Metallurgical activity is going through one of its worst momentsonly comparable to what was experienced during the forties that the pandemic generated. In September 2025, it registered an interannual drop of 5.2% and fell 1.1% compared to August, according to the monthly report of the ADIMRA Department of Economic Studies. So far this year, the sector barely accumulated growth of 0.7% compared to last year.
Production is 18% below its recent maximum levels and 30% below its historical peaks. But the most alarming data is the utilization of installed capacity (UCI): it plummeted 5.6 percentage points in the year-on-year comparison and reached 44.5%. To find a lower number you have to go back to June 2020when the ICU was 43%, in full isolation due to the coronavirus.
In this sense, the president of ADIMRA, Elio Del Re, warned that “The national industry is going through very low productive levels, at levels almost identical to a very bad year like 2024.which reflects the paralysis of activity.” A situation that “puts them in a complex situation.”
And he emphasized: “We need Argentine production to be taken into account again, because if not it will affect employment levels. “Argentina needs more industry to consolidate sustained growth with all sectors working together.”
Import opening and generalized falls
The sectoral outlook shows general declines. Autoparts led the falls with a collapse of 10.8%followed by Foundry (-9.7%) and Capital Assets (-3.1%). These items consolidate a complex scenario with no signs of recovery in sight.
Agricultural machinerywhich had led growth since the beginning of the year, deepened its deceleration with a contraction of 4.8%, confirming the change in trend that began in August. The only sector in positive territory was Body Shops and Trailers, with an increase of 5.4%.
The rest of the metallurgical framework also showed setbacks: Electrical Equipment and Appliances (-9.3%), Medical equipment (-2.0%) and Other Metal Products (-1.5%) interrupted the stability of previous months and fell again.
For its part, in August—latest data available— Imports of metallurgical products totaled US$2,281 million, a year-on-year increase of 28.4% in dollars and 55.4% in tons. Purchases abroad continue to grow at an average rate of 4.8% monthly since June 2024, when they reached their lowest level.
In contrast, exports of metallurgical goods reached US$445 million, a drop of 6.2% compared to the same month in 2024.
Fall in employment and provinces in red
Expectations for the coming months are also not encouraging. 77.5% of companies predict that their production level will remain unchanged or decreasewhile 90.2% do not project increases in their staffing and even anticipate reductions. Sectoral employment already registers a year-on-year drop of 3.2% and fell 0.3% compared to August.
At the provincial level, no district was spared. All registered year-on-year falls, deepening the decline observed in August. Santa Fe (-3.5%) returned to negative territory after eight consecutive months of growthshowing a marked deceleration.
Córdoba (-6.2%), Mendoza (-5.1%) and Entre Ríos (-3.2%) They also showed declines, reversing the advances of the first semester. Buenos Aires (-6.2%) continued with the most unfavorable performance among the main metallurgical jurisdictions, with no