Peruvian steel producer Corporacion Aceros Arequipa is expecting reduced profit in Q3 compared to the equivalent to $3.70 million achieved in Q2.
According to the local press, a senior officer of the company has commented that sales in volume have increased in average by 16 percent from Q1 to Q2, while the average sales price has declined by 13 percent during the period.
In his view, such pattern should be maintained during Q3 and Q4, as steel prices remain at very low levels during the second half of the year.
The officer mentioned that the company is searching for new businesses to increase its competitiveness and profitability, while increasing internal efficiencies and investing in technologies to optimize processes and compensate for the lower profitability.
The company informed the local stocks exchange that the forecasts for the second half of the year are being revised and will be announced until the end of the month.