On Tuesday, Siders, a steel mill, presented 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 like TGS and is being fueled by the significant investment incentive scheme (RIGI) outlined in the Bases Law yet to be debated by Deputies.
The company aims to construct a steel mill that will primarily supply the local market with products such as construction iron. The project, estimated to take three years to become operational, 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.
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.
The RIGI scheme was a critical factor that prompted Sidersa to move forward with their long-anticipated initiative. This large investment incentive program 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 by building an integrated steel plant that has not been established in Argentina for 50 years. They intend to generate 360,000 tons of construction iron annually and export 30% of production worth US$10
