Argentina
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Exchange rates favor steel sector

Bnamericas
The Argentine steel industry has registered a strong recovery together with an increase in exports thanks to "the current exchange rate in Argentina, which favors industrial development," Daniel Novegil, VP of iron and steel company Siderar, told BNamericas. Because of the current exchange rate, Siderar clients have improved levels of competitiveness, allowing them to grow through import substitution, according to the executive, who is also the new president of the Instituto Latinoamericano del Fierro y del Acero (Ilafa). Siderar is supporting a program of investment with 25% financing in the long-term with practically no interest, thanks to greater optimism about the future of Argentina and its industrial growth, he added. "We have analyzed 25 projects and we are lending close to US$5mn to finance these investment projects which will fundamentally increase are export capacity," Novegil said. Siderar is the largest iron and steel company in Argentina. The company produces coke, cast iron and hot-rolled, cold-rolled and coated laminated plate steel, with a capacity of 2.4Mt/y and sales of close to US$1.25bn/y. Techint controls 51% of Siderar, while Brazilian companies CVRD and Usiminas control 5% each.

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