The Mexican government announced that it will invest MXN 32.9 billion ($1.59 billion) in the modernization and expansion of six seaports. Of these, SteelOrbis calculated that the investment for four key ports for imports of finished steel products and for the import of essential inputs for steel production will be $1.32 million.
The announcement was made by the President of the Republic, Claudia Sheinbaum, according to a press release. When the modernization and expansion of the seaports will begin and will be completed have not been disclosed.
The largest investment will be for the seaport of Manzanillo, Colima, on the Mexican Pacific, with the equivalent of $658 million, a figure that represents 41.4 percent of the total investment ($1.59 billion). According to Canacero, of its reception capacity for the steel industry, 99 percent is finished steel products and 1.0 percent is inputs.
The second largest investment is the seaport of Lázaro Cárdenas, Michoacán (the home of ArcelorMittal in Mexico) with $297 million (18.7 percent of the total). For Canacero, that port also on the Mexican Pacific, receives 95.0 percent of raw materials and the rest is finished products.
The third largest investment will be in the seaport of Ensenada, Baja California, also on the Mexican Pacific, with $278 million (17.5 percent of the total). Canacero says that this port is 100 percent specialized in finished steel products.
The seaports on the Mexican Pacific are Mexico's main commercial gateway with Asia. The other key port for the industry is the one located in the Gulf of Mexico for trade with Europe.
In Veracruz, only $87 million (5.5 percent of the total) will be invested. For Canacero, of its capacity for the steel industry, 48 percent is for finished products and 52 percent for inputs.