line with the same period of last year.

Synergies from the acquisition of Quattor s assets totaled R$309 million in 2011 through September. The main gains were on the industrial and logistics fronts and were chiefly due to: (i) integrated planning by the industrial units; (ii) a reduction of around 20% in the number of grades (ongoing); (iii) the optimization of production and the higher value of cracker products such as butadiene; (iv) gains from international storage and freight rates; and (v) the integrated management of feedstock purchases. The capture of synergies in the period reinforced Braskem s strategy of adding value to acquired assets and pursuing competitiveness.

Braskem closed 3Q11 with net debt of R$10.8 billion, 11% higher than at the end of 2Q11. Given the net debt s 70% U.S. dollar exposure, financial leverage measured by the net debt/EBITDA ratio increased from 2.30x to 2.62x. In USD, however, declined from 2.47x to 2.32x, in line with the Company s commitment to maintaining its investment grade status.

The effect of the 19% devaluation of the real on Braskem s net dollar exposure had a negative impact of R$1.6 billion on the 3Q11 financial result. It is important to note, however, that this effect had no immediate impact on the Company s cash position. In fact, it represents the accounting effect of the exchange variation, especially on debt, and will only be disbursed when the debt matures. The average term of the debt is 12 years. Considering only the dollar pegged portion, the average term is 17 years. This factor was the reason for the Company s 3Q11 net loss of R$1,046 million, which in turn led to a year-to-date net loss of R$316 million.

With virtually 100% of revenue and 80% of costs directly or indirectly pegged to the variation in the dollar, the Company considers it appropriate to maintain a substantial portion of its debt in the same currency.

Oil market volatility and reduced demand for petrochemicals continue to affect the scenario in the short term. In the medium and long term, however, the outlook remains positive, given that the supply from the new petrochemical capacities is expected to be lower than the demand growth.

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PERFORMANCE:

Braskem recorded consolidated EBITDA⁵ of R$940 million in 3Q11, 18% down on the previous quarter. In U.S. dollar terms, EBITDA fell by 21% to US$568 million. The increase in sales volume partially offset the margin squeeze between the quarters, which followed the reduction in spreads in the international market. The spreads of resins and the main basic petrochemicals, with the exception of butadiene, narrowed by 12% and 17%, respectively. The EBITDA margin recorded 10.8% in the quarter, 290 bps down on 2Q11, while the ex-resale EBITDA margin stood at 12.5%.

In relation to 3Q10, EBITDA fell by 9% in reais and 4% in dollars. The reduction in sales volume and the 6% appreciation of the real were offset by higher basic petrochemical and resin prices.

Note: see the restatement of net income and EBITDA in Exhibit III.

In 9M11, Braskem s consolidated EBITDA⁶ came to R$3,024 million, in line with the same period last year. The increase in basic petrochemical and resin prices partially offset the higher raw material prices, the 8% appreciation of the real and the reduction in sales volume triggered by the power blackout which affected production until mid-May. EBITDA in USD grew by 10% to US$1,850 million, underlining the Company s dollar exposure.

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Operational, economic and financial factors impacting EBITDA performance:

Braskem s thermoplastic resin sales in the domestic market increased 12% to 857 ktons, in line with the upturn in domestic demand, while prices⁷ followed those on the international market, which fell by around 7%.

During the quarter, imports of polyolefins (PE and PP) and PVC accounted for 29% and 35% of the domestic market, respectively, reflecting: (i) the domestic shortfall of PVC, whose imports totaled around 110 ktons; and (ii) the continuing opportunistic entry of imports through ports that granted ICMS tax credits (reaching 9% in Santa Catarina), which has already been judged unconstitutional by STF (Federal Supreme Court), added to the appreciation of the real. The volatility of the exchange rate as of the second week of September may affect import decisions in the fourth quarter, given that such decisions are normally taken around 45 days or more prior to the product s scheduled date of arrival at the destination port.

Braskem s year-to-date thermoplastic resin sales (PE, PP and PVC) in the domestic market fell by 6% over 9M10 to 2.4 million tons, due to: (i) the reduced capacity utilization rate, which was affected by the blackout that impacted operations in the Northeast of Brazil in the first quarter; and (ii) higher imports due to the appreciation of the real and the ICMS tax credit benefits granted by certain ports. On the other hand, resin prices recorded double-digit growth, in line with the international market.

Brazilian Market: estimated polyolefin (PE and PP) demand was 1,010 ktons in 3Q11, 11% up on the previous quarter and 4% less than the 1,050 ktons recorded in 3Q10. In the nine months of 2011, the market reached 2.8 million tons, in line with the same period of 2010..

