CAP Acero, the steelmaking arm of Chilean mining and steelmaking group CAP, said it expects to post weaker Q4 results on a quarter-on-quarter analysis. The company said its net loss in Q4 2019 should be higher than the $41.3 million net loss it posted in Q3 2019.
The company attributed the deeper net loss in Q4 to an incident at its Port of Guacolda II in November 2018, along with weaker steel market conditions during this year.
Holding company CAP Group said in November it expected to resume iron ore shipments at its Port of Guacolda II in November this year, but it has not been able to do so. CAP Group said this week it expects to resume Port of Guacolda II iron ore shipments “in the next few days.”