CAP Acero Posts Losses in 2020

Chilean CAP Group’s steelmaker CAP Acero has posted net loss in the full year of2020. The company said net loss in 2020 was USD 57 million, up from a
CAP Acero Posts Losses in 2020
CAP AceroCAP Acero

Chilean CAP Group’s steelmaker CAP Acero has posted net loss in the full year of2020. The company said net loss in 2020 was USD 57 million, up from a larger loss of USD 114.1 million it reported in 2019. Net revenues in 2020 rose 2.7% YoY to USD 488.1 million, due to higher steel sales volumes in the year. The company reported an EBITDA loss of USD 32.1 million in the full year of 2020, as compared to an EBITDA loss of USD 78.7 million in 2019.

On the other hand, CAP Acero’s parent company, CAP Group, reported a net profit of USD 300.4 million in the full year of 2020, compared to a net loss of USD 104.1 million in 2019. CAP Group attributed the stronger results to higher mining sales, including iron ore, and reduced operational costs.

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