Mexican Steel producer Simec recently announced an investment of $600 million in a facility in the state of Tlaxcala. Steel produced there will be utilized in the Mexican automotive industry and is based on the relative scarcity of this vital raw material in Mexico. Simec will develop its steel production to supply automakers in the state of Puebla, as well as other manufacturers located throughout the Mexican republic. Such new production source will decrease the need for importing automotive steel and will strengthen the Mexican automotive industry generally.
Legal notice and sources: Mexican Automotive is an informational document for the public at large prepared by the law firm of Cacheaux, Cavazos & Newton (www.ccn-law.com) and should not be considered as legal or tax advice or used for any purposes other than a source of information for the public at large. Quotes contained in this document may have been translated by the editors. In preparing this document, the following sources of information, among others, have been utilized: Milenio, AMIA, El Universal, Excélsior, The New York Times, Asociación Mexicana de Distribuidores de Automotores (AMDA), NOTIMEX, Forbes Mexico, and El Financiero.
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