Steelmakers announce big spending plansBy Elliot Bullman
Ternium and ArcelorMittal to invest $2.1bn over next three years
Steelmakers Ternium and ArcelorMittal have jointly announced investments in Mexico that will total US $2.1 billion by 2020.
Ternium plans to install a new state-of-the-art rolling mill at its industrial centre in Pesquería, Nuevo León, allowing for an upgrade to Mexico’s steel production capacity and expansion of the company’s automotive sector product range.
The new mill represents an investment of $1.1 billion and will have an annual capacity of 3.7 million tonnes. It is expected to be operational by the second half of 2020.
Meanwhile the $1-billion investment by ArcelorMittal, the world´s largest steel maker is intended to boost its North American trade operations, which CEO Lakshmi Mittal said are growing rapidly.
Indian steel magnate Mittal said that “starting immediately” ArcelorMittal will modernize assets at the Pacific coast port of Lazaro Cardenas, one of Mexico’s busiest commercial hubs, as well as “downstream operations” aimed at meeting Mexican consumer demand.
Lazaro Cardenas is home to ArcelorMittal’s primary steelmaking operations in Mexico.
The investment covers construction of a new hot strip mill, which upon completion in about three years will allow production of 2.5 million tonnes of flat rolled steel. The investment will also boost the company’s mining operations in Mexico.
The company is the biggest private-sector employer in the Pacific coast port city. The upgrade will generate 3,800 new jobs, 800 direct and the remainder indirect, in Michoacán.
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