Mexico’s Grupo Simec’s shipments of finished steel rose by 4pc to 2.4mn mt in 2020 compared to the prior year. About 68pc of production was profiles and the remaining 32pc special profiles.
Simec’s sales were up 5pc to MXN35.9bn ($1.8bn) in 2020 compared to MXN34.bn the previous year. Sales revenue rose on a higher average sales price in tandem with higher shipment volume. Export sales climbed by 6pc to MXN 17.7bn in 2020 against MXN16.7bn in 2019. Domestic sales rose by 4pc to MXN18.1mn, making up 50pc of total sales.
Cost of sales declined by 3pc to MXN29.2bn in 2020 against the previous year, which resulted in the cost of sales as a percent of total sales declining to 81pc from 88pc in 2019. The average cost of steel produced declined by 7pc in 2020 compared to the previous year. Gross profit as a percent of net sales grew from 12pc in 2019 to 19pc in 2020 at MXN 6.7bn. EBITDA of 6.6bn was almost double of that in 2019.