Mexican integrated steelmaker Altos Hornos de Mexico (AHMSA) plans to invest $1 billion in the next two years, the company’s top executive said this week.
“It’s been two years since stopped [not investing] and we’ll now invest almost $1 billion in the next years,” said CEO Alonso Ancira.
According to the steelmaker, the money should help implement new processes and increase tinplate production. Mexico currently imports 500,000 mt of tinplate; AHMSA produces 150,000 mt.
“We should increase tinplate output to 400,000 mt,” the executive added.
The investment is also expected help AHMSA adopt a more aggressive strategy for supplying the local automotive industry, whose demand isn’t fully met by the local industry.
Ancira said the investments are subject to the help of the Mexican government. “We need to see if the government will keep its support, so we can then destiny [invest] those resources,” he said.
AHMSA’s projected investments should also create some 600-700 new jobs.