January 28, 2018 / 7:38 AM / a month ago

SABIC says takes impairment on steel unit, still sees challenges in steel market

RIYADH, Jan 28 (Reuters) - 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. ($1 = 3.7498 riyals) (Reporting by Marwa Rashad; Writing by Saeed Azhar, editing by Davide Barbuscia)

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