Chile's biggest steel plant shut down

September 16, Chile's largest steel mill, Huachipato, officially shut down, ending 74 years of operation and sending shockwaves through the local economy.

Located in the Talcahuano region, about 500 km south of Santiago, Chile, the Huachipato Steel plant has been a leader in the Chilean steel industry since 1950. Its product line covers grinding rods, wire rods, concrete rebar and a variety of specialty steels, and it is an important supplier to the Chilean long material market.

The closure of the mill not only directly affected the livelihoods of at least 2,700 employees at the plant, but also affected as many as 20,000 indirect jobs closely related to the mill's business. In a statement, the company acknowledged that the decision was "driven by necessity" and that its increasingly dire financial situation was behind it. By the first quarter of this year, the mill had accumulated losses of more than $700 million. In fact, its loss in 2023 has been as high as $385.5 million, and the loss momentum has not slowed down after 2024, and it lost $41.8 million in the first quarter. Since March this year, the steel mill has been standing on the brink of production suspension, and the shutdown is undoubtedly a major blow to the local steel industry.

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