According to GMK Center, apparent steel consumption in Latin America is expected to decrease by 2.7% year-on-year in 2024, reaching approximately 71.8 million tons, according to the regional steel producers' association Alacero. The region's steel production is also projected to fall by 3.6%, totaling around 56.3 million tons by year-end. Brazil is anticipated to produce 61% of the region's steel, with a 6.7% increase, while rolled steel production may decline by 4.7%. The industry faces challenges from stagnant domestic demand, high production costs, and competition from cheap imports, particularly from China.