Grupo Simec Profits Fall 25% in 2015
02/29/2016 - Mexican SBQ producer said its 2015 profits declined 25 percent due to weaker steel prices, declining shipments and higher taxes.
For the year ending 31 December 2015, the company posted a net income of 901 million pesos, down from 1.2 billion in the previous year.
Although domestic sales rose 9 percent to 14.8 million pesos, foreign sales dropped 22 percent to 10.3 million pesos. Grupo Simec owns U.S.-based Republic Steel.
During the year, the company shipped 2.12 million tons of steel, down approximately 4 percent from the previous year.
Although domestic sales rose 9 percent to 14.8 million pesos, foreign sales dropped 22 percent to 10.3 million pesos. Grupo Simec owns U.S.-based Republic Steel.
During the year, the company shipped 2.12 million tons of steel, down approximately 4 percent from the previous year.
