Steel production drives manufacturing growth in Argentina

Thursday, 14 July 2011 02:15:57 (GMT+3)   |  
       

Argentina's manufacturer's union UIA reported Tuesday that industrial production in the country rose 9.6 percent in May year-on-year; Indec, Argentina's national statistics agency, said that May industrial production rose 9 percent on the year. Growth in May was spurred by higher automotive and steel output.

Manufacturing of automobiles, metalworks and base metals accounted for nearly 75 percent of total manufacturing growth in May. Argentine steel agency Acero reported that raw steel production in the country was 495,000 metric tons (mt) in May, reflecting 4.6 percent increase month-on-month and a 13.1 percent rise year-over-year. For the first five months of the year, steel production totaled 2.24 million mt, a 10.6 percent increase year-on-year. Additionally, steelmakers in Argentina continue to operate at an 80 capacity utilization rate.

Auto production in the country rose 33 percent year-on-year to 79,585 units as car exports rose 36 percent to 52,715.