Chilean steelmaker CAP Acero, which is part of the CAP Group, saw its net loss in the full-year 2017 increase by 10.6 percent, year-on-year, to $21.3 million, compared to a net loss of $19.2 million in 2016.
CAP Acero said the increased net loss was due to “sudden” iron and coal price hikes, especially for feedstock used in steelmaking, which helped increase cost of sales in 2017. Additionally, a 21.4 percent year-on-year increase in steel selling prices in 2017 was not enough to revert the increased net loss, the company said in a statement.
Meanwhile, steel sales volumes in 2017 rose 1.3 percent, year-on-year, to 729,026 mt. Net revenue in 2017 was $480.6 million, 19.2 percent up, year-on-year. EBITDA in the same period was $4.3 million, 67.8 percent down, year-on-year.
The CAP Group overall reported a $130.2 million net profit in 2017, more than double the $60.3 million net profit reported in 2016.