Exhibit 99.1

GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST NINE MONTHS OF 2023

GUADALAJARA, MEXICO, October 25, 2023- Grupo Simec, S.A.B. de C.V. (NYSE: SIM) (“Simec”) announced today its results of operations for the nine-month period ended September 30, 2023.

Comparative first nine months of 2023 vs. first nine months of 2022

Net Sales

Net sales of the Company decreased to Ps. 32,401 million in the first nine months of 2023 compared to Ps. 44,012 million in the first nine months of 2022. Shipments of finished steel products decreased 5% to 1 million 640 thousand tons in the first nine months of 2023 compared to 1 million 720 thousand tons in the first nine months of 2022. Total sales outside of Mexico in the first nine months of 2023 decreased 35% to Ps. 13,571 million compared to Ps. 20,812 million in the same period of 2022. Mexican sales decreased 19% from Ps. 23,200 million in the first nine months of 2022 to Ps. 18,830 million in the same period of 2023. The decrease in sales for the first nine months of 2023 is due to a decrease in the average selling price in 23% and with a lower volume of shipments compared to the first nine months of 2022.

Cost of Sales

Cost of sales decreased 25% from Ps. 32,243 million in the first nine months of 2022, to Ps. 24,305 million in the first nine months of 2023. Cost of sales as a percentage of net sales represented 75% in the first nine months of 2023 while in the first nine months of 2022 represented 73%. Cost of sales by steel ton decreased approximately 21% in the first nine months of 2023 over the same period of 2022 due to a lower price in inputs, mainly steel scrap.

Gross Profit

Gross profit of the Company for the first nine months of 2023 decreased 31% from Ps. 11,769 million in the first nine months of 2022, to Ps. 8,096 million in the first nine months of 2023. Marginal profit as percentage of net sales in the first nine months of 2023 was of 25% while in the first nine months of 2022 was of 27%. The decrease in gross profit is due to a decrease in the average selling price and with a lower volume of shipments compared to the first nine months of 2022.

General, Selling and Administrative Expenses

Selling, general and administrative expenses decreased 8%, to Ps. 1,587 million in the first nine months of 2023 from Ps. 1,725 million in the same period of 2022, selling, general and administrative expenses represented 5% to the 2023 and 4% to the 2022 of the net sales for both periods.

Other Income (Expenses,) net

The Company recorded other income net for Ps. 167 million during the first nine months of 2023 while in the same period of 2022 the other income net by this concept was of Ps. 7 million.

Operating Income

Operating income decreased 34% to Ps. 6,676 million for the first nine months of 2023 compared to Ps. 10,051 million in the first nine months of 2022. Operating income as percentage of net sales was 21% in the first nine months of 2023 and 23% in the same period of 2022. The decrease in operating income is due to a lower average sales price and to a lower volume shipped during the nine months ended September 30, 2023 compared to the same period in 2022.

Ebitda

The Ebitda decreased 31%, from Ps. 10,885 million in the first nine months of 2022 as a result of a net income of Ps. 8,037 million, plus income taxes of Ps. 1,950 million, plus comprehensive financial cost of Ps. 64 million, plus depreciation of Ps. 834 million to Ps 7,499 million in the same period of 2023 as a result of a net income of Ps. 3,821 million, less minority stake of Ps. 4 million, plus income taxes of Ps. 1,541 million, plus comprehensive financial cost of Ps. 1,318 million, plus depreciation of Ps. 823 million.

Comprehensive Financial Cost

Comprehensive financial cost for the first nine months of 2023 represented an expense of Ps. 1,318 million compared with an expense of Ps. 64 million for the first nine months of 2022. The net interest income was of Ps. 392 million for the first nine months of 2023, compared with a net interest income of Ps. 103 million in the same period of 2022. Likewise, we record an exchange loss of Ps. 1,754 million in the first nine months of 2023 compared with an exchange loss of Ps. 198 million in the first nine months of 2022, and other financial income for Ps 44 million for the first nine months of 2023 compared to Ps 31 million in the same period last year 2022, dividends earned on purchase of shares.

