Argentina’s crude steel production decreased by 10pc to 4.6mn mt in 2019 compared to the prior year period on diminishing demand for flat and long steel products.

 

According to figures compiled by Argentina’s steel industry chamber, hot- and cold-rolled coil production declined by 10.6pc to 4.2mn mt and 8pc to 1.1mn mt, respectively, in 2019 compared to the year before.

 

Additionally, iron ore production decreased by 19.5pc to 3mn mt during the same period.

 

Consumption of flat steel products fell by 30.6pc to 1.8mn mt in 2019 compared to 2018, while long steel consumption decreased by 31.5pc to 1.3mn mt.

 

The country’s steel industry expects demand to rebound in tandem with the overall economy this year. New projects in Argentina’s construction, energy, and transportation industries have rejuvenated the economy in recent weeks.

 

However, the languid economic activity has Argentina in the throes of recession. In a bid to improve the economy, President Alberto Fernández last month announced a new stimulus, which includes tax hikes on foreign currency purchases, agricultural exports, and car sales.

 

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