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Argentina’s Siderar Profit Falls 83% in Quarter as Costs Rise

July 30 (Bloomberg) -- Siderar SAIC, Argentina’s biggest steelmaker, said profit for the second quarter fell 83 percent to 92.6 million pesos ($20.2 million) from a year earlier as costs rose.

Sales slid 1.1 percent to 3 billion pesos, the company said in a filing with the Buenos Aires stock exchange. The cost of sales rose 10 percent to 2.4 billion pesos.

The company said costs increased as a result of rising prices for raw materials, labor and services.

To contact the reporter on this story: Pablo Gonzalez in Buenos Aires at pgonzalez49@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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