Mexican long steel producer Grupo Simec said net profit in Q1 dropped 56 percent, year-on-year, to MXN 425 million ($22.3 million).
Net revenues in Q1 totaled MXN 9.50 billion ($500.7 million), 20 percent up, year-on-year. Grupo Simec attributed the stronger net revenues to higher average steel selling prices.
Steel sales volumes in Q1 rose 12 percent, year-on-year, 591,000 mt. EBITDA in Q1 was MXN 1.12 billion ($59.3 million), 29 percent down, year-on-year.
USD = MXN 18.98 (May 6)