Sidersa, a steel mill, has announced an initial investment plan of US$300 million to establish a cutting-edge plant in San Nicolás, Buenos Aires. This move aligns with other companies, such as TGS, and was sparked by the significant investment incentive scheme (RIGI) outlined in the Bases Law yet to be debated by Deputies.
Hernán Spoto, the company director along with CFO Marcelo Iribarne and Institutional Director Pablo Cattoni, revealed the investment during a meeting at the Treasury Palace with Juan Pazo, the Secretary of Planning and Management for Productive Development and the Bioeconomy. The investment plan promises to create 300 direct quality jobs and 3,500 indirect positions, particularly in scrap metal collection and construction sectors.
Sidersa’s plant will primarily supply the local market with products like construction iron. The project is estimated to take three years to become operational and will require a US$100 million investment in imported technology and a US$200 million investment in national production. The plans anticipate reviving the currently stagnant construction industry, which has been hindered by funding cuts.
The RIGI is a large investment incentive program that was initially met with skepticism from the opposition but aims to foster investments of US$200 million by offering significant benefits like fiscal stability for 30 years and tax exemptions. With their plant in San Nicolás, Sidersa plays a key role in the steel and metallurgical market and serves as a major client of Ternium of the Techint group. The company procures tubes, sheet metal, and profiles to manufacture products for clients in various sectors. Now, Sidersa is embarking on expanding its production capabilities. The company envisions generating 360,000 tons of construction iron annually and exporting 30% of production worth US$1 billion annually.
The project aims to implement state-of-the-art technology to ensure quicker construction, enhanced productivity, and environmental care with reduced CO2 emissions. Sidersa aspires to build the most sustainable steel plant in the world while enforcing high-quality standards and providing opportunities for career growth among local youths. By investing in this project, they hope to spark interest in related careers among young people while providing cutting-edge technological training opportunities that will positively impact their local economy.
In conclusion, Sidersa’s announcement of its initial investment plan marks an exciting moment for Argentina’s steel industry as it prepares to generate jobs while contributing positively to
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