On February 25, Mexican steelmaker Groupo Simec issued its financial results for 2009, reporting that its shipments decreased by 30 percent in 2009 while the average price of steel products decreased by 22 percent, both compared to 2008.
According to the financial results, the net profit of the company was Pesos 780 million ($61.1 million) in 2009, compared with a net profit of Pesos 1.9 billion in 2008, decreasing 59 percent.
Sales revenues in 2009 saw a decrease of 45 percent, dropping from Pesos 35.2 billion in the previous year to Pesos 19.3 billion ($1.5 billion).
Earnings before interest, taxes, depreciation and amortization (EBITDA) were Pesos 1.9 billion ($149 million) for 2009, recording a 59 percent decrease versus Pesos 4 billion for 2008.