Mexico steelmakers report mixed results
Grupo Simec's profits declined in Q1, despite higher revenues.
The Mexican steelmaker posted 681mn pesos (US$36.3mn) in net income, down from 1.19bn pesos in the first quarter last year.
Revenue increased to 7.92bn pesos from 6.10bn, on sales of 563,000t steel, up from 528,000t.
Cost of sales increased 23% to 6.35bn.
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Minera Autlán's profits grew in Q1 on higher ferroalloy sales.
The Mexican company recorded earnings of US$14.2mn, up from US$9.70mn in the previous quarter and a US$3.94mn net loss in 1Q16.
Revenue rose to US$83.9mn from US$49.1mn, as ferroalloy output increased to 58,600t from 48,900t, coupled with higher mining production and partly offset by lower energy output of 61.5GWh, down from 62.9GWh.
Revenue was also lifted by generally higher prices across the company's products, Autlán said.
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