Steel consumption in Argentina is expected to recover in 2026 due to government investments, including in the development of the Vaca Muerta shale deposits, growth in key industries and improved economic conditions.
Visible steel consumption, the sum of production and imports minus exports, is projected to increase by 13% next year compared with 2025, according to the industry association Acero Argentino. Current actual consumption in October is 15% lower than the 3.7 million metric tons recorded for the whole of 2024, which is the lowest since 2015. Consolidated data for 2025 is not yet available, but the association expects steel demand in 2026 to exceed the level of 2025.
The construction, automotive and electrical equipment industries will support the steel industry, Acero Argentino director Carlos Vaccaro said in an interview with Argus.
Since taking office at the end of 2023, Argentina's right-wing President Javier Miley has introduced a tough program that included fiscal austerity, tax simplification, trade liberalization, partial abolition of currency controls, privatization, and a $20 billion agreement with the International Monetary Fund (IMF) to help stabilize the exchange rate. The peso, which has depreciated by about 29% against the US dollar this year.
The central bank plans to expand the range of exchange rates starting in January, in line with the monthly inflation rate for the previous month, which will allow it to increase foreign exchange reserves.
In November, the Mile managed to contain inflation to 31.4% year-on-year, compared with the previous month. It peaked at 292% in April 2024, while stabilizing the peso after allowing it to depreciate by about 64% in the first year of his rule.
The victory of Miley's allies in the October 2025 parliamentary elections seems to give him more opportunities to carry out reforms. The coalition expanded to 92 seats in the lower house and 21 in the Senate, giving the president enough leverage to block any congressional veto on presidential decisions. This shift strengthens his ability to advance his economic agenda.
But many expectations during Miley's first two years as president did not materialize, and market participants are now waiting for what the second half of his mandate will bring, a source on the sellers' side said.
Argus.
According to the Organization for Economic Cooperation and Development (OECD), Argentina's economy is expected to grow by 3% in 2026, following a projected growth of 4.2% in 2025, following a contraction of 1.3% in 2024.
Investment