'Supply and demand fundamentals in polyurethanes, as well as higher equity earnings from improved performance at Sadara drove this result,’ Fitterling said. Net sales in polyurethane grew by double digits from 2019 to 2020 and between Q3 and Q4 in 2020, he added.
Looking ahead to the first quarter of 2021, CFO Howard Ungerleider said sales should be between $10.7-11.2bn because of the strength in polyurethanes. 'That segment will benefit from deurbanisation and strong demand for domestic appliances, and will be supported by the automotive and housing sectors,’ he said. ‘Industry supply limitations, and low inventories, should support pricing uplift.'
Fitterling added: 'It's hard to keep things on the shelves like mattresses and furniture. Housing starts is a very, very solid sign, the highest we've seen since 2006. That drives a lot of content for our products.'