Mexican manganese and ferroalloys producer Minera Autlan saw its net profit surge to $15.8 million in Q3 this year from $1.4 million in the same quarter of the year prior, the company said while announcing its quarterly results.
The company said net revenues in Q3 rose 73.8 percent, year-on-year, to $92.5 million, due to increased sales volumes and improved prices. The net revenue growth was above the 60 percent year-on-year growth the company forecasted earlier this year for Q3.
Minera Autlan said it expects positive fundamentals for the company for the rest of the year, on increasing global steel output as compared to 2016 figures, and positive fundamentals for the steel markets in Mexico and the US.
“This indicates demand for ferroalloys during the next months and until the end of the year will be steady,” the company said in a statement.