The Chilean iron ore and steel producer, Grupo CAP, has posted a net loss of $408.027 million for 2024, against $87.891 million for 2023.
On a comparative basis, net sales declined by 25 percent to $1.801 billion, the gross profit declined by 63 percent to $302.8 million, and the operational profit declined by 77 percent to $147.3 million.
In volume, iron ore production declined by 10 percent to 15.3 million mt, the steel production at the Huachipato steel plant, which stopped steel production in the second half of 2024, declined by 61 percent to 275,000 mt, while the processing of steel products in the steel solutions division declined by 11 percent to 239,000 mt.
The company mentioned that its Asian clients for iron ore, mainly China, are maintaining high demand for its concentrates of high Fe contents, translated into quality premium for its products.
The company added that in 2025 the steel production segment will be excluded from its results.