SABIC says takes 350 million riyals impairment on steel unit

28/01/2018 13:04 AST

Saudi Basic Industries Corp (SABIC) said on Sunday it took a 350 million riyals ($93.34 million) impairment on its steel unit, Hadeed, in the fourth quarter and still sees challenges in the steel market.

SABIC CEO Yousef al-Benyan told a news conference that he was optimistic about the outlook for 2018, as an increase in oil prices reflect positively on petrochemical prices.

Benyan also said the company can self-finance the acquisition of a nearly 25 percent stake in Clariant, which was announced last week.

SABIC, the world’s fourth-biggest petrochemicals company, reported an 18.6 percent drop in fourth-quarter net profit on Sunday, citing lower output and sales.


Reuters

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