The Mexican unit of ArcelorMittal reiterated its goal of producing 5.3 million metric tons of steel a year in the medium term, reaching that goal in the second half of 2023.
CEO of ArcelorMittal Mexico, Victor Cairo, said that in the medium term they will reach that volume of production in the country, according to news media in Mexico.
Cairo spoke at a meeting in Nuevo León organized by the government of Michoacan and ArcelorMittal, to promote the advantages of the Asia-Pacific trade corridor through the Mexican seaport of Lazaro Cardenas, Michoacan.
In March 2022, ArcelorMittal March had already indicated that by the second half of 2023 annual production of 5.3 million tons would be reached.
This plan began in September 2017, with the announcement of an investment of $1.0 billion to increase the company's mining capacity. In addition to the investment in the new hot strip mill (HSM) with a capacity of 2.5 million metric tons per year.
By sales figures, Mexico is the fourth most important for ArcelorMittal in America or the tenth most important in the world. In 2021, the Mexican unit's sales totaled $2.36 billion or 3.1 percent of the company's global sales.
The steel production of the Mexican unit in 2021 was 3.7 million metric tons.