Peruvian steelmaker Aceros Arequipa reported a net profit of US$40.6 million during the first three quarters of this year, an increase of 249% over the same period last year.

Tulio Silgado, the company's general manager, said the improved profit was due to higher margins in the domestic market and the Colombian market. Besides, the company also reported that in the third quarter, it invested US$23 million in the construction of a new rolling mill that will go into operation in January 2025, the wire and nail plant, the implementation of a new furnace, a scrap cleaning machine, and the new distribution center in Lurín, south of Lima.