Investment within companies in the Mexican steel industry is expected to reach $7.78 billion, reported the Mexican Chamber of the Iron and Steel Industry (Canacero) in a statement. Of that amount, 46.0 percent has already been exercised and the remaining 54.0 percent is in the process of being applied.
"In the last three years, the steel industry in Mexico made investments of more than $3,580 million, in addition, investments of $4,200 million are expected, which favors the substitution of imports and the strengthening of national production," said Canacero, without commenting the period in which that amount will be exercised.
Of the large companies, the investments of the Mexican unit of the Luxembourg-based steel company Ternium stand out, which began construction of its Ternium Industrial Center in Pesquería in 2013 with an initial investment of $1.2 billion and currently continues with another $1.0 billion of million for a new coil pickling line (push-pull) with a capacity of half a million metric tons, among others.
In addition, in June Ternium reported the construction of a new $3.2 billion steel mill that will start operating in 2026. Investments from ArcelorMittal México, a subsidiary of the Luxembourg steel company ArcelorMittal, also stand out. Also, the Mexican Grupo Acerero will invest up to $400 million to build a 1 million ton mini steel mill.
Data from the World Steel Association for 2022 show that Mexico is now the fourteenth largest steel producing country in the world.