Mexican steelmaker ArcelorMittal Mexico expects to expand steel production to not only meet domestic demand, but also as a way to increase exports to the US, a media report from El Financiero said.
The company’s vice president, Genuino Christino, said the company’s $1 billion investment in a new hot strip mill, as part of a three-year investment program, was a result of the company’s confidence in the Mexican economy.
“The Mexican economy is going well. We see that [steel] consumption is growing. … We’re open to new opportunities to export steel outside the [Mexican] market,” he said.
ArcelorMittal announced in September the construction of the new hot strip mill will take about three years and will produce 2.5 million mt of flat rolled steel annually. Coils from the new hot strip mill will be supplied to domestic, nonauto, general industry customers.
“We saw the opportunity to diversify [production] in the country,” said Victor Cairo, CEO at ArcelorMittal Mexico.