{"id":60156202,"date":"2026-10-23T16:54:48","date_gmt":"2026-10-23T15:54:48","guid":{"rendered":"https:\/\/dialogue.earth\/?p=60156202"},"modified":"2026-10-23T16:55:00","modified_gmt":"2026-10-23T15:55:00","slug":"new-steel-plant-is-early-test-for-argentinas-big-investment-scheme","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/business\/new-steel-plant-is-early-test-for-argentinas-big-investment-scheme\/","title":{"rendered":"New steel plant is early test for Argentina\u2019s big investment scheme"},"content":{"rendered":"\n

San Nicol\u00e1s de los Arroyos in north-east Argentina is a riverside town with decades of steelmaking tradition. The noise of heavy machinery emanating from a 15-hectare site is the sound of its next era taking shape. A new, USD 300 million steelworks is being built, one with the potential to make 360,000 tonnes of greener steel annually. In local workshops, its first operators are being trained to run both an electric furnace and the recycled scrap processing systems that will feed it.<\/p>\n\n\n\n

When it begins operations in late 2027, the plant will be the first steelmaking facility for Sidersa, an Argentine company which, until now, specialised in the marketing and distribution of steel products.<\/p>\n\n\n\n

Sidersa has pledged<\/a> to create more than 300 direct jobs and 3,500 indirect jobs in a community whose history has long been linked to the soot and huge chimneys of traditional steelmaking. But these plans, partly funded by a bank of the Chinese state, require less carbon. Sidersa describes<\/a> the plant as a symbol of the low-emissions or \u201cgreen\u201d steel that \u201cthe world will want\u201d and Argentina can offer.<\/p>\n\n\n\n

With the steel sector accounting for 7-9%<\/a> of global CO2 emissions, a transition towards greener processes has become a growing imperative for the industry and policymakers. Producing steel from recycled scrap in electric arc furnaces, as Sidersa plans to do, reduces emissions by around 70%<\/a> on average compared to conventional steelmaking, which uses iron ore in coal-fired blast furnaces.<\/p>\n\n\n\n

This is not a new technology for Argentina; what sets this project apart is the scale of the investment and the political context in which it is taking place. However, just how green this steel will be depends on the source of the electricity and the necessary scrap metal.<\/p>\n\n\n\n

Cleaner steel needs greener grid and scrap supplies<\/h2>\n\n\n\n

The process chosen for Sidersa\u2019s San Nicol\u00e1s plant sidesteps the coal-hungry, emissions-intensive blast furnace stage. In Argentina, electric arc furnaces accounted for around 57%<\/a> of steel production in 2023, according to data compiled by the Inter-American Development Bank (IDB).<\/p>\n\n\n\n

However, using an electric furnace does not automatically make steel production environmentally friendly. Firstly, such a furnace is only as clean as the grid that powers it. The steelworks will be supplied, at least initially, by the national grid, currently dominated by gas-fired thermal power stations. Sidersa has said it is considering the possibility of powering the facility directly from renewable sources in the future.<\/p>\n\n\n\n

During 2025, variable renewable energy sources (wind, solar, small-scale hydropower, biomass and biogas) met 18.9%<\/a> of Argentina\u2019s electricity demand. When large hydroelectric plants are included, that figure exceeds 40%.<\/p>\n\n\n\n

However, the high-voltage grid is at capacity. \u201cThe electricity grid in Argentina has been saturated for over a decade,\u201d Adri\u00e9n Sergenty, an engineer and political scientist specialising in energy policy, tells Dialogue Earth. \u201cThe company will have to decide whether to build its own facilities or partner with a nearby renewable energy generator that can guarantee its supply directly.\u201d<\/p>\n\n\n\n

Making greener steel<\/span>
\n

As of 2023, roughly 70% of the world\u2019s steel was produced using a coal-based blast furnace-basic oxygen furnace (BF-BOF)<\/strong>. Iron ore and coking coal are added to the blast furnace to produce pig iron, which is then refined into a liquid in a basic oxygen furnace, before being cast into various forms of solid steel. This carbon-intensive process is the key driver of steelmaking\u2019s share of global carbon emissions.<\/p>\n\n\n\n

