CAP Acero, the steelmaking business of Chilean holding CAP Group, reported a net loss in the first half of the year (H1) of $32.3 million, compared to a $25.4 million net loss in the same period of 2019.
The steelmaker attributed the increased net loss to weaker steel selling prices in H1, which fell 14.1 percent, year-on-year, mainly due to Covid-19.
CAP Acero said net revenues in H1 this year reached $212.4 million, 9.4 percent down, year-on-year. Steel sales volumes in H1 2020 totaled 346,596 mt, up from 321,816 mt in H1 2019.
The company reported an EBITDA loss of $22.3 million in H1 this year, 5.2 percent up, year-on-year.
On the other hand, holding company CAP Group said net profit in H1 rose 92.9 percent, year-on-year, to $58.3 million.