Argentinian steelmaker Ternium Siderar saw its net profit surge 190.1 percent in Q1, year-on-year, to ARS 1.8 billion ($119.9 million), the company announced on Wednesday while releasing its quarterly results.
Net revenues in Q1 rose nearly 20 percent, year-on-year, to ARS 7.98 billion ($515.5 million).
Steel sales volumes in the first three months of 2017 totaled 544,000 mt, down from 557,000 mt in the same period of last year.
Siderar said the local steel market started to show signs of recovery in March, mainly in the agroindustry and the construction sectors by means of public infrastructure investment.
“In the energy sector, the company expects that relevant investments to be developed during the coming years [will] foster a gradual additional increase in steel demand,” the company said.