Ternium Argentina, the local subsidiary of Latin America-focused steelmaker Ternium, had to put expansion investments on hold to cope with the sluggish domestic scenario, a company’s executive said this week during the Alacero conference, held in Buenos Aires, Argentina.
Martin Berardi, director general at Ternium Argentina, said the company’s steel production in 2019 should decline between 10 to 15 percent, year-on-year, due to current bearish expectations.
“We kept environmental and other investments that reach a combined $70 million, but we had to put capacity expansion plans on hold,” Berardi said, according to a media report by El Cronista.
Berardi said other Latin American countries are in a better position to substitute steel imports.
“We, in Argentina, grow wherever the country grows,” he said.