For the third consecutive quarter, the cost of labor in Mexico’s steel industry decreased, dropping 6.2 percent in the second quarter compared to the same period in 2022. It is the third consecutive decrease and it is the seventh decrease in the last nine quarters, according to SteelOrbis analysis of data from the national statistics office Inegi.
The reported decline refers to the basic iron and steel industry, which includes steel complexes and personnel in the manufacture of primary slabs and ferroalloys. In the first half of the year, labor costs decreased 9.7 percent, compared to the same period in 2022. It is the first drop in the last eight years in the first half.
In the manufacturing of iron and steel products, labor costs decreased 3.0 percent in the second quarter, in the manufacturing of metal structures and blacksmithing products it decreased 4.5 percent. In contrast, in the manufacture of forged and stamped metal products it increased 2.5 percent.