Wednesday, June 19, 2024

AMLO announces billion-dollar investment by steelmaker in Nuevo León

Latin American’s leading steelmaker is set to make a billion-dollar investment to enlarge its plant in Nuevo León, President López Obrador announced at his morning news conference on Tuesday.

Ternium will expand its factory in the Ternium Industrial Center in Pesquería, 50 kilometers east of Monterrey.

“Yesterday Paolo Rocca was here, an investor who works in steel, his company is called … Ternium. They came to tell me that they’re going to expand their plant in Nuevo León and that they’re going to invest a billion dollars … they manufacture pipe and work in the automotive industry …” the president said.

He added that the investment plan was evidence of Mexico’s bright economic future. “In their research and market analysis … they saw a promising economic and commercial future for Mexico, they came to inform me of that … this means jobs, it means well-being.”

The president also said signs were good for the Mexican economy, despite a technical recession and high inflation. “We are also verifying the data on foreign investment which will soon be released … in January there was record job creation, and see how we are doing in February … the economy is growing,” he said.

In 2017, Ternium invested around 1.1 billion pesos (US $58.2 million in 2017) to install a hot rolling plant at its site in Pesquería.

The almost one kilometer hot roller produced its first million tonnes of laminated steel in January. It can produce 4.4 tonnes of laminated steel per year, the newspaper El Financiero reported.

In 2019, the electroplating and painting lines at the Ternium Industrial Center went into production. The company had already invested US $2.52 billion prior to the president’s announcement.

Ternium has plants in Mexico, Brazil, Argentina, Colombia, the United States and Central America. It belongs to the Argentinian conglomerate Techint.

With reports from Reforma, Forbes México and El Financiero

Have something to say? Paid Subscribers get all access to make & read comments.
A faucet with water coming out

Mexico City’s water supply from Cutzamala system to be shut off for repair

To repair a "sudden" leak in one of the system's control valves, authorities will cut off water on Wednesday night for six hours.
Tropical Storm One projection Cyclone Albert

Potential tropical cyclone approaches northeastern coast of Mexico

The potential tropical cyclone could become the first named storm of the hurricane season by Wednesday.
Worried guests gather around a hot tub in Puerto Peñasco

Wife of US tourist who died in Puerto Peñasco hot tub electrocution files US $1M suit

When she saw her husband struggling under the water, Zambrano jumped in to help, only to be electrocuted herself.