Domestic Sales: Sectors related to agribusiness, consumer goods and infrastructure pushed the sales in the third quarter, when volume climbed 12% over the previous quarter. The electro-electronics segment also had good performance. In comparison with 3Q10, sales volume fell by 10%.

Exports: exports totaled 389 ktons, explained by (i) higher output than in 2Q11; (ii) the recovery of sales in captive markets; and (iii) windows of opportunity in other markets, such as Asia.

Production: production totaled 1,047 ktons, 7% more than in 2Q11, due to higher PP capacity utilization following the scheduled maintenance shutdown that impacted the previous quarter. In relation to 3Q10, output fell by 4%, due to the scheduled maintenance shutdown of the Rio de Janeiro cracker in July 2011.

Year-to-date: total sales remained virtually flat over 9M10, chiefly due to higher exports to markets where the Company has qualified sales. Production dipped by 2%, influenced by scheduled and unscheduled shutdowns in the period.

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Brazilian Market: PVC demand in the third quarter was estimated at close to 320 ktons, around 20% up on 2Q11 and 3Q10. In the nine months of 2011 the market reached 830 ktons, 6% up year-on-year.

At the end of September, CAMEX (The Brazilian Foreign Trade Chamber) revised the application of antidumping rights over U.S. imports to an ad valorem tariff of 16%, replacing the moving formula previously in force, whose calculation was based on ICIS publication. The change in the antidumping right application came from the need of recovering the effectiveness of the applied right.

Domestic Sales: Braskem s sales volume increased by 12% over the previous quarter, limited by current production capacity. In the same period, caustic soda sales moved up by 16%. In comparison with 3Q10, PVC sales increased by 3%, while soda sales fell by 12%, impacted by the reduction in the period utilization rate.

Production: with a capacity utilization rate of 94% in the period, total PVC output increased 13% over 2Q11 and reached 121 ktons. In the case of soda, the recovery in the utilization rate pushed up output by almost 60%. In comparison with 3Q10, PVC and caustic soda production both fell by 3%.

Year-to-date: In 9M11 PVC and caustic soda sales declined by 4% and 14%, respectively, over 9M10. In both cases, the reduction was due to the power blackout, which jeopardized the Company's operations in the Northeast of Brazil in 1Q11, with a partial impact until midway through the second quarter.

Ethylene and propylene: third-quarter ethylene and propylene sales totaled 226 ktons, in line with the previous quarter, explained by the period window of opportunity for ethylene exports. Following the international trajectory, average ethylene and propylene prices fell by 9% and 11% over 2Q11, respectively. In relation to 3Q10, sales volume declined by 4%, although this was offset by the 20% upturn in prices.

Butadiene: sales volume grew 9% over 2Q11, reflecting better volume production and the continuing healthy performance of the domestic and international markets. Prices maintained their upward trend, increasing by 25%. Compared to 3Q10, sales remained virtually flat while prices climbed by 71%.

BTX: sales increased by 12% over 2Q11, reflecting the return to normal production levels by clients who had undergone maintenance shutdowns. In relation to 3Q10, sales dropped by 11%, reflecting lower production, offset by higher prices, which rose around 30% in line with the international market.

In general, 9M11 sales recorded a downturn over the same period last year, impacted by reduced product availability as a result of the blackout that hit operations in the Northeast, as explained previously. However, this was offset by higher average prices, which presented double digit growth.

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U.S. Market: scheduled maintenance shutdowns fueled PP demand until mid-August. On the other hand, expectations of a continuous reduction in propylene prices, with a subsequent reduction in resin prices, ended up influencing demand throughout the quarter.

Sales: the International Business Unit, represented by Braskem America, recorded sales volume of 206 ktons in the quarter, 12% up on 2Q11 mainly due to greater product availability in the third quarter. In relation to 3Q10, sales fell by 9% due to reduced output.

Production: 3Q11 production totaled 198 ktons, an increase of 6% compared to the previous quarter, reflecting the recovery in the utilization rate after the scheduled maintenance shutdown at the LaPorte site. Production fell by 15% in relation to 3Q10, due to the closure of one of LaPorte s production lines, given its low competitiveness and the fact that it was already operating at reduced rates.

Year-to-date: 9M11 sales totaled 591 ktons, 6% less than the same period last year, reflecting lower product supply, as explained previously.

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The capacity utilization rates of Braskem s main products are shown below:

3Q11 consolidated net revenue totaled US$5.3 billion, in line with the previous quarter. The increase in basic petrochemical and resin sales volume partially offset the lower prices. In reais, net revenue came to R$8.7 billion, 4% more than the previous quarter.

