The volume of production of the Basic Iron and Steel Industry, which includes finished products and semi-finished products (ingots, slabs, billets), registered a contraction of 24.9 percent in March, year-over-year, which is the fifteenth consecutive annual decline, according to SteelOrbis analysis of data from the national statistics agency Inegi.
The March contraction is also the most drastic drop in the last 45 months (since July 2020). It is also one of the worst contractions in the last 30 years.
The drop in production in the steel industry is coupled with the 5.0 percent drop in the manufacturing industry and the 3.0 percent drop in all industrial production in Mexico (manufacturing, mining, construction and energy).