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05 Apr 2019, Radoslav Yordanov, EMIS Editor

FDI in Mexico’s metallurgy sector hits 11-year high in 2018

Foreign Direct Investment (FDI) in Mexico’s metallurgy sector reached USD 1.635bn in 2018, up sharply compared with the USD 361.4mn attracted in 2017, El Financiero reported. This is industry’s highest result in eleven years, the Secretary of Economy informed.

FDI growth recorded last year was mainly driven by the USD 1bn investment made by ArcelorMittal, world’s largest steelmaker.

Aditya Mittal, CFO of the Indian company, said that the steelmaker invested USD 1bn in the construction of new hot strip mill in the Mexican state of Michoacan despite the steel tariffs imposed by the United States. As a result, ArcelorMittal Mexico’s productive capacity is expected to reach 5.3mn tonnes in 2020.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: El Financiero