The largest Argentinean flat rolled producer Siderar has announced that its first quarter 2007 net profit decreased by 6.8 percent year on year to ARS 301.9 million ($96.8 million).
The company's statement says that the decrease in its Q1 net profit was affected by a lower operational profit, mainly due to the increased cost of raw materials, but was offset by better results from investments in related companies and by lower income taxes.
Siderar is owned by Ternium SA, which in turn is controlled by the Argentinean Techint conglomerate. The latter has facilities in Mexico, Venezuela and Argentina.