Siderar posts $91million loss in Q1 2009

Tuesday, 05 May 2009 17:34:26 (GMT+3)   |  
       

Argentina's largest flat rolled steel producer Siderar SA, part of international conglomerate Ternium SA, the largest steel maker in Latin America, has reported a second straight quarterly loss in Q1 2009 due to falling global demand for steel.

Accordingly, Siderar SA has registered a net loss of ARS 337 million ($91 million) for the first quarter of 2009, compared to ARS 566 million ($153 million) in the same period of 2008.

The company had also posted a net loss of ARS 388 million ($105 million) for the fourth quarter of 2008, its first net loss in nearly seven years.

Meanwhile, Siderar's net sales fell by 24 percent year on year to ARS 1.4 billion ($379 million) in the first quarter of 2009. Domestic shipments fell 60 percent during the first quarter compared to the year-ago period, while total shipments fell by a more measured 21 percent as exports rose.

Siderar blamed the drop on stymied activity in the construction and automotive industries amid the global downturn, which has curtailed shipments and the price for flat rolled steel, although lower costs offset the loss slightly.

Siderar expects the decline in local demand to continue through 2009.

$1 = ARS 3.69078


Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

MOC: Average steel prices in China down slightly during Mar 18-24

28 Mar | Steel News

Cleveland Cliffs announces US flat rolled steel increase

27 Mar | Flats and Slab

HDG consumption in Mexico up 12.0 percent in January

27 Mar | Steel News

Ex-China CRC offer prices fail to recover amid futures price drop

27 Mar | Flats and Slab

UAE’s HRC market still sluggish, offers from India fall slightly

27 Mar | Flats and Slab

Turkey’s plate prices fall amid lower HRC prices, weaker demand

27 Mar | Flats and Slab

Import HRC prices in Vietnam retreat again due to slump in China

27 Mar | Flats and Slab

Silicon steel sheet prices in local Chinese market - week 13, 2024

27 Mar | Flats and Slab

Vietnam’s Hoa Phat produces nine millionth mt of HRC

27 Mar | Steel News