CAP Acero posts another net loss in 2020

CAP Acero posts another net loss in 2020

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Chilean steelmaker CAP Acero, which is part of CAP Group, posted another net loss in the full year of2020. The company said net loss in 2020 was $57 million, up from a larger loss of $114.1 million it reported in 2019.

Net revenues in 2020 rose 2.7 percent, year-over-year, to $488.1 million, due to higher steel sales volumes in the year. The company reported an EBITDA loss of $32.1 million in the full year of 2020, as compared to an EBITDA loss of $78.7 million in 2019.

On the other hand, CAP Acero’s parent company, CAP Group, reported a net profit of $300.4 million in the full year of 2020, compared to a net loss of $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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