Mexican steelmaker Grupo Simec is considering steel plant acquisitions in North America or Latin America as part of its expansion plan to boost operations.

 

The company will continue investing in its facilities in Tlaxcala and San Luis Potosí to improve operations, it said in its Q3 2020 earnings reported by Mexico’s stock exchange (BMV), without disclosing further details.

 

Steel sales in Q3 2020 increased by 13.4pc to 676,000mt from 596,000mt in Q3 2019.  However, the company did not disclose its total crude steel production volume in the earnings release.

 

Overall, the company’s sales rose by 16pc to MXN9.6bn ($454.4mn) in Q3 2020, from MXN8.3bn in Q3 2019. Domestic and international sales were split down the middle, accounting for MXN 4.8bn each, growing 15pc from 4.1bn each in the prior-year period.

 

Grupo Simec reported a net profit of MXN1bn in Q3 2020, up by 23pc from MXN817mn in the same period last year. The company’s EBITDA reached MXN1.8bn in the third quarter, also up 62pc from MXN1.1bn in Q3 2019.

 

($1 = MXN21.24)

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