Grupo Simec Files 2023 Annual Report

Ticker: SIM · Form: 20-F · Filed: Nov 18, 2024 · CIK: 887153

Grupo Simec, S.A.B. De C.V. 20-F Filing Summary
FieldDetail
CompanyGrupo Simec, S.A.B. De C.V. (SIM)
Form Type20-F
Filed DateNov 18, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1, $1.00
Sentimentneutral

Sentiment: neutral

Topics: annual-report, steel, sec-filing

TL;DR

Grupo Simec dropped its 2023 20-F. Check it for steel biz details.

AI Summary

Grupo Simec, S.A.B. de C.V. filed its annual report (Form 20-F) for the fiscal year ended December 31, 2023. The filing details the company's operations in the steel industry, including its blast furnaces and rolling mills. Grupo Simec is incorporated in the United Mexican States and is listed with SEC file number 001-11176.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Grupo Simec's financial performance and business operations for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a steel producer, the company is subject to cyclical market conditions, commodity price fluctuations, and global economic trends.

Key Numbers

  • 20231231 — Fiscal Year End (The period covered by the annual report.)
  • 001-11176 — SEC File Number (Identifies the company's filings with the SEC.)

Key Players & Entities

  • GRUPO SIMEC, S.A.B. de C.V. (company) — Registrant
  • SIMEC GROUP CORPORATION (company) — English translation of registrant's name
  • 20231231 (date) — Fiscal year end
  • 001-11176 (dollar_amount) — SEC File Number
  • UNITED MEXICAN STATES (company) — Jurisdiction of incorporation

FAQ

What is the primary business of Grupo Simec, S.A.B. de C.V.?

Grupo Simec, S.A.B. de C.V. is involved in steel works, blast furnaces, and rolling mills, as indicated by its Standard Industrial Classification code [3312].

What period does this 20-F filing cover?

This Form 20-F is the annual report for the fiscal year ended December 31, 2023.

Where is Grupo Simec, S.A.B. de C.V. incorporated?

The company is incorporated in the United Mexican States.

What is the SEC file number for Grupo Simec, S.A.B. de C.V.?

The SEC file number for Grupo Simec, S.A.B. de C.V. is 001-11176.

When was the company's name last changed?

The company's former name was GROUP SIMEC SA DE CV, and the date of name change was May 5, 1995.

Filing Stats: 4,471 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2024-11-15 19:11:39

Key Financial Figures

  • $1 — he exchange rate of Ps. 16.8935 per U.S.$1.00, the interbank transactions rate in
  • $1.00 — te for the peso was Ps. 20.0367 per U.S.$1.00. FORWARD LOOKING STATEMENTS This an

Filing Documents

Description of Securities

Description of Securities Other than Equity Securities 94 PART II 96 Item 13. Defaults, Dividends Arrearages and Delinquencies 96 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 96 Item 15.

Controls and Procedures

Controls and Procedures 96 Item 16. Reserved 98 Item 16A. Audit Committee Financial Expert 98 Item 16B. Code of Ethics 98 Item 16C. Principal Accountant Fees and Services 98 Item 16D. Exemptions from the Listing Standards for Audit Committees 99 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 99 Item 16F. Change in Registrant's Certifying Accountant 99 Item 16G. Corporate Governance 99 Item 16H. Mine Safety Disclosure 100 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 Item 16J. Insider Trading Policies 100 Item 16K. Cybersecurity 100 PART III 103 Item 17.

Financial Statements

Financial Statements 103 Item 18.

Financial Statements

Financial Statements 103 Item 19. Exhibits 103 i CERTAIN TERMS Grupo Simec, S.A.B. de C.V. is a corporation ( sociedad annima burstil de capital variable ) organized under the laws of the United Mexican States ("Mexico"). Unless the context requires otherwise, when used in this annual report, the terms "we," "our," "the company," "our company" and "us" refer to Grupo Simec, S.A.B. de C.V., together with its consolidated subsidiaries. References in this annual report to "U.S. dollars" or "U.S.

quot; are to the lawful currency of the United States. References in this annual report to "pesos" or "Ps." are to the lawful currency of Mexico. References in this annual report to "real" are to the lawful currency of the Federative Republic of Brazil. References to "tons" in this annual report refer to tons; a metric ton equals 1,000 kilograms or 2,204 pounds. We publish our financial statements in pesos. The terms "special bar quality steel" or "SBQ steel" refer to steel that is hot rolled or cold finished into round square, or hexagonal steel bars that generally contain higher proportions of alloys than commercial grades of steel. SBQ steel is produced with precise chemical specifications and generally is made to order following client specifications. This annual report contains translations of certain peso amounts to U.S. dollars at specified rates solely for your convenience. These translations do not mean that the peso amounts actually represent such dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have translated these U.S. dollar amounts from pesos at the exchange rate of Ps. 16.8935 per U.S.$1.00, the interbank transactions rate in effect on December 31, 2023. On November 4, 2024, the interbank transactions rate for the peso was Ps. 20.0367 per U.S.$1.00. FORWARD LOOKING STATEMENTS This annual report contains words, such as "believe," "expect," "anticipate," "plans" and similar expressions tha

Risk Factors

Risk Factors Risks Related to the Global Economy and Our Business Our industry is cyclical and both recessions and prolonged periods of slow economic growth could have an adverse effect on our business. Demand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries, such as the construction, energy, metals service centers, appliance and automotive industries. As a result, economic slowdowns or a downturn in any of these industries could materially and adversely affect our results of operations, financial condition and cash flows. The global economy experienced a strong recovery from the conditions experienced at the onset of the COVID-19 pandemic, but related labor shortages and supply chain disruptions, new or proposed legislation related to governmental spending, inflation and increases in interest rates have impacted, and will continue to impact, economic growth. Even with this economic recovery, challenges from global production overcapacity in the steel industry and ongoing uncertainties, both in the United States and in other regions of the world, remain. We are unable to predict the duration of current economic conditions or the magnitude or timing of changes in economic activity. Future economic downturns, prolonged slow growth or stagnation in the economy, a sector-specific slowdown in one of our key end-use markets, such as nonresidential construction, or changes in inflation could materially adversely affect our business, results of operations, financial condition and cash flows, especially in light of the capital-intensive nature of our business. Our operations are sensitive to volatility in steel prices and the cost and availability of raw materials. We rely on international markets and certain key suppliers to obtain the raw materials that are critical to the manufacture of steel products. The prices of certain raw materials, including scrap metal and ferroalloys

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