Chilean mining and steelmaking group CAP posted a $2.8 million net loss in H1, reverting a $12.7 million net profit reported in the same period of the year prior. As for Q2, the CAP Group posted a $5.9 million net profit.
The group’s steel arm, CAP Acero, saw its net loss in H1 rise 87.6 percent, year-on-year, to $10.5 million thanks to a 20.6 percent decline in average steel prices in H1, year-on-year.
CAP Acero sold 356,574 mt of steel in H1, up from 345,627 mt in the same period of the year prior. Average sales cost per mt fell 12.6 percent in H1, year-on-year, the company said. The company attributed the declining revenues to persisting price distortions.
As for its mining arm, CAP Mineria, the company said net profit in H1 was $8.3 million, 60.6 percent down, year-on-year, due to a 15.9 percent decline in the same period in the average prices of the iron ore shipped in the six-month period.