Argentinian flats steelmaker Ternium Siderar saw its net profit surge in Q4, the company said in a document filing this week.
According to the local steelmaker, net profit in Q4 surged to ARS 943.6 million ($61.9 million), up from the ARS 155 million ($10 million) net profit it posted in the same quarter of the year prior.
The company’s net profit declined 27.8 percent in Q4, quarter-on-quarter, from ARS 1.3 billion ($84.6 million).
Ternium Siderar said it expects steel shipments in Q1 2017 to be similar to the levels reached in the previous quarter, given seasonal demand declines and scheduled maintenance programs that typically take place in Q1.
The company added that scheduled maintenance programs will also diminish output, affecting export volumes in the same period.