The joint value of the production of the “basic iron and steel industry” and “manufacture of iron and steel products” sectors recorded their tenth consecutive year-on-year drop, declining 23.6 percent, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
The production value of the two industries in May was MXN 47.26 billion ($2.73 billion). The manufacture of iron and steel products contributed 61.2 percent of the total value in May with MXN 28.94 billion ($1.67 billion), 18.5 percent less than last year, the eleventh consecutive annual decline.
The basic iron and steel industry contributed 38.8 percent of the total with MXN 18.31 billion ($1.06 billion), 30.4 percent less than in May last year. Within this industry, the steel complexes registered a drop of 36.5 percent in the value of their production with the equivalent of $818,260.
In the accumulated January-May period, the value of steel production and steel products decreased 14.2 percent, the first drop for a similar period since 2021. The accumulated value was equivalent to $13.52 billion.
The accumulated value of the production of the manufacture of iron and steel products was equivalent to $8.24 billion and that of the basic iron and steel industry was $5.27 billion, with an annual percentage variation measured in pesos of 12.9 and 16.3 percent, respectively.