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Latin American steel production and consumption decreased in 2022

The Latin American Steel Association (ALACERO) has stated that 2021 is a year of optimism for the Latin American steel industry due to the recovery of the markets after the COVID-19 crisis, which caused low demand.

Latin American steel production and consumption decreased in 2022

According to the International Monetary Fund (IMF), GDP growth in the Latin American and Caribbean region was 3.5% in 2022, after an increase of 6.9% in 2021. However, the region's steel production registered a slight decrease of 2.8% by 2022, and the apparent steel consumption showed a decrease of 9.5%.

The Latin American Steel Association (ALACERO) has stated that 2021 is a year of optimism for the Latin American steel industry due to the recovery of the markets after the COVID-19 crisis, which caused low demand.

Although it started with good prospects for a recovery in 2022, the war between Russia and Ukraine brought political, trade and structural uncertainties that slowed this recovery, and the momentum of supply chains that eventually affected production and steel consumption in Latin America.

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