Mexico's steel industry to invest $350 million

Mexico’s steel industry to invest $350 million

Mexico's steel industry will make invests totaling $350 million in 2005, said Mexico's Iron and Steel Chamber (Canacero). Canacero expects the country's liquid steel production to reach 17.8 million tons this year, an increase of 6.6%. However, Mexico's steel consumption is projected to grow 7.3% in 2005 against the 8.4% growth recorded in 2004.The value of exports will increase around 50%. The steel industry, which account for more than 8% of country's total industrial output, employs more than 600'000 people.