Income Taxes

The Company recorded an expense of Ps.1,541 million for during the first nine months of 2023, (includes a deferred income tax of Ps. 8 million) compared with an expense of Ps. 1,950 million for the first nine months of 2022 (includes a deferred expense tax of Ps. 47 million).

Net Income

As a result of the foregoing, the Company recorded a decrease in net income of 52% to pass of Ps. 8,037 million in the first nine months of 2022 to Ps. 3,821 million of the same periods of 2023.

Liquidity and Capital Resources

At September 30, 2023, Simec’s total consolidated debt consisted of U.S. $ 302,000 of 8 7/8% medium-term notes (“MTN’s”) due 1998, or Ps. 5.3 million (accrued interest on September 30, 2023 was U.S. $ 806,000, or Ps. 14.2 million). At September 30, 2022, Simec’s total consolidated debt consisted of U.S. $ 302,000 of 8 7/8% medium-term notes (“MTN’s”) due 1998, or Ps. 6.1 million (accrued interest on September 30, 2022 was U.S. $ 691,000, or Ps. 14.0 million).

Comparative third quarter of 2023 vs. second quarter of 2023

Net Sales

Net sales of the Company decreased to pass of Ps. 10,122 million during the second quarter of 2023 to Ps. 9,454 million in the third quarter of 2023. Shipments of finished steel products increased to 531 thousand tons in the third quarter of 2023 from 505 thousand tons in the second quarter of the same year. Total sales outside of Mexico in the third quarter of 2023 decreased 12% to get to Ps. 3,932 million compared to Ps. 4,458 million of the second quarter of the same year. Mexican sales in the third quarter of 2023 decreased to Ps. 5,522 million compared to Ps. 5,664 million in the second quarter of the same year. The average selling price decreased 11% in the third quarter of 2023 compared to the second quarter of the same year.

Cost of Sales

Cost of sales decreased to P s. 7,177 million in the third quarter of 2023 from Ps.7,510 million in the second quarter of 2023. Cost of sales as a percentage of net sales represented 76% in the third quarter of 2023 and 74% in the second quarter of the same year. The cost of sales decrease 9% in the third quarter of 2023 compared to the second quarter of the same year, due mainly to a decrease of some supplies for the manufacture of steel.

Gross Profit

Gross profit of the Company for the third quarter of 2023 decreased 13% to pass of Ps. 2,612 million in the second quarter of 2023 to Ps. 2,277 million in the third quarter of same year. Gross profit as a percentage of net sales in the third quarter of 2023 was of 24% compared to 26% in the second quarter of the same year. The decreased in the gross profit is due to decrease in average selling price in the third quarter compared to the second quarter of 2023.

General, Selling and Administrative Expenses

Selling, general and administrative expenses decreased 6% to of Ps. 485 million in the third quarter of 2023 from Ps. 515 million the second quarter of the same year, and as percentage of net sales represented 5% for both periods quarter of the same year.

Other (Expenses) Income, net

The Company recorded other income net for Ps. 24 million during the third quarter of 2023 compared to other income net for Ps. 85 million in the second quarter of 2023.

Operating Income

The Operating income was of Ps. 1,816 million in the third quarter of 2023 compared to Ps. 2,182 million in the second quarter of the same year. Operating income as percentage of net sales represented 19% for the third quarter of 2023 and 22% for the second quarter of 2023.

Ebitda

The Ebitda show a decrease of 15%, to pass of Ps 2,460 million in the second quarter of 2023 as a result of a net income of Ps. 987 million, less minority stake of Ps. 2 million, plus income taxes of Ps. 712 million, plus comprehensive financial cost of Ps. 484 million, plus depreciation of Ps. 279 million to Ps. 2,079 million in the third quarter of the same year as a result of a net income of Ps. 1,802 million, less minority stake of Ps. 2 million, plus income taxes of Ps. 298 million, less comprehensive financial cost of Ps. 283 million, plus depreciation of Ps. 264 million.

