The Latin American Steel Association (Alacero) forecasts a 1.1% growth in steel consumption in Latin America for 2023.
Despite the slowdown in economic growth in the second quarter, the manufacturing industry in Mexico performed strongly, largely driven by related industries in the United States.
Ternium, a Mexican steelmaker, announced in February that it plans to invest $2.2 billion to build a direct-reduced iron and steel production plant. With an annual capacity of 2.6 million tons, this plant is expected to start producing slabs for the automotive industry by 2026.
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