Context: How Bolsa de Valores de Lima works, and what it makes issuers disclose · Peru on the LatAm Power Map
Peru’s dominant steelmaker has just delivered its best profit in years, riding a construction rebound that is quietly reshaping the country’s skyline — and its own income statement.
| Full name | Corporación Aceros Arequipa S.A. |
| Tickers / exchange | CORAREC1 (common C), CORAREI1 (investment I) — Bolsa de Valores de Lima (BVL) |
| Headquarters | Magdalena del Mar, Lima, Peru |
| Sector | Steel manufacturing (iron & steel mills) |
| Employees | ~1,258 (2024) |
| Market value (cap) | PEN 1.93 bn / ~USD 565 mn (our calculation) |
| Yearly sales (FY 2025) | PEN 5.20 bn / ~USD 1.52 bn (our calculation) |
| Net profit (FY 2025) | PEN 296.1 mn / ~USD 86.6 mn (our calculation) |
| Net margin (FY 2025) | 5.7% |
| Return on equity (TTM) | ~9.6% |
| Price-to-earnings (trailing) | ~6.3× |
| Dividend yield (2024) | 4.42% |
| Website | acerosarequipa.com |
What it is
Corporación Aceros Arequipa was formed in December 1997 from the merger of Aceros Arequipa S.A. and Aceros Calibrados S.A., though the original company traces its roots to 1964.
Its core business is producing and selling corrugated steel, wire rods, bars, and pipe products across Peru, operating steel and rolling mills in both Pisco and Arequipa.
Its catalogue spans rebar, flat bars, merchant bars, coils, sheets, and tubes — products that go into construction sites, mines, and heavy industry workshops alike.
In 2025 it sold 1.52 million metric tonnes of products, and exports accounted for about 10% of that total, with Bolivia as the main overseas destination.
Who owns it
Shareholders with stakes above 4% are required to be disclosed; the named holders above that threshold are Olesa Investment Corp., Grenview Investment Inc., and Servicios de Asesoría S.A. Exact percentage stakes for each entity are not disclosed in available public sources.
The three vehicles are widely understood in Peruvian market circles to be linked to the founding Cilloniz family, which has steered the company for decades; the free float is the remainder of the two listed share classes.
Who runs it
Ricardo Cilloniz Champin — a civil engineer with an MBA from Michigan State University — has been managing director since March 1988 and was appointed Executive President on 1 January 2007.
Tulio Alejandro Silgado Consiglieri has served as General Manager (the day-to-day CEO role) since January 2015, having previously been director and CEO of Cerámica San Lorenzo. A Chief Financial Officer is not disclosed in available sources.
The money, in plain words
In full-year 2025 the company brought in S/ 5.20 bn (about USD 1.52 bn) in sales — up 9.4% from 2024 — and kept S/ 296.1 mn (US$87 mn) of that as net profit, a net profit margin of 5.7%, up from 4.2% the year before.
For every sol owners have invested, the company earns back roughly 10 cents a year — a return on equity of about 9.6%, decent for a capital-heavy steel operation in an emerging market.
Gross profit for 2025 reached S/ 681 mn (US$199 mn), 8.7% ahead of 2024’s S/ 626 mn (US$183 mn), while the gross margin held steady at 14.3% in both years — meaning cost discipline, not margin expansion, is the current story.
Financial expenses fell 10% in 2025, helped by lower interest rates, a smaller debt load, and the renegotiation of two medium-term loans.
At a trailing price-to-earnings ratio of about 6.3 times — well below the Peruvian metals sector average of roughly 10 times — the stock carried a dividend yield of 4.42% in 2024, making it one of the higher-yielding industrials on the Lima exchange.
What it is doing now
The most recent material result is FY 2025: earnings per share rose to S/ 0.28 (US$0.08)from S/ 0.19 (US$0.06)in FY 2024, on revenues of S/ 5.20 bn (US$1.5 bn) and net income of S/ 296.1 mn (US$87 mn) — a 48% profit jump year on year.
On the operational side, the company is investing in cleaner logistics: in August 2024 it committed S/ 13 mn (US$4 mn) to purchase 20 compressed natural gas trucks for product distribution, a signal that sustainability is entering the cost and compliance calculus.
What to watch
- Peru’s construction cycle. Rebar demand tracks housing starts and public infrastructure spending almost one-for-one; any slowdown in Lima’s building boom directly compresses volumes.
- Cheap import steel. Chinese and other low-cost steel has periodically flooded Andean markets; any relaxation of Peru’s anti-dumping measures could squeeze margins quickly.
- Ownership transparency. Until Olesa Investment Corp. and its linked vehicles disclose exact stakes publicly, minority investors carry governance uncertainty about the true controlling party.
- Debt cost trajectory. Lower interest rates and smaller average debt are already reducing financial expenses; a reversal — or a large capital project — could undo that tailwind fast.
- Valuation gap. Over the last three years earnings per share has grown at roughly 28% per year while the share price has risen only about 8% annually — a spread that either signals a hidden risk or an opportunity, depending on your view of Peru’s macro.
Sources
- Corporación Aceros Arequipa — Investor Portal: Corporate Governance (board names, shareholder disclosure)
- Corporación Aceros Arequipa — 2025 Integrated Report, Chapter 5: Corporate Information & IFRS Financial Statements (audited FY 2025 figures)
- SteelOrbis — “Net profit increases sharply in Q4 and the full year 2024 at Aceros Arequipa” (January 22, 2025)
- Simply Wall St — Corporacion Aceros Arequipa (BVL:CORAREI1) FY 2025 results summary
- Stock Analysis — BVL:CORAREI1 Statistics & Valuation Metrics (TTM ROE, P/E, shares outstanding)
- TradingView — CORAREC1 market data (dividend yield, market cap)
- Market data: EODHD (note: no structured financials available for this ticker; primary-source research used throughout).
This is news, not investment advice.
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