CAP profits boosted by improved steel prices

Monday, August 18, 2003

Chilean steel maker Compania de Aceros del Pacifico, CAP, had an important upswing in earnings during the first half of 2003, which pushed share values up 213%, local daily La Tercera reported.

CAP, headed by Roberto de Andraca, said net profits were US$23.4mn in the first half compared to a loss of US$2.6mn last year, the paper said.

In an analysis of the figures, the company attributed weight to two factors: the amount of steel dispatched and the improvement in world prices.

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Adjustments to the supply of steel, the effects of the US imposed safeguards, and increased economic activity in China, boosted international rates during 2002.

This situation "has been operative in Chile since 2H02 and gathered force in the first half of this year," the company said.