The Peruvian iron ore producer, Shougang Hierro Peru (SHP), posted a net profit of PEN 2.089 billion ($567.7 million) for 2024, down from PEN 2.337 billion in 2023. The company attributed the lower profit to decreased sales prices for its iron ore, despite higher volumes sold.

Net sales declined by 6.2 percent to PEN 5.864 billion, gross profit fell by 15.9 percent to PEN 2.883 billion, and operational profit decreased by 17.7 percent to PEN 2.601 billion. In 2024, SHP sold 19.843 million mt of iron ore compared to 18.850 million mt in 2023.

In the fourth quarter of 2024, net profit declined by 44.4 percent to PEN 475 million, with net sales falling by 18.4 percent to PEN 1.343 billion, gross profit dropping by 29.3 percent to PEN 679 million, and operational profit decreasing by 30.1 percent to PEN 679 million.