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Sterling Posts Third-Quarter Loss
2:19 PM MST | November 15, 2007 | CW Editorial Staff
Sterling Chemicals reported a third-quarter net loss of $4.8 million, compared to income of $9.9 million in the third quarter of 2006. The year-ago period included a $12 million benefit related to an insurance settlement. Sales were up 9%, to $209 million. Revenues in its acetic acid and plasticizers operations fell 14%, to $33.8 million, due to the closure of an oxo alcohols unit in 2006. Styrene sales rose 16%, to $174.9 million, on higher volumes. Earlier this week, the FTC approved Sterling’s sale of its styrene business to Ineos...
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