Comprehensive Financial Cost

Comprehensive financial cost of the Company in the third quarter of 2023 represented an income of Ps. 283 million compared with an expense of Ps. 484 million for the second quarter of 2023. The comprehensive financial cost is comprised for the net interest income of Ps. 28 million in the third quarter of 2023 compared to net interest income of 175 million in the second quarter of the same year. Also, we record a net exchange income of Ps. 255 million in the third quarter of 2023 compared a net exchange loss of Ps. 703 million in the second quarter of the same year, and other financial income for Ps 44 million in the second quarter of 2022, dividends earned on purchase of shares.

Income Taxes

The Company have been recorded Ps. 298 million of expense tax during the third quarter of 2023, (includes a deferred income tax of Ps. 8 million) compared with the Ps. 712 million of expense for the second quarter of the same year, (includes a deferred expense tax of Ps. 1 million).

Net Income

As a result of the foregoing, the Company recorded a net income of Ps. 1,802 million in the third quarter of 2023 compared to a net income of Ps. 987 million for the second quarter of 2023.

Comparative third quarter of 2023 vs. third quarter of 2022

Net Sales

Net sales of the Company decreased 30% from Ps. 13,433 million during the third quarter of 2022 to Ps. 9,454 million in the third quarter of 2023. Sales in tons of finished steel decreased to 531 thousand tons in the third quarter of 2023 from 541 thousand tons in the third quarter of 2022. Sales outside of Mexico decreased 40% from Ps. 6,559 million in the third quarter of 2022 to Ps. 3,932 million in the third quarter of 2023. Mexican sales decreased 20% from Ps. 6,874 million in the third quarter of 2022 to Ps. 5,522 million in the third quarter of 2023. The average sales price decreased approximately 28% in the third quarter of 2023, compared to the same period of 2022.

Cost of Sales

Cost of sales decreased 30% in the third quarter of 2023 compared to the third quarter of 2022 from Ps. 10,271 million in the third quarter of 2022 to Ps. 7,177 million in the third quarter of 2023. With respect to sales, the cost of sales of the third quarter of 2022 represented 76% compared to 76% for the third quarter of 2023. The average cost of raw materials used to produce steel products decreased in 29%, due to a decrease of raw materials prices, mainly steel scrap.

Gross (Loss) Profit

Gross profit of the Company for the third quarter of 2023 decreased 28% from Ps. 3,162 million in the third quarter of 2022 compared to Ps. 2,277 million in the third quarter of 2023. Gross profit as a percentage of net sales for the third quarter of 2023 was 24% compared to 24% of the third quarter of 2022. The decrease in gross profit originates mainly from a lower average sales price and a decrease in prices of some inputs.

General, Selling and Administrative Expenses

The selling, general and administrative expenses decreased 18% in the third quarter of 2023 to Ps. 485 million in the third quarter of 2023 from Ps. 595 million in the third quarter of 2022. Selling, general and administrative expense as a percentage of net sales represented 5% periods quarter 2023 compared to 4% for the third quarter of 2022.

Other Income (Expenses), net

The company recorded other income net of Ps. 24 million in the third quarter of 2023 compared with other income net of Ps. 5 million for the third quarter of 2022.

Operating (Loss) Income

Operating income decreased from Ps. 2,572 million in the third quarter of 2022 compared to Ps. 1,816 million in the third quarter of 2023, this represents 29% of decrease between both quarters. The operating income as a percentage of net sales was 19% in both periods of 2022 and 2023. The decrease in operating income is due to a lower average sales price and a decrease in the price of some inputs.