In relation to 3Q10, consolidated net revenue in dollars grew by 23%, reflecting higher prices, which accompanied the upward price trend in the international markets. In reais, consolidated net revenue grew by 15%, impacted by the average 6% period appreciation of the local currency.

In 9M11, consolidated net revenue totaled US$15.0 billion, or R$24.5 billion, 28% and 17% up, respectively, on 9M10, reflecting the period price upturn.

Note: see results by business segment in Exhibit X.

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In 3Q11, Selling, General and Administrative expenses totaled R$495 million, 5% higher than in 2Q11 and R$16 million, or 3%, more than in 3Q10.

Selling Expenses amounted to R$216 million in the 3Q11, up 16% from the previous quarter, mainly due to expenses associated with the increase in sales volume, such as product storage, freight and leasing. In comparison with 3Q10, selling expenses grew by 8%, reflecting higher external freight charges, which followed the upturn in oil prices.

General and Administrative Expenses totaled R$279 million in the quarter, R$7 million lower than in 2Q11, mainly reflecting the R$13 million reduction in expenses with third parties, advertising and auditing, which was partially offset by the R$8 million increase in expenses with advisory services related to sustainability and innovation, among others. In relation to 3Q10, G&A expenses remained stable.

Year-to-date SG&A expenses totaled R$1.5 billion, 5.7%, or R$78 million, up on 9M10, primarily due to higher depreciation, higher labor costs associated with a collective negotiation agreement and higher expenses from third-party advisory services, as mentioned above.

Since Braskem has net exposure to the USD (more dollar-pegged liabilities than dollar-pegged assets), any change in the exchange rate has an impact on the book financial result. On September 30, 2011, this net exposure was composed of: (i) in the operation, 42% of supplier accounts, partially offset by 47% of accounts receivable; and (ii) in the capital structure, 70% of net debt. Given its heavily dollarized operational cash flow, Braskem considers this exposure to be adequate. Virtually 100% of its revenue and most of its costs are directly or indirectly pegged to dollar.

It is worth noting that the negative foreign exchange effect of R$1,620 million does not have a direct cash impact in the short term. This amount represents foreign exchange accounting impacts, especially on the Company s debt, which will only be disbursed when the debt, which has a total average maturity term of 12 years and 17 years in dollars, matures. Given Braskem s dollar-pegged cash flow profile, the appreciation of the USD will have a negative accounting effect in the short term, but a net positive impact on cash flow in the medium term.

Excluding the effects from foreign exchange and monetary variation on the balance-sheet accounts exposed to the dollar, the 3Q11 net financial result was an expense of R$379 million, R$13 million lower than in 2Q11. The financial expense in the quarter was also affected by the exchange impact on the outstanding debt.

On the same basis, the year-to-date net financial result was an expense of R$989 million, which represents a R$96 million decline from the same period last year.

The following table gives a breakdown of Braskem's net financial result on a quarterly and annual basis.

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* Non-recurring expenses classified under Other Expenses

In order to protect its cash flow and reduce volatility in the financing of its working capital and investment programs, Braskem adopts market and credit risk management procedures in line with its Financial Management Policy and Risk Management Policy. In September 2011, the Company had five derivative transactions for hedging purposes with maturities, currencies, rates and amounts that are perfectly adequate for the assets and liabilities being protected. In any given scenario, gains or losses in hedge positions will be offset by gains or losses in the protected assets and liabilities.

Braskem posted a net loss of R$1,046 million in 3Q11, mainly due to the R$2.1 billion impact of the net financial expense, affected by the depreciation of the real, as explained above, and reduced cash flow capacity generation in the period. In the nine months of 2011, the Company reported a net loss of R$316 million.

Braskem s operating cash flow adjusted for financial investments totaled R$1,431 million in 3Q11, R$384 million higher than the R$1,047 million recorded in the previous quarter. Working capital had a positive impact of R$773 million in 3Q11, mainly due to: (i) the positive variation of R$1,303 million in the Suppliers account, explained by the period exchange variation; (ii) the reduction in Inventories, with an impact of R$218 million; partially offset by (iii) the R$647 million increase in Accounts Receivable, influenced by higher sales volume, the exchange variation and other asset accounts.

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Adjusted free cash flow was positive by R$614 million, R$356 million higher than in 2Q11, chiefly due to the working capital contribution, as explained above, and the reduction in 3Q11 interest rates, partially offset by higher disbursements with investment activities, especially related to expansion projects.

