Mexico-based specialty steelmaker Grupo Simec announced on Tuesday its results from its audit of the 12-month period from December 31, 2010 to December 31, 2011. Net sales for year-on-year increased by 19 percent, which can be attributed to higher sales of specialty bars (SBQ), increased shipments of finished steel products and the increased average sale price per ton versus the same period in 2010. Shipments of finished steel products increased 2 percent to 2.288 million tons in the 12-month period, compared to 2.241 million tons in the same period the previous year. Sales outside of Mexico also increased during 2011 compared to 2010 by 14 percent, with sales inside of Mexico increased by 26 percent.
Gross profit for 2011 totaled 3.656 billion Mexican Pesos (US$286.5 million) over the 2010 total of 3.211 billion Mexican Pesos (US$251.6 million) in 2010. The increase is due to an increase in the volume shipment, better blend of steel compared with the same period of 2010. The earnings before interest, taxes, depreciation and amortization(EBITDA) increased by 63 percent from 2.182 billion Mexican Pesos (US$171 million) in the prior year, to 3.562 billion Mexican Pesos(US$279.1 million) in the same period of 2011.