CAP Acero, the steelmaking arm of Chilean CAP Group, saw its net profit in the full year of 2018 reach $317,000, up from a net loss of $21.3 million in 2017.
CAP Acero said the improved results were driven by higher steel selling prices, which rose 15.7 percent in 2018, year-on-year, and stronger steel sales volumes in the same period.
Steel sales volumes for CAP Acero in 2018 rose nearly 3 percent, year-on-year, to 750,255 mt.
Net revenues for CAP Acero in the full year of 2018 totaled $561.1 million, 16.7 percent up, year-on-year.
The company’s EBITDA in 2018 was $34 million, 678 percent up, year-on-year.