Latam steelmakers seek protection from 'predatory' China

Latin American steelmakers are increasingly threatened by Chinese imports and want regional governments to increase protection, Reuters reported. Speaking at a conference organized by the Latin American Iron and Steel Institute (ILAFA), Daniel Novegil, CEO of Latin American steelmaker Ternium, said that the regional steel industry must find a "common agenda to defend ourselves from competitors who are predatory, who are disloyal." Ternium (TX.NYSE) operates in Argentina, Mexico, Colombia and Panama. The Brazilian government introduced measures last week aimed at discouraging imports of cheap Chinese steel products that Brazilian companies have complained are flooding the domestic market. ILAFA data shows that while demand for steel in the region has grown, domestic steelmakers’ output has not kept pace due to the offsetting effect of cheap imports from China.