Ternium Argentina, formerly known as Ternium Siderar, went from a net profit of ARS 1.47 billion ($21.8 million) in Q1 2019 to post a net loss of ARS 640.3 million ($9.5 million) in Q1 this year, the company said while releasing its quarterly results.
Net revenues in Q1 declined 10.4 percent, year-on-year, in local currency to ARS 21.62 billion ($320.5 million). Steel sales volumes of hot rolled, cold rolled, as well as coated and other steel products in Q1 reached 404,600 mt, down from 480,000 mt in Q1 2019.
The company said it expects steel sales volumes to the domestic market to decline significantly in Q2. Most of Ternium Argentina’s steel sales volumes in Q1—337,600 mt out of a total of 404,600 mt—supplied the local market.
Ternium Argentina said its operations remain suspended due to a nationwide pandemic lockdown.
USD = ARS 67.46 (May 12)