Ebitda

The Ebitda of the Company decreased 27% from Ps 2,857 million in the third quarter of 2022 as a result of a net income of Ps. 1,940 million, less minority stake of Ps. 1 million, plus income taxes of Ps. 798 million, less comprehensive financial cost of Ps. 165 million, plus depreciation of Ps. 285 million to Ps. 2,079 million of the same period of 2023, as a result of a net income of Ps. 1,802 million, less minority stake of Ps. 2 million, plus income taxes of Ps. 298 million, less comprehensive financial cost of Ps. 283 million, plus depreciation of Ps. 264 million.

Comprehensive Financial Cost

Comprehensive financial cost of the Company for the third quarter of 2023 represented a net income of Ps. 283 million compared with an income of Ps. 165 million for the third quarter of 2022. The comprehensive financial cost is comprised for the net interest income of Ps. 104 million in the third quarter of 2022, compared to a net interest income of Ps. 28 million for the same period of 2023. Also record an exchange income of Ps. 30 million in the third quarter of 2022 and an exchange income of Ps. 255 million in the third quarter of 2023, and other financial income for Ps 31 million was recorded as of September 30, 2022, dividends earned on purchase of shares.

Income Taxes

The company recorded an expense tax for Ps. 298 million in the third quarter of 2023, (includes a deferred income tax of Ps. 8 million) compared to an expense tax of Ps. 798 million for the third quarter of 2022, (includes an accrual of deferred expense tax of Ps. 60 million).

Net Income (Loss)

As a result of the foregoing, the Company recorded a net income of Ps. 1,802 million in the third quarter of 2023 compared to a net income of Ps. 1,940 million for the same period of 2022.

Any forward-looking information contained herein is inherently subject to various risks, uncertainties and assumptions which, if incorrect, may cause actual results to vary materially from those anticipated, expected or estimated. The company assumes no obligation to update any forward-looking information contained herein.

Grupo Simec, S.A.B. de C.V. and Subsidiaries

(Subsidiary of Industrias CH, S.A.B. de C.V.)

Notes to the consolidated financial statements

Nature of business – The principal activities of Grupo Simec, S.A.B. de C.V. and subsidiaries (the Company) are the manufacture and sale of special bar quality “SBQ” commercial and profiles structural steel products for the automotive and construction industries both in Mexico, the United States (USA) and Canada. The Company is a subsidiary of Industrias CH, S.A.B. de C.V. (Industrias CH). The Company is a private company with limited liability incorporated and existing under the laws of Mexico. The address of its registered office and place of business is Calzada Lazaro Cardenas 601, Guadalajara, Jalisco, Mexico.

The Company has included recurring adjustment accounting estimates considered necessary for presentation of the consolidated financial statements interim no audited according to IAS 34. Comprehensive income for the fourth quarter ended December 31, 2012 is not necessarily an indicator of comprehensive income that could be expected for the year ended December, 31 2012.

The account policies applied to these financial statement are consistent with those applied to the consolidated financial statement at December 31, 2023.

The financial statements presented on this report were prepared under International Financial Reporting Standard (IFRS).

If necessary, further adjustments are done on the financial statements of subsidiaries to adapt their accounting policies that are aligned with those used by other group members. All transactions, balances, income and expenses between companies that are consolidated are eliminated on consolidation.

The changes in investments in subsidiaries of the company that not resulting in a loss of control is recorded as equity transactions. The book value of investments and equity of the company controlled not adjusted to reflect changes in related investments in subsidiaries. Any difference between the amount for which share are adjusted not controlled and the fair value of consideration paid or received is recognized directly in equity and attributed to the owners of the company.

When the company loss control of a subsidiary, the gain or loss on disposal is computed as the difference between (i) the aggregate fair value of compensation received ant the fair value of any retained interest and (ii) the value prior books of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interest.

