In 2024, the Brazilian steel industry is gearing up to confront significant hurdles, with a notable drop in raw steel production from the 2023 output of 31.35 million metric tons. The primary culprit behind this decline is the escalating influx of Asian steel imports, casting a shadow on the domestic market. This shift is largely attributed to the substantial influx of imported goods, posing a threat to the local industry's stability.
Furthermore, local steel-consuming sectors, including major players like Brazilian auto manufacturers, are feeling the heat as their presence in the Latin American market undergoes a decline. The emergence of robust competition from Asian counterparts has added pressure, prompting a reevaluation of strategies within the domestic steel-consuming industries.
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