Q1 earnings fall at Westlake Chemical

Westlake Chemical Corp. has reported a fall in Q1 earnings on higher feedstock costs. Net income declined to US$5.4 mln from US$19.7 mln. Increased prices of olefins pushed sales figures up to US$915.1 mln from US$718.8 mln. In addition to high raw materials prices, higher costs for natural gas and electricity have affected results. Additionally, a Louisiana plant that produces styrene was down for 45 days, and the company incurred costs for shutting down a New York plant and consolidating some operations in Calgary.
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