The document discusses Process Safety Management (PSM) standards which were developed by OSHA to prevent catastrophic chemical releases at facilities handling highly hazardous chemicals. It describes key events that prompted the development of the standards and outlines the major elements of the PSM standard including process hazard analysis, operating procedures, training, mechanical integrity, management of change procedures, and emergency response planning. The goal of the PSM standard is to proactively identify and mitigate hazards to prevent incidents and minimize consequences if releases occur.