Mexico’s steelmaker Industrias CH (ICH) plans on increasing its steel capacity to export more products as part of its short-term expansion plans.
Steel sales in Q3 2020 rose by 12.1pc to 729,000mt from 650,000mt in Q3 2019, ICH said in its quarterly earnings report filed with the Mexican stock exchange. The company did not divulge its total crude steel production volume.
ICH’s total sales increased by 16pc to MXN10.52bn ($496.1mn) in Q3 2020, from MXN9.06bn in Q3 2019. Domestic sales rose by 19pc to MXN5.52bn in Q3 2020 while international sales climbed by 13pc to MXN4.98bn in Q3 2020
ICH reported a net profit of MXN1.05bn in Q3 2020, up by 13pc from MXN929mn in the prior year period while EBITDA jumped by 53pc to MXN2.01bn from MXN1.31bn in the same period under comparison.
($1 = MXN21.17)