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CAP records losses of US$38 million

CAP’s mining segment was unable to compensate for the poor results of the Huachipato Steel Company. At the end of the first quarter of the year, the company’s financial results went into the red, going from profits attributable to the owners of the holding company of US$1.2 million as of March 2023, to losses of more than US$38 milliondriven mainly by the power plant.

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The company’s income fell 26% in the period to US$512 million, versus US$695 million in 2023. Its EBITDA fell by almost 53%, from US$187 million to US$88 million.

“These lower consolidated results in the first quarter of 2024 are mainly explained by the performance of the steel production business, which was not able to be compensated by the results of the mining segment, which despite achieving higher production and volume of shipments than in the first quarter of 2023, was impacted by the negative effect of price settlements (Mark to Market). , of US$151 million, due to the downward trend in iron prices during the first three months of the year,” the company explained in its reasoned analysis.

As confirmed by the Compañía Minera del Pacífico (CMP), it operated all its operations in accordance with the plan and without major interruptions. However, its profits decreased more than 94% to US$5.6 million, versus US$94.1 million in the first quarter of 2023, affected by the lower price of the commodity.

The Siderúrgica Huachipato decreased its income by 27.7% in the period to US$ 115.2 million, “which is partly explained by a level of shipments that was 11.3% lower than that of the first quarter of the previous year, added to a reduction in the average sales price of steel of 12.3%,” the company said.

Despite this, the steel company managed to reduce its losses from US$72.5 million in 2023, to US$41.8 million during the first quarter of this year.

It is worth remembering that CAP had announced the indefinite closure of the operations of said subsidiary near the end of the quarter, however, turned back after the Anti-Distortion Commission agreed to increase surcharges to Chinese steel imports, given the confirmation of dumping.

On the other hand, Soluciones en Acero (composed of Cintac in Chile, Tupemesa, Calaminon and Sehover in Peru, TASA in Argentina, and also by Promet in Chile and Peru) had a 29.5% decrease in revenues to US$ 87 million, while its EBITDA decreased by 26.5% to US$5 million. With this, The segment pronounced its losses from US$3.9 million in 2023 to US$7.4 million during this year.

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