LatinNews Daily - 23 October 2024

*Chile’s President Gabriel Boric has pledged to reverse “the decline in the manufacturing industry” in the southern region of Biobío following the closure of Compañía Siderúrgica Huachipato (CSH), Chile’s largest steelmaker and a former symbol of the country’s industrial prowess, which was based in the region. Speaking via a video link at the Encuentro Regional de Empresas (Erede) 2024, a business conference held in the regional capital, Concepción, Boric presented the Biobío industrial strengthening plan. The initiative includes five main pillars and 32 measures to promote the development and economic growth of the region through the acceleration of investment, development of new industries, and creation of spaces to stimulate technological adaptation and productive restructuring. The plan includes measures to support Huachipato’s supplier companies; support redundant workers; expedite public and private investment projects; strengthen existing industrial sectors, new development opportunities and innovation; and generate an effective plan to recover steel production capacity in the country, with new technology that allows the production of green steel. “Together, the national government, regional government, public and private companies, workers, unions, entrepreneurs, and neighbours, we are going to ensure Biobío sees strong growth again,” stated Boric. CSH, which had been operating for some 74 years, began to wind down its operation in September, unable to survive Chinese competition in the steel industry.