Siderca announces loss for second quarter
Argentinaen Siderca, part of the Techint Group, posted a second quarter loss of 186.2million pesos (currently US$51.2million) compared with net income of 77.1million pesos in same period 2001. The loss was blamed on the devaluation of local peso which hit its dollar-denominated debts. Overall the year is still profitable with a first half net profit of 1.59billion pesos, compared to 142.1million in the same six months of 2001. Sales for the rest of the year will be hit by Argentina's economic crisis and a 20% tax on oil exports. Exports are also expected to drop because of a fall in global demand. Siderca exports about 85% of its production to some 45 countries.