Due to the imbalance between the supply and demand of the Colombian steel industry and the devaluation of the currencies of many exporting countries, global steel prices have fallen sharply.

To avoid the flood of foreign steel, the Colombian steel industry is calling for new protection mechanisms.

Last year, an additional 8.5% tariff was imposed on rebars imported from countries that didn’t have a free trade agreement with Colombia.

The steel industry is currently urging the government to evaluate an additional measure to balance the competition between imported and domestic steel prices.

In addition to this, the annual output of the new steel plant in Ternium was expected to increase the existing production capacity by 26% and was expected to completely replace imports.