Revenue for Mexican steel freight by rail grows in Q4

Friday, 27 January 2023 22:48:51 (GMT+3)   |   San Diego

The railway company Grupo México Transportes (GMXT) announced that its income from transporting metal products increased 30 percent in the fourth quarter of 2022, compared to the same period of 2021. It was the highest percentage increase of the 10 divisions of the company's income.

Income from the transportation of products from the steel companies Ternium, Deacero, Talleres y Aceros (TYASA) and Simec, among others, totaled MXN 916 million (around $47.7 million, considering today's exchange rate).

These revenues, GMXT said, were through 24,679 full rail cars, 18.0 percent more than in the fourth quarter of 2021. On a daily average, it increased from 227 to 268 full rail cars, in the period.

For the full year, revenue from metal transportation totaled MXN 3,281 million (around $170.7 million), 17.0 percent more than in 2021.

GMXT, which controls the Ferromex railroads, Ferrosur TexasPacifico, reported that it mobilized 96,259 full railroad cars to transport steel, 7.9 percent more than in 2021.

For the full year, it used a daily average of 264 railcars in 2022, an increase of 19 more units compared to the 244 railcars used in 2021.

GMXT's main shareholders are the mining giant Grupo México, owned by billionaire Germán Larrea, and Inbursa, the financial arm of fellow billionaire Carlos Slim Helú.

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