Mexico's steel industry GDP plummeted 33.9 percent in the second quarter of the year, in real terms compared to the same period last year. It is the sixth consecutive quarterly contraction and the third steepest drop in Mexican steel industry history, according to SteelOrbis' analysis of data from the national statistics agency Inegi.
The Mexican economy registered an annual increase in its GDP of 2.1 percent. The industrial sector decreased 3.6 percent (contributing 31.8 percent of the national GDP) and the manufacturing industry (contributing 20.4 percent of the national GDP) broke the negative trend of the last two quarters with an increase of 0.4 percent.
The GDP of the steel industry is the reference for the Basic Iron and Steel Industry, which includes the steel complexes with the primary smelting of raw iron, steel manufacturing, ferroalloys, finished products such as tubes, profiles, wire rod, cables, rods manufactured in the steel complexes. It also includes the manufacturing of primary slabs (ingots, slabs, billets) from purchased pig iron.