In 9M11, free cash flow was positive by R$931 million, a substantial R$1,254 million more than the same period last year, which was impacted by outflow of R$1.4 billion for the acquisition of the assets of Quattor, Polibutenos, Unipar Comercial and Sunoco Chemicals. The Interest Paid line fell by 19%, reflecting the reduced cost of debt due to the restructuring of the Company s debt profile.

On September 30, 2011, Braskem registered gross debt of US$7,673 million, down 3% from the end of the previous quarter, 65% of which pegged to the U.S. dollar. On the other hand, cash and financial investments increased by 10% to US$1,872 million. It is worth noting that this high cash level returned to normal at the beginning of October, following the disbursement of US$323 million for the acquisition of Dow s PP business. Braskem also maintained its strategy of optimizing cash carrying costs by contracting two stand-by loans totaling US$600 million that do not include any restrictive covenants on withdrawals during times of Material Adverse Change (MAC Clause). Only prime banks with low default rates (credit default swap) and high credit ratings participated in the operations.

As a result, Braskem s consolidated net debt in USD contracted by 6% over 2Q11 to US$5,801 million. In BRL, however, net debt moved up by 11%, due to the 19% period appreciation of the dollar. 70% of the net debt is dollar-pegged.

Given the net debt s U.S. dollar exposure, average financial leverage measured by net debt/EBITDA ratio, fell from 2.47x in 2Q11 to 2.32x in 3Q11, in dollar terms, in line with the Company s objective of maintaining leverage at around 2.5x. In reais, the ratio was 2.62x, up by 14%, mainly reflecting the period appreciation of the dollar.

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On September 30, 2011, the average debt term was 12.4 years, versus 10.3 years at the close of June 2011. Considering only the dollar portion of the debt, the average term was 17.2 years on September 30, mainly due to the US$500 million bond issue at the end of July, due in 2041, with a yield of 7.25% p.a. and a coupon of 7.125% p.a. This was Braskem s first 30-year issue, which gave it access to a new profile of investor.

The Company s average debt cost on September 30 was 6.1% in dollars and 88.2% of the CDI overnight rate in reais.

The following charts present Braskem s gross debt by category and indexer.

The following chart shows the Company s consolidated amortization schedule on September 30, 2011.

Only 11% of Braskem s total debt will mature in the next 15 months and its continued high liquidity, excluding the portion of cash allocated to the acquisition of Dow s PP business in early October, ensures that its cash and cash equivalents cover the payment of obligations maturing over the next 27 months or 30 months considering stand by credit line.

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For 2011 as a whole, Braskem expects to capture R$377 million in annual and recurring EBITDA, rising to R$495 million in 2012.

On September 30, 2011, Braskem announced the conclusion of its acquisition of Dow Chemical s polypropylene business, which was disclosed to the market on July 27.

The business consists of four industrial plants, two of which in the United States and two in Germany. The U.S. assets are located in Freeport and Seadrift, in Texas, and have a combined annual production capacity of 505 ktons, increasing Braskem's annual PP production capacity in that country by 50% to 1,425 ktons. The German assets are located in Wesseling and Shckopau and have a joint annual production capacity of 545 ktons.

Operating performance of the acquired assets:

Note: these numbers were consolidated based on data collected during due diligence and have not been audited.

The transaction was approved by the U.S. and European antitrust authorities the U.S. Federal Trade Commission and the Antitrust Divisions of the U.S. Department of Justice and the European Union. The acquisition of these assets strengthens Braskem s international expansion strategy and consolidates its position as the largest polypropylene producer in the United States.

Braskem paid US$323 million for the equity. For accounting effects, the date of acquisition is October 03, 2011. From this date on, the result of acquired business is consolidated in Braskem figures.

Consistent with its medium and long-term strategy, which focuses on Brazilian market growth, the diversification of its energy matrix, its internationalization process and the consolidation of its biopolymer market leadership, Braskem has the following projects in its pipeline:

The project to expand PVC capacity by 200 ktons/year, involving total investments of US$470 million and an estimated NPV of US$450 million, is scheduled for start-up in May 2012. In 9M11, activities were reorganized, thanks to the progress of the project. Investments in 2010 and 2011 to date total R$432 million and should reach R$489 million by the end of this year, which should be offset in other fronts. The reorganization of activities will not alter the total investment estimate or the scheduled conclusion dates. The goal is to meet growing domestic demand for PVC, whose demand increased by around 6% year-on-year in 9M11.

Construction was more than 61% complete at the end of the quarter, as planned, and had accrued more than 4.4 million man-hours with no accidents of any kind (with or without sick leave). The main items of equipment, ordered from global suppliers, are already in the advanced stage of manufacture.

