Mexico won’t fall behind if the US doesn’t invest in the country, a Canacero top executive said.
Guillermo Vogel, president at Canacero, Mexico’s steel association, said the Mexican steel industry won’t be harmed if the US doesn’t invest in the country, but will do the opposite, the Spanish-speaking nation will seek to sell its products there.
The executive’s comments appeared a few days after Ford announced a shift from a Mexico expansion to a US based e-car expansion. As a result of the move, Ford is canceling plans to build a $1.6 billion plant in San Luis Potosi, Mexico, to invest some of the money in a US factory that will build new electric and autonomous vehicles.
The executive, who spoke at a conference in Mexico, said Mexico isn’t sorry for seeing US investments going away, however, it will seek alternatives to bring the Mexican steel to the neighbor country.
“We have to remember that China isn’t Mexico. Our country plays with market rules, and there are lots of intrinsic opportunities in the negotiation process,” he said.
“We see [them] as potential clients. Mexico is a much cleaner and a much more developed industry than China,” he noted.