Mexican steelmaker Industrias CH (ICH) will continue investing in its plants in Apizaco, Tlaxcala, San Luis Potosí, and Monclova, to increase steel capacity for higher export volumes as part of its expansion plan.
The company’s steel sales increased by 6pc to 742,000mt in the first quarter, from 702,000mt in Q1 2020, it said in its quarterly earnings reported by Mexico’s stock exchange (BMV). The steelmaker did not disclose its crude steel production or the amount it plans to invest in its steel plants.
The company’s sales by value climbed by 52pc to MXN14.5bn ($730.1mn) in Q1 2021, from MXN9.5bn in the same quarter last year. Its domestic sales rose by 48pc to MXN7.69bn in Q1, from MXN5.20bn in Q1 2020 and its international sales also increased by 55pc to MXN6.77bn from MXN4.37bn during the same timeframe.
ICH reported a net profit of MXN2.84bn in Q1, up from a net profit of MXN2.24bn in the same quarter last year. The company’s EBITDA reached MXN3.33bn from MXN1.70bn in the same period.