Chilean integrated iron ore and steel producer Cap SA's （CAP.SN） swung to a net profit of $590.4 million in 2010 on an accounting adjustment after one of its units completed a merger, and on higher international iron-ore prices due to strong Chinese demand. The company posted a net loss of $9.3 million in 2009.
Cap's net profit surged after its iron-ore subsidiary Compania Minera del Pacifico, or CMP, acquired local mining company Compania Minera Huasco, and subsequently, Japan's Mitsubishi Corp. （8058.TO） purchased 25% of CMP, the company said.
Profit surged to a record level despite a devastating February 2010 earthquake that severely damaged several of the company's installations and temporarily paralyzed production.
In 2010, Cap approved a $979.7 million investment plan for three projects, which aims to expand its iron-ore production to 17 million metric tons a year from its current 11 million tons a year. （Dow Jones）
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