Aceros Arequipa Q1 bottom line up on steel prices

Friday, April 25, 2008

Peruvian steelmaker Aceros Arequipa reported in its individual results a profit of 58.6mn soles (US$20.7mn) for the first quarter of this year, up from 18.4mn soles declared year-on-year.

The company's revenues totaled 489mn soles in the recent period compared to 320mn soles in the same quarter of 2007. Costs rose to 372mn soles from 262mn soles.

The company sold 195,000t of steel products in Q1 of this year, up 35% year-on-year due to rising prices and strong demand, Aceros Arequipa said in a report to securities regulator Conasev.

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Aceros Arequipa is Peru's second largest steel producer followed by Siderperú, which is controlled by Brazilian conglomerate Gerdau (NYSE: GG).