Posted on 12 Aug 2024
The Chilean steelmaker Compañía Siderúrgica Huachipato (CSH), a subsidiary of the Chilean steel group CAP, announced on Wednesday, August 7 that it will again suspend its operations indefinitely at its main plant, due to the impossibility of competing with Chinese steel, despite new tariff imposed by the government earlier this year.
The company indicated in a statement that almost four months after the measure was implemented, the behavior of the market has made it impossible to correct the imbalances and pass on new tariffs to the price.
The financial impact of this suspension for CAP would be a cash effect of between US$120 million and 140 million in the next 12 months, but this decision is expected to allow an improvement in the group's consolidated results in the future, given that CSH recorded a historic loss of US$385.5 million in 2023.
Source:Yieh
