COAHUILA – Altos Hornos de Mexico (AHMSA) announced that it will freeze an investment of US$200 million in a cold rolling mill that would be in Monclova, Coahuila.
The Mexican steelmaker reported that the decision was taken due to the tariffs imposed by the United States on Mexico last year, as it lost revenue of about US$250 million due to lower exports to the United States.
He said that if the current problem is not resolved, it will be necessary to adjust production plans, with the cancellation of 10% of the workforce.
“The Mexican steel industry urgently requires a long-term tariff policy that avoids the risk of plunging the sector into a contraction that will affect the entire production chain, with the loss of US$70 million in investment and thousands of jobs,” said Alonso Ancira Elizondo, president of the Mexican Blast Furnace Council (AHMSA).