AHMSA posts significant net loss in Q2

Wednesday, 29 July 2020 23:32:31 (GMT+3)   |   Sao Paulo

Mexican integrated steelmaker Altos Hornos de Mexico, AHMSA, posted a net loss of MXN 4.21 billion ($191.7 million) in Q2 this year, the company said this week.

The company’s Q2 results came just a few weeks the steelmaker posted its delayed Q1 results, in early July, as previously reported by SteelOrbis.

AHMSA said net revenues in Q2 fell 46 percent, year-on-year, to MXN 6.95 billion ($316.4 million), and reported an EBITDA loss of $53 million in Q2 2020, same as in Q2 2019.

AHMSA blamed the Mexican government for its consecutive losses in 2019, saying it went through a “complex financial and operational scenario” last year, which was due to a sluggish domestic economy and “unsustainable government actions.”

The company also blamed US Section 232 regulations and volatile global steel prices in the past two years.

USD = MXN 21.98 (July 29)

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