During a panel on democracy and development in Argentina sponsored by local newspaper El Clarin, the president of Ternium in Argentina, Martin Berardi, warned that the country is currently entrapped in a dilemma that is affecting the development of its economy.
According to Berardi, the country’s economic activity is dictated by the level of its currency reserves, resulting in a need to export more if it wants to consume more, adding that the challenge ahead is how to work toward positioning Argentina as an exporting country.
The country’s steel association Acero Argentino (AA) confirmed that in September crude steel production in Argentina has declined by 6 percent from August, ultimately reflecting the shortage of currencies to import raw materials, leading to the anticipation of maintenance stoppages at domestic steel plants.
One of the recommendations of the panel was prioritizing the access to currencies to the so called “industries of the industries,” the steel, aluminum and oil industries, as these sectors produce items that are consumed by all the other industries.