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Ahmsa losses mount

Bnamericas Published: Friday, March 25, 2016
Ahmsa losses mount

Mexican steelmaker Ahmsa recorded a net loss of 1.12bn pesos (US$61.9mm) in Q4, compared to a net loss of 385mn pesos in the same period the previous year.

The Coahuila-state based company saw revenue decline to 9.30bn pesos from 11.5bn, with cost of sales at 9.63bn, down from 11.0bn, according to a stock market filing.

Full-year 2015 net loss was 4.28bn pesos compared to a net loss of 681mn pesos in 2014. Revenue was 41.1bn pesos, down from 43.9bn, while cost of sales increased to 42.3bn from 41.5bn.

The company sold 3.77Mt of steel products and 6.45Mt thermal coal last year, flat from 2014. Ebitda declined 6.3% to US$15.3mn, Ahmsa said in a separate statement.

The region's steel sector is struggling with lower prices caused by Chinese surplus capacity and rising imports at dumping prices.

Steel prices averaged US$260.34/t on the London Metal Exchange in 2015, down from US$415.54/t the previous year.

Ahmsa this month said it will mail creditors with a US$1.70bn repayment plan aimed at lifting a long-standing suspension of payments procedure, linked to debts dating back to 1999.

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