The amounts recognized in other comprehensive income items relating to the subsidiary are recorded (ie to income are reclassified or transferred directly to retained earnings) in the same manner established for the case of the availability of assets or liabilities relevant. The fair value of any investment retained in the former subsidiary at the date of loss of control is considered fair value for the initial recognition in subsequent accounting according to IAS 39 “Financial Instruments Recognition and Measurement”, or if applicable, the cost on initial recognition of an investment in an associate or under joint control entity.

Business acquisitions recorded using the purchase method. The consideration given for each acquisition are measured at fair value at the date of exchange, of assets given, liabilities incurred or assumed and equity instruments issued by the company in exchange for control of the acquire. Cost related to the acquisition is recognized in income incurred.

The identifiable assets acquired and liabilities assumed are recognized at the fair value at the acquisition date, except that:

-Assets and liabilities deferred income tax liabilities or assets and related agreements, employee benefits are recognized and valued in accordance with IAS 12, “Income tax and IAS 19, employee benefits, respectively;

-Liabilities or equity instruments related to the replacement by the Company acquired the business incentive base payments in shares, are valued in accordance with IFRS 2, “Share based payment” and.

The assets or group of assets for sale are classified as held for sale under IFRS 5, long term assets available for sale and discontinued operation, are valued pursuant with this standard.

Goodwill is recognized as an asset to the date on which control is acquired, the acquisition date and is valued as the excess of the amount of the consideration paid, plus the value of the non-controlling interest in the business acquired over the fair value of the acquired business share in the previously possessed, if any, on the net at the acquisition date of the identifiable assets acquired and liabilities assumed. If the value of these last is higher, the difference shall be recognized immediately in income as a gain from a bargain purchase.

The non-controlling interest on the acquired business should appraise initially at fair value or proportion of the non-controlling interest on the net value at the date of acquisition of the identifiable assets acquired and liabilities assumed. The choice of the basis of valuation of the non-controlling is done case by case.

When the consideration paid by the Company in a business acquisition includes assets or liabilities resulting from a contingent consideration, it is valued at its fair value at the acquisition date and include as part of the consideration paid.

Changes in the fair value of contingent consideration, which they describe as valuation period settings are adjusted against goodwill retrospectively determined.

The valuation period settings are settings that are determined as a result of information obtained during the “period of valuation”, which can’t exceed one year from the date of acquisition, on facts and circumstances that existed at the acquisition date. The record of changes in fair value subsequent to the period of valuation is based on the classification of contingent consideration in the statement of financial position. If the contingent consideration is classified as equity, changes in fair value not recorded and the variation may be seen as contingent consideration is recorded in liquid capital. If the contingent consideration is classified an asset or liability, changes in fair value are recognized in accordance with IAS 39 “Financial Instruments Recognition and Valuation, or IAS 37, Provisions. Contingent Liabilities and Contingent assets, as appropriate, and corresponding gain or loss is recorded in the utility.

The initial recognition of business acquisition is not completed at the end of the reporting period, in which acquisition occurs, the Company reported provisional amounts for the items whose recognition is incomplete. During the period of valuation, the Company recognizes adjustments to provisional amounts recognized asset or liability or additional requirements to reflect new information obtained about facts and circumstances that existed at the acquisition date, which if known, would have affected the valuation of amounts recognized at that time.

At September 30, 2023 the subsidiaries of Grupo Simec, S. A. B. de C. V. included in the consolidation are as follows.

As a result of early adoption of IFRS as mentioned in Note 1, the financial statements have been prepared in accordance with IFRS-1, First-time Adoption of International Financial Reporting Standards.

The functional and reporting currency of the Company is the Mexican peso. The financial statements of foreign subsidiaries were translated to Mexican pesos in accordance with International Accounting Standard (IAS) 21, “The Effects of Changes in Foreign Exchange Rates”. Under this standard, the first step to convert financial information from foreign operations is the determination of the functional currency. The functional currency is the currency of the primary economic environment of the foreign operation or, if different, the currency that mainly impacts its cash flows.

