According to the Latin American Steel Association (Alacero), Latin America's crude steel and rolled product production in 2024 was about 56.2 million tons and 51.9 million tons, respectively, down by 3.6% and 2.5% year on year. In addition, the region's seamless pipe production fell by 8.8%, and long product production fell by 5% in 2024, while plate production increased by 0.7%.

Latin America's total steel consumption in 2024 was around 67.4 million tons, down by 1% year on year. Among them, steel consumption in Argentina, Bolivia, and Panama fell by more than 20%. However, growth in countries such as Brazil, Colombia, Paraguay, Uruguay, and Venezuela partially offset these declines.