Chilean steelmaker CAP Acero, part of the CAP Group, saw its net loss in H1 rise to $16 million, from $10.5 million in H1 last year, the company said.
The company attributed the increased net loss to increased cost of sales per metric ton, which grew 12.7 percent in H1, year-on-year, as well as “sudden increases” in iron ore and coal prices.
CAP Acero said net revenues in H1 reached $226.4 million, 15 percent up, year-on-year, while EBITDA loss in H1 was $5.4 million. In H1 2016, CAP Acero had posted an EBITDA loss of $6.1 million.
CAP Acero said steel sales volumes in H1 totaled 369,709 mt, up from 356,574 mt in H1 2016.
Despite the losses at its steel segment, the CAP Group posted a $50.9 million net profit in H1, reverting a $2.8 million net loss reported in H1 2016.