Mexican steelmaker ArcelorMittal Mexico said it expects to increase market share in the domestic steel market, according to a media report from El Financiero.
The media report said Mexico consumes about 30 million mt of steel per year, half of which is supplied from imports from China, South Korea and Japan. ArcelorMittal Mexico wants to increase its market share over the imports of steel from these countries in the domestic market.
The steelmaker’s director general, Victor Cairo, said the company expects to increase steel output by 32 percent from 4 million to 5.3 million mt per year, following the recently announced investment in a new hot strip mill as part of a three-year investment program at its Mexican operations.
Cairo said ArcelorMittal Mexico should see net revenues increase between 20 and 21 percent in 2017, year-on-year. Additionally, Cairo said Mexican steel consumers are willing to buy Mexican-made steel, and the steelmaker’s investment will help clients achieve this objective.