UPDATE 1-Chile steelmaker CAP quarterly profit falls 75 pct

* CAP Q1 profit falls to $15.1 million

* CAP blames global financial crisis

* Q1 revenues fall 38 pct to $304.5 million
(Updates with company comment, revenue drop)

SANTIAGO, April 30 (Reuters) - Chilean steel and iron ore
producer CAP CAP.SN said on Thursday its first-quarter profit
fell 75 percent from a year earlier, citing the impact of the
global financial crisis.

The company posted a $15.1 million profit during the
quarter, compared with a best-ever quarterly profit of $61.3
million during the same period last year, CAP said in a
statement to Chile's market regulator.

"Such a deterioration is due to the abrupt fall in economic
activity both globally and locally, stemming from the financial
crisis that originated in the United States," CAP said.

Revenues during the period fell 38 percent to $304.5
million from $489.2 million in the same quarter of 2008.
(Writing by Simon Gardner; Editing by Brian Moss)