Companies in the steel industry installed in Mexico, national and foreign, increased their investment forecast for the coming years by 33.5 percent, going from $4.2 billion to $5.6 billion for the period 2023-2025, reported the Mexican Chamber of the Iron and Steel Industry (Canacero) in a statement.
“The Mexican steel industry has endorsed investments for $5,605 million,” Canacero reported.
SteelOrbis asked Canacero for the period to exercise this investment and they responded that it will be between 2023 and 2025. Among the investment projects are Minera Autlán, Grupo DeAcero, Frisa, Ternium, Tubacero, Tyasa and Grupo Acerero.
Last month, the business chamber reported that in the last three years, the steel industry in Mexico made investments of more than $3.58 billion and that another $4.2 billion was pending to be invested to promote import substitution and the strengthening of national production.
According to Canacero, the investment will be for production aimed at the automotive, construction, energy and aerospace industries, mainly highlighting cold rolled sheet and galvanized sheet. In addition to manufacturing special steels and carbon steel pipes for oil and gas pipelines (API Pipe).
Although historically, the trade balance of the steel industry is negative for Mexico, Canacero reported that with the new Mexico it is going to self-sufficiency that allows it to have a positive trade balance, comply with the mandates of the USMCA and the strengthening of value chains in the North American region.
Although Mexico is deficient in steel, 2022 data from the World Steel Association places Mexico as the fourteenth largest producer in the world.