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Simec Group increased its sales by 55% in 2021

Grupo Simec’s net sales increased 55.1% in 2021, to 55,622 million pesos, with an average sales price increase of 51 percent.

Grupo Simec produces, processes and distributes special steels and structural steel profiles in Mexico, United States and Brazil.

At the same time, sales in tons of steel products increased 3%, to 2 million 504,000 tons.

Sales abroad rose 55%, to 27,576 million pesos in 2021.

Financial results of Grupo Sinec

Since fiscal year 2018, Grupo Simec and some of its subsidiaries had various control acts by the Mexican tax authorities with respect to fiscal years 2013 to 2017, in which the authority intended to impose non-existent taxes, which have been litigating through amparo lawsuits, appeals for revocation in some cases and annulment proceedings in others, being the case that at the end of the fiscal year the payment of any of these matters had not been required, the amount in fiscal credits amounted to 5,880 million pesos, which were being appealed in court.

During the 2020 and 2019 financial years, some of the subsidiaries of Grupo Simec that had inspection acts made payments of taxes and expenses through Reparatory Agreements signed between the companies and the Tax Administration Service (SAT) for an amount of 554.4 and 2,323.7 million weights, respectively; With these amounts covered, the disputes that were in court with the tax authorities regarding tax credits amounting to 5,880 million pesos were fully resolved.

Grupo Simec

In another case, on September 5, 2017, Grupo Simec and GV do Brasil were notified of the arbitration procedure filed by SMS Concast before the International Court of Arbitration (ICC), in which they claim the payment of 1.4 million dollars more expenses for additional costs incurred in the construction and assembly of the steelworks area of ​​the plant in Brazil.

Then, on November 6, 2017, the companies of the Group responded, counterclaiming SMS Concast for different concepts that together amount to approximately 5 million dollars.

Finally, on February 26, 2020, the company was notified of the award. In March 2021, it was agreed with the actor to terminate the matter by paying $450,000, within a period of no more than 30 days.

 

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