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Peru Aceros Arequipa Q2 profit down as steel price decline-The 19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
7/25/2017 Die-casting expo-foundry expo |
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BNamericas reported that Peruvian steel producer Aceros Arequipa saw its second quarter profit plummet 68% as lower prices offset higher steel shipments. Aceros posted a 12mn sol (USD 4 million) profit in the quarter compared with a 36mn-sol profit a year earlier, the Lima-based company said in a corporate filing to securities regulator SMV. Sales climbed 7.2% to 528 million soles from S/.492million soles a year earlier.
The company said that sales costs and financial expenses both rose in Q2, while the company registered a 579,000 sol FX loss compared with a 5 million-sol FX gain a year earlier. Capex totaled 29 million soles in the quarter, mainly on upgrades at its Pisco steelworks, said the company, which also operates a plant in Arequipa.
Exports rose to 220.5 million soles in the first half from 166.5 million soles the previous year, Aceros said. Peru mainly exports steel to Colombia, Ecuador and Bolivia.
Aceros, which is controlled by the local Cilloniz Group, in 2014 completed a USD 145 million laminated steel plant in the port of Pisco to boost annual steel production to 1.35 million tonne per year. The company competes in Peru with Gerdau unit Siderperú, which operates a 520,000 tonne per year plant in the northern port of Chimbote
The company added that "The investment in the new laminated steel plant enabled us to work with cutting edge technology and achieve significant cost efficiency.”
The
19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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