To finance the project, in addition to the line of up to R$525 million already approved by the BNDES with a total term of 9 years and 88% denominated in Brazilian reais at the TJLP+1.46%, Braskem also received approval for a financing line of R$200 million from BNB, to be amortized over 12 years at 8.5% p.a.

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Braskem will invest approximately R$300 million to build a new butadiene plant, using the crude C₄ stream. The project involves the installation of a new line with a capacity of 100 ktons/year and absorbed investments of R$62 million in 9M11. The Company also signed product pre-sale agreements that have resulted in advances of around R$200 million to date.

Construction is 42% complete and on-schedule, with no accidents of any kind. The spherical tanks that will be used to store the butadiene are already in the advanced stage of assembly. The project is scheduled for start-up in July 2012. Braskem s butadiene supply will increase by around 30% to 446 ktons/year. On the international market, 9M11 butadiene prices rose by approximately 60% in relation to the same period last year.

The integrated project in Mexico in which Braskem and IDESA are participating jointly with respective interests of 65% and 35%, involves the production of polyethylene resins using ethane as a feedstock and is based on an ethane supply agreement with PEMEX-Gás for the supply of 66,000 barrels/day over 20 years, based on benchmark Mont Belvieu prices. The project will also diversify Braskem s feedstock matrix, increasing the competitiveness of its assets.

Fixed investments are now estimated at around US$3.0 billion, due to inflation and a more detailed analysis of the investments with the progress of FEED (Front End Engineering Design), which has been developed by the consortium responsible for constructing the project, comprising Technip, ICA Fluor and Construtora Norberto Odebrecht (CNO). The total investment will be financed under the project-finance model (70% debt/30% equity). Conclusion of the works and the start-up of operations are scheduled for the first half of 2015.

The following events in 3Q11 deserve mention: (i) the beginning of ground preparation works on the site of the future industrial complex, given soil conditions and rainfall in the region; and (ii) the advanced purchase of equipment with lengthy manufacturing and delivery periods.

There is a shortage of polyethylene in the Mexican market, which is expected to record 5% growth this year to around 1.9¹⁰ million tons, 70% of which imported. This represents a major future sales opportunity for the Company, which is committed to developing and perpetuating the local industry.

Sumitomo Bank is the project's financial advisor and the Company has already received formal manifestations from other financial institutions interested in supporting the project.

Braskem is still in the due diligence phase of structuring the project finance, which should be concluded in the first quarter of 2012, with construction beginning in the same year. The financial institutions multilateral agencies, export credit agencies and development banks involved in this process, which includes social and environmental, technical, legal, market and insurance due diligence, have hired independent consulting firms who are specialized in their respective areas and who are working in a coordinated manner with the project team in order to finalize the process.

Braskem also has similar projects in less advanced phases in Peru, Bolivia and Venezuela. In the case of Peru, Braskem, Petrobras and PetroPeru concluded, in 2010, the analysis phase and the technical design of the petrochemical complex project to be installed in southern Peru, with polyethylene production capacity estimated at approximately 1.0 million tons/year. Braskem has already inaugurated an office in the city of Lima to support the team involved in the project and the commercial team that is already working in the country.

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In keeping with its strategy of becoming the world leader in sustainable chemicals, Braskem is developing a project to produce Green Polypropylene with an annual production capacity of at least 30 ktons of green propylene. The basic engineering studies should be concluded in 2011, with start-up expected in the second half of 2013. The project is still pending approval by the Board of Directors.

New polypropylene resin for the non-woven market

PVC House
In association with DuPont and Global Housing, Braskem has developed a new residential construction concept at an affordable cost. The system permits the construction of houses with complete finishing on an industrial scale. As a result, a unit can be built in only a week. The project, called PVC Concrete House, has already been approved by the Caixa Econômica Federal for the construction of 1,000 houses throughout Brazil.

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NOTE:

(i) On September 30, 2011, the Real/U.S. Dollar exchange rate was R$ 1.8544/US$ 1.00.
(ii) Braskem s consolidated results reflect the pro-forma consolidation of 100% of the results of Quattor Participações and Sunoco Chemicals, which were consolidated in accordance with the accounting rules as of May and April 2010 respectively.
Braskem s consolidated financial statements were affected by the deconsolidation of Cetrel and the inclusion of the proportional investment in the joint subsidiary Refinaria de Petróleo Rio-Grandense (RPR). As of 2Q11, Cetrel s figures were consolidated in full, retroactive to January 2011.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.