Privately held Hexion Specialty Chemicals said its fourth-quarter net loss narrowed sharply, helped in part by falling costs and improving volume.

For the period, the company posted a net loss of $6 million compared with $921 million in the year-ago period.

The year-ago period includes a one-time charge of $800 million the company paid to Huntsman as part of a settlement to cancel its plans to acquire that company.

Hexion said its asset impairment costs and business realignment costs fell during the period.

Revenue decreased 7.6% to $1.09 billion.

The company said raw material prices were lower and that volume jumped 5%. Volume is the physical amount of product sold.

Hexion is owned by Apollo Management, a private equity firm that also owns the Harrah's casino chain and Norwegian Cruise Lines.

The company said earlier this year it wanted to extend some of its term loans until May 2015 and issue $700 million in senior notes.