Mexico’s government has entered into dialogue with various Asian steelmakers with the intention of attracting business and investment. It aims to take advantage of the new US-Mexico-Canada trade agreement (USMCA) in order to boost its automotive industry. So says Mexican economy minister Graciela Márquez in a Reuters interview.

“We see in the steel industry the biggest opportunity to show to potential investor companies the prospects that the USMCA agreement opens up with this increase in regional content requirements,” Márquez says in the interview monitored by Kallanish.

Márquez says talks were held with South Korea’s Posco, Japan’s Nippon Steel and Mitsubishi Steel, as well as with Latin American miner and steel producer Ternium over investing in Mexico’s automotive sector. The steelmakers have not confirmed having these talks.

The minister also comments that there is the possibility of a foreign steelmaker entering into an agreement with Altos Hornos de México (Ahmsa) for a strategic partnership. Ahmsa's spokesman clarifies, however, that the company is not currently evaluating any international offers.