Switching to electric arc furnaces (EAF)<\/strong> can greatly reduce emissions compared to the coal-based BF-BOF route, and particularly if they are powered by renewable energy sources. Most EAFs use recycled scrap steel<\/strong> as a full or partial feedstock to produce liquid steel. In some countries, including the US, Italy and Mexico, the EAF route already accounts for most steel production. But in China, for example, that share sits at approximately 10%.<\/p>\n\n\n\n

Direct reduced iron (DRI)<\/strong> is also a key input for lower-carbon production in EAFs. Also known as sponge iron, this is created by removing oxygen from iron ore using \u201creducing\u201d gases, such as hydrogen. The majority of DRI is, however, currently produced using fossil fuels, mostly gas, with a small share made using coal.<\/p>\n\n\n\n

The wider use of green hydrogen<\/strong> (produced using renewable energy sources only) in ironmaking is therefore seen as an important potential driver of steel decarbonisation. The combination of green hydrogen-DRI-EAF is the most mature, technologically viable path to near-zero emissions steelmaking. Projects producing at a commercial scale via this route are currently limited.<\/p>\n\n\n\n

Sources:<\/em> Global Energy Monitor<\/em><\/a>,<\/em> CREA<\/em><\/a>,<\/em> SteelRadar<\/em><\/a><\/em><\/p>\n<\/div><\/div><\/div>\n\n\n\n

Secondly, there is the basic raw material: scrap metal. The global scrap metal market is facing growing<\/a> shortages and export restrictions. \u201cOur surveys show there is sufficient availability on the domestic market to supply us 100% with domestic scrap metal,\u201d Alejandro Galdeano, steelworks manager at Sidersa, tells Dialogue Earth. However, scrap metal collection in Latin America involves informal<\/a> networks and transport logistics that pose their own environmental challenges<\/a>, such as the open-air burning of cables to recover copper, and the uncontrolled disposal of non-valuable materials.<\/p>\n\n\n\n

Sidersa says it is drawing up a supply plan that takes into account both large suppliers and collaboration with various local authorities across the country. It aims to establish collection points for scrap metals that enable local communities to remove waste from their surroundings.<\/p>\n\n\n\n

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Recommended<\/span><\/span><\/div><\/a>\n\n\n\n

A steel expert consulted by Dialogue Earth, who asked not to be named, explains that the project\u2019s viability depends not only on the technology chosen, or on access to renewable energy, but also on the economic and commercial context. The expert says the plant will only be able to reach its projected production level if there is sustained demand in the domestic market.<\/p>\n\n\n\n

The specialist adds that achieving the scale of production estimated by Sidersa would require \u201csome sort of miracle\u201d. They think it would only be possible via extraordinary growth in local steel demand or a loss of market share by international competitors, such as Acindar, Sipar Acero or Acerbr\u00e1s.<\/p>\n\n\n\n

If Sidersa can successfully produce lower-emissions steel, it could give it a competitive advantage in exporting to jurisdictions with high environmental standards, like Europe. Since the start of this year, the European Union\u2019s Carbon Border Adjustment Mechanism has applied to iron and steel imports<\/a>, linking their cost to the carbon emissions embedded in those products.<\/p>\n\n\n\n

For now, however, production is focused almost entirely on Sidersa\u2019s domestic market.<\/p>\n\n\n\n

\"cargo<\/div>
Mining products being loaded onto cargo ships in San Nicol\u00e1s de los Arroyos. The city is home to the General Savio steelworks complex, which is facing legal challenges over its management of waste and effluents (Image: Henri Martin \/ Alamy)<\/div><\/div><\/div><\/div>\n\n\n\n

Environmental concerns<\/h2>\n\n\n\n

San Nicol\u00e1s has good reason to be wary of grand promises made by companies. The city is home to the historic General Savio steelworks complex, operated by Ternium Argentina. The company is facing legal challenges over its management of waste and effluents. In 2023, an expert report<\/a> undertaken as part of an environmental injunction highlighted the lack of a permit for the discharge of industrial liquid effluents, and the presence of heavy metals in local groundwater.<\/p>\n\n\n\n

