The steel industry in Mexico continues as one of the most important economic branches for Foreign Direct Investment (FDI), in the first nine months of the year. Of the more than 280 economic branches it was the third most important, only surpassed by the manufacturing of vehicles and by the banking industry, reveal data from the Ministry of Economy (SE) analyzed by SteelOrbis.
From January to September, the Basic Iron and Steel Industry raised $2.47 billion, 49.5 percent or $819 million more compared to the same period in 2022. That amount is the highest in the last 16 years, only surpassed by $3.80 billion the first nine months of 2007.
The Mexican economy received $32.93 billion, 4.6 percent less than the FDI in the January-September period of last year.
The $2.47 billion FDI from the Basic Iron and Steel Industry was surpassed only by the $5.44 billion raised by the automobile and truck manufacturing industry, and the $6.0 billion raised by the banking industry.
In fourth place is the metal mineral mining industry with $2.15 billion, 159 percent or $1.32 billion more than the investment in the first nine months of last year. This sector recorded its historical maximum in 2013 with $3.29 billion.
In the iron and steel products manufacturing industry, $42.6 million was raised, 72.3 percent less than the investment raised in the first nine months of last year.
In the manufacture of forged and die-cut metal products, they invested $33.9 million, the data contrasts with the disinvestment of $35 million in the first nine months of last year. Metal casting received $11.8 million in FDI, down 72.3 percent.
The manufacturing of metal structures and blacksmith products received $8.2 million, 393 percent more. The manufacture of wire, wire products and springs captured 4.5 million, 56.4 million less than in the reference period.