Aceros Arequipa expects a 60pc growth in its sales by the end of 2021 compared to the previous year due to increased demand in the domestic and export market as well as the recovery from COVID-19 related restrictions.
The Peruvian steelmaker reported on Monday that its total sales are forecast to reach PEN4.54bn up from PEN2.83bn ($698mn) in 2020. The forecast follows the company’s acquisition of two scrapyards in Florida, USA last month to strengthen its supply chain. Moreover, the company began its new mill at Pisco later in July.
In H1 2021, Aceros Arequipa reported that its net sales increased by 168.6pc to PEN2.33bn from PEN867mn in the first six months of 2020. Of this total around PEN2.08bn came from domestic sales while the balance was from exports
The company’s net sales In Q2 2021 jumped by 422.5pc to PEN1.2bn from PEN230mn in April-June 2020, due to strong demand and rising steel prices. Its net profit in H1 2021 increased by 15.7pc to PEN365mn compared to the same six months last year whereas, in the second quarter, the company reported a net profit of PEN170mn compared to a loss of PEN39mn in Q2 2020
($1 = PEN4.06)