As a result of booming automotive and manufacturing industries, Mexico has become Latin America’s largest steel consumer, surpassing Brazil, a Ternium executive said.
According to Daniel Novegil, CEO at Ternium, Mexican steel consumption rose 50.3 percent in the past 10 years, increasing from 15.3 million mt to 23 million mt.
“Demand for coated steel is expected to continue growing, mainly for the automotive segment, which will increase its consumption to 2 million mt/year in 2020 from 1.5 million mt/year in 2015,” the executive said, while referring to the Spanish-speaking country.
According to Novegil, Brazilian steel consumption in the last 10 years rose 35.1 percent, from 16.8 million mt to 22.7 million mt.