Sidersa is also facing an environmental dispute over the construction of the plant. The NGO United for Life and the Environment (UPVA) has accused<\/a> it of causing \u201cenormous environmental damage\u201d by illegally extracting tosca<\/em> (a material used to level and lay foundations on industrial sites) from a quarry near the Ramallo stream, without provincial or municipal authorisation. The courts have opened civil and criminal cases. Construction work continues.<\/p>\n\n\n\n

According to Sidersa, these allegations relate to a supplier that claims the rubble was extracted from quarries authorised by Buenos Aires, the provincial authority of San Nicol\u00e1s. Sidersa says the extraction was carried out legally and with the necessary authorisation, as stipulated in the contract.<\/p>\n\n\n\n

\u201cWe regret the lawsuit that has been filed, to which we are responding through the appropriate legal channels,\u201d Lucrecia Payer, Sidersa\u2019s director of institutional relations, tells Dialogue Earth.<\/p>\n\n\n\n

Chinese funding and the Rigi initiative<\/h2>\n\n\n\n

Sidersa initially sought<\/a> funding from IDB\u2019s private arm, IDB Invest, and the World Bank Group\u2019s International Finance Corporation. These agreements eventually fell through.<\/p>\n\n\n\n

Ultimately, Sidersa opted to finance two-thirds of the investment itself, shrinking the amount of external finance needed.<\/em> Sidersa eventually secured a USD 100 million<\/a> loan with ICBC Argentina. This local subsidiary of the Chinese state-owned Industrial and Commercial Bank of China is facilitating the purchase of imported machinery for the new plant.<\/p>\n\n\n\n

The San Nicol\u00e1s plant has become the first industrial project to benefit from Argentina\u2019s Incentive Scheme for Major Investments (Rigi<\/a>). This law, approved in 2024, seeks to attract large-scale capital by offering tax benefits and guarantees of regulatory stability for up to 30 years. For the ruling party, it is a key tool for providing predictability to investors in a country where turbulent economics have traditionally made certainty hard to come by.<\/p>\n\n\n\n

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Recommended<\/span><\/span><\/div><\/a>\n\n\n\n

But critics, such as the think-tank Fundar, say the scheme grants significant benefits to large companies without demanding specific conditions in return. For example, environmental safeguards. \u201cEach concession could be linked to a specific objective, and if that objective is not met, the concession should be withdrawn,\u201d says Guido Zack, Fundar\u2019s director of economics. \u201cThis is how it is done in other<\/a> countries such as Chile, Brazil or Norway; such schemes only work when the public sector, as well as granting benefits, demands clear commitments regarding the development of local suppliers, production targets and employment […] and, in the current climate, also in renewable energy.\u201d<\/p>\n\n\n\n

Work on the project was 27% complete as of September, and the company expects the first steel production to take place in the first half of 2028<\/a>.<\/p>\n\n\n\n

The outlook is ambitious. Whether Sidersa will manage to source its raw materials, as planned, almost entirely from scrap and low-emission electricity available on the Argentine market, and whether the advantages offered by the Rigi programme will be sufficient to make a steelmaking technology with a lower environmental footprint economically competitive, remain to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"

The San Nicol\u00e1s facility targets 360,000 tonnes of lower-carbon steel a year, as first industrial project to benefit from government\u2019s Rigi programme<\/p>\n","protected":false},"author":50001046,"featured_media":60156218,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_has_post_settings":[],"footnotes":""},"categories":[758],"tags":[513,50042156,50040327],"hashtags":[],"country":[50000020],"class_list":["post-60156202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-carbon-emissions","tag-overseas-investment","tag-steel","country-argentina"],"acf":[],"yoast_head":"\nNew steel plant is early test for Argentina\u2019s big investment scheme | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"The San Nicol\u00e1s facility targets 360,000 tonnes of lower-carbon steel a year, as first industrial project to benefit from 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