The first industrial RIGI was approved: The first steel mill in 50 years will be built

The Evaluation Committee of the Large Investment Incentive Regime (RIGI) approved its first industrial project today, after previously giving the green light to initiatives in the mining and oil sectors.

This time, it is an investment by the company Sidersa, which will allocate 286 million dollars to the construction of a new steel mill in the city of San Nicolás, Buenos Aires province.

“This will be the first steel mill to be built in the country in more than 50 years. The project will generate more than 300 direct jobs and 4,000 indirect jobs”, posted the Minister of Economy, Luis "Toto" Caputo, on his X social media account. This is the fifth project approved under the RIGI framework.

According to the company, the plant will have the capacity to produce 360,000 tons per year of inputs for both the domestic market and export. In addition, it will feature state-of-the-art technology that will reduce construction times, improve production efficiency, and minimize environmental impact, with carbon dioxide emissions up to three times lower than those of traditional methods.

Sidersa had previously announced that the new plant will be built as a fully integrated facility, covering both the steelmaking and rolling stages. This will allow for import substitution and contribute positively to the country's trade balance through greater national industrial development.

The company also highlighted that the project will help reactivate investments in Argentina's steelmaking hub, creating opportunities to work with the local community on revitalizing university and technical careers related to the sector.

Meanwhile, Sidersa also participates in renewable energy generation through its solar parks located in Ullum, San Juan. These facilities produce seven times more electricity than the company itself consumes, reaching a total of 24 megawatt-peak (MWp), enough energy to supply more than 20,000 households with clean sources.