The U.S. dollar is considered as the functional currency of the U.S. subsidiaries, SimRep Corporation and Subsidiaries, Inc (Republic) and Pacific Steel Inc. and the Brazilian real for GV do Brasil Industria e Comercio de Aco LTDA., therefore the financial statements of these subsidiaries were translated into Mexican pesos by applying:

Relevant exchange rates used in the preparation of the consolidated financial statements were as follows (Mexican pesos per one U.S. dollar):

Cash consists of deposits in bank accounts that do not generate interest. Cash equivalents consists in temporary investments refer to short- term fixed income investments whose original maturity is less than three months. These investments are expressed at cost plus accrued yields. The value so determined is similar to their fair value

The Company follows the practice of recording an estimation of an allowance for doubtful accounts, which is computed considering the balance of customer with age higher than one year, those under litigation or the possible loss for non-fulfillment of the customer. Actual result may differ materially from these estimates in the future.

Inventories are recorded at the lower of acquisition cost and production, which cost do not exceed the market value or net realizable value. The allocation of cost used is the average cost method. The net realization value represent the estimated selling price for inventories less all costs to complete all necessary costs and for sale.

The Company classifies the raw materials inventory on the balance according to the expected date of consumption but she represented as long term inventory who according to historical data and trends, are not consumed in the short term (one year).

The Company follows the practice of creating a reserve for slow moving inventory, considering all of products and raw materials with turnover greater than one year.

Land is not depreciated.

Property, plant and equipment fail to recognize when they are available or when no future economic benefits expected from its use. The gain or (loss) arising on the disposal or retirement of assets, is the difference between income from the sale and book value of the asset and is recognized in income.

The estimated useful lives of the main assets of the Company are:

The assets held under finance leases are recognized as assets of the Company at their fair value at inception of the lease, or if lower, the present value of minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease liability.

Lease payments are apportioned between the finance charge and the reduction of lease obligation in order to achieve a constant interest rate on the remaining balance of the liability. Finance cost are charged directly to income, unless they can be directly attributable to qualifying assets, in which case it is capitalized in accordance with the general policy of the Company for borrowing costs. Contingent rents are recognized as expenses in the period incurred.

Income payments under operating leases are charged to expense using the straight line method during the period corresponding to the lease, but is more representative of another systematic basis is more representative of the pattern of the benefits of leasing for the user. Contingent rents are recognized as expenses in the period incurred.

If the Company receives incentives to enter an operating lease, these are recognized as a liability and the added benefit of them is recognized as a reduction of rental expenses on a straight-line basis, unless it sis representative as another systematic basis is more representative of the pattern of benefits to the user.

The income obtained by the temporary investment of specific borrowings pending funds to be used in qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing cost are recognized in income during the period they are incurred.

Disbursements arising from research activities are recognized as an expense in the period in which incurred.

An internally generated intangible asset arising out of activities of development (or from the development phase of an internal project) is recognized if and only if all the following have been demonstrated.

The amount initially recognized for internally generated intangible asset is the sum of expenditure incurred from the time that the item meets the conditions for recognition set out above. When you can´t recognize an internally generated intangible asset, the development expenditure is expensed in the period incurred Subsequent to initial recognition, internally generated intangible asset is recognized at cost less accumulated depreciation and any accumulated impairment losses, on the same basis intangibles assets acquired separately.

When an intangible asset acquired in a business combination and recognized separately from goodwill, its cost is its fair value at the acquisition date (which is considered as its cost). Subsequent to initial recognition, an intangible asset acquired in a business combination are recognized at cost less accumulated depreciation and any accumulated impairment losses, on the same basis as intangible assets acquired separately.

An intangible asset is left to recognize when it is available or when no future economic benefits are expected to use. The gain or (loss) obtained arising from the lowering of intangible, calculated as the difference between the net disposal proceeds and its carrying amount is recognized in earnings.