Chilean steelmaker CAP Acero, the long steel business of holding company CAP Group, went from a net loss of $10.6 million in Q1 2020 to post a net loss of $1.69 million in Q1 this year, the company said while releasing its quarterly results.
Despite the loss, the company managed to shift from an EBITDA loss of $6.2 million in Q1 2020 to post an EBITDA of $7.3 million in Q1 this year.
CAP Acero said the cost of steel production in Q1 this year rose 12.6 percent, year-over-year, due to higher pellets costs. Net revenues in Q1 this year rose 26.1 percent, year-over-year, to $151 million due to higher steel selling prices.