Alacero, the Latin American steel association, has reported that the steel consumption in Latin America decreased by five percent year on year to 64.2 million mt in 2019, reflecting a significant economic contraction in Latin American countries, especially in Mexico, Argentina and Brazil. Steel consumption in Latin America has been gradually decreasing since 2014 when the highest consumption level for the period was recorded (72.1 million mt)
The reduction in the finished steel usage in 2019 was the result of decreasing commodity prices, the global economic slowdown, US trade disputes with its partners, trade and political uncertainties all over the world and their effects on investment facing these countries and their neighbours in Latin America.
Latin America is expected to consume 66 million metric tons of steel in 2020, showing 2.8 percent growth compared to 2019, based on a favorable outlook for this year, due to the economic reforms that have been implemented.