Steel demand in Latin America is expected to grow 3.5 percent this year, driven by infrastructure programs and new sectors such as energy and automotive.
Rafael Rubio, general director of the Latin American Steel Association (Alacero) estimated that this year may exceed 68 million metric tons in consumption in the region.
Industrial redevelopment projects in Brazil, Peru, Colombia, and Mexico and the economic recovery of major international consumers such as China, Japan and the United States support the expected growth.
In Mexico, although last year steel consumption fell 8.9 percent, the arrival of new construction projects and infrastructure derivatives reforms support a growth forecast.
The availability of iron ore, skilled labor, steel technology and economic potential are some of the advantages of Latin America Alacero identified.
One of the main challenges of the organization remains the curbing imports of rolled steel from China to Latin America which grew in the first quarter of 2014 by 95 percent compared with the same period last year.