Alacero Meet Highlights LatAm Steel Industry's Transformation

SEATTLE (Scrap Monster): The Latin American Steel Conference, Alacero 60, held recently at Buenos Aires, Argentina highlighted on the transformations taking place in the region’s steel industry. It held discussions on issues faced by the sector and projections on future growth.

Máximo Vedoya, president of the Latin American Steel Association (ALACERO) said that the strong imbalances in the region’s trade balance, especially with China, are extremely worrying. The rising imports by the region impacts the steel sector jobs, he noted. The sector’s progress is being impeded by political and economic problems faced by several countries in the region, he added.

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According to Paul Butterworth, Consulting manager, CRU, the steel market looks relatively healthy and is poised for growth over the next five years. The global steel industry is likely to witness additional steel production of 100.4 million tonnes by 2024. Under these circumstances, the participants of the meet urged adoption of an agenda of solutions for the steel industry over the next four years.

The regional steel industry needs a rethink, considering the rapid changes in technology. The industry must embrace technological advancements in order to obtain a competitive advantage over other steel producing regions. The Conference highlighted on the huge opportunities of steel sector growth in Latin America along with strengthening of the region’s value chain.