MOSCOW—Sibur Holding's elastomers sales declined 32 percent in the third quarter, but the Russian petrochemicals supplier can see signs of slow recovery.
Segment revenue fell to $116.6 million during the three months, as global shutdowns by automotive manufacturers sharply reduced demand for tire rubber.
In its quarterly report, however, Sibur noted a "slow recovery" in the third quarter, mostly driven by "healthy growth of car sales in China."
Elastomers volumes fell 18.7 percent to 321,000 metric tons during the three-month period, reflecting the sale of Togliatti-based assets in the final quarter of 2019.
Over the first nine months of the year, segment revenue fell 33.4 percent to $550 million, Sibur added.
Sibur's elastomers operations are part of its Plastics, Elastomers & Intermediates business unit, and contributed 33 percent of sales within the unit.
Overall, the unit reported a 13 percent year-on-year decline in third quarter adjusted earnings, to $61.6 million. For the first nine months of the year, the unit's adjusted earnings fell 39 percent to $131 million.