Chilean iron ore and steel producer Grupo CAP has posted a net loss of $7.1 million for the third quarter of 2022, against a net profit of $69.7 million for the same period of 2021.
According to CAP, the lower result reflects chiefly lower iron ore prices during the quarter, negatively impacting also the adjustments for the settlement of prices shipped during the previous quarter.
The results of the steel business of the company were lower than those of Q3 2021, due to lower volume of shipments and higher production costs.
During the first nine months of 2022, CAP produced 11.7 million mt and sold 10.9 million mt of iron ore against respectively 11.8 million mt and 11.0 million mt during the same period of 2021.
During the first nine months of 2022, the steel production at the group’s Siderurgica Huachipato has reached 488,000 mt, against 619,000 mt during the first nine months of 2021, in a decline due to a technical problem with the blast furnace number 2 of the plant.