The last report of Basque Trade & Investment analyzes the current situation of the steel sector in Brazil, a country that remains the main producer of steel in Latin America and ninth worldwide. In 2023, Brazil produced 31,9 million tons of crude steel, which represented a decrease of 6,5% compared to the previous year. However, local consumption experienced an increase of 1,5%, driven by a 50% increase in imports. exports recorded a slight drop of 1,8%.
The report examines strategic aspects such as foreign trade and the value chain. It highlights essential resources such as high-quality, low-cost iron ore that strengthen the competitiveness of the sector. It also identifies significant barriers for foreign companies due to the tariff system and the “Custo Brasil” associated with bureaucracy and logistics.
The current context is influenced by the Action Plan for Neoindustrialization 2024-2026 Brazilian government, which seeks to transform the sector through incentives for modernizing machinery and reducing taxes on specific products. Dominant companies must adapt to new sustainability demands to compete effectively.
As for opportunities for Basque companies, the report highlights their potential growth in technological and sustainable sectors. Brazilian industry is increasingly oriented towards reducing its carbon footprint and complying with international standards. This opens doors to companies offering advanced technology or ecological solutions.
From SPRI y Basque Trade & Investment, initiatives have been implemented to promote the internationalisation of the Basque sector through financial aid and support programmes. In addition, information sessions on international financing are organised.
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