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ArcelorMittal CEO frets over future of Mexican tax benefits

Steel News - Published on Mon, 27 May 2019

Image Source: Business Recorder
Reuters reported that ArcelorMittal Mexico CEO Mr Victor Cairo, despite the new president’s suggestion that the policy should not be renewed, said that tax incentives in Mexico designed to lure investment to poorer areas should be maintained. He said that the firm’s pledge to invest USD 1 billion over three years in its operations in the Pacific coast port of Lazaro Cardenas would be maintained for now. He declined to speculate on what might happen to the project, which is nearly 70% completed, if the Special Economic Zone tax breaks were eliminated.

ArcelorMittal’s project includes the construction of a hot roll mill, a blast furnace modernization and mining investment adjustments to better supply the automotive and construction industries among others

Mexican President Andres Manuel Lopez Obrador has threatened to stop a 10-year extension of the tax breaks, arguing last month that they have not worked.

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Posted By : Sanju Moirangthem on Mon, 27 May 2019
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