The Chilean iron ore and steel producer, Grupo CAP, has posted a net loss of $8.424 million for Q3 2024, against a net profit of $4.014 million in Q3 2023.
Net sales declined by 33.4 percent to $433.246 million, the gross profit declined by 54.4 percent to $62.149 million, and the EBITDA declined by 23.0 percent to $131.370 million.
In volume, iron ore production declined by 8.0 percent to 3.942 million mt, while the processing of steel products in the steel solutions division declined by 6.5 percent to 62.864 mt.
During Q3 2024, due to the definitive suspension of steel production at Siderúrgica Huachipato (CSH), the operational losses of the unit were suspended with zeroed operational results, which were consolidated in the company’s result of Q2 2024.
The company ascribes the net loss in Q3 2024 to a combination of factors, chiefly the poor result of its mining business, coupled to losses of the steel solution segments, which could not be compensated in total by the positive performance of its infrastructure segment.
The company confirmed the ongoing progress of the pilot project for green steel productionat Huachipato, in association with Germany’s SMS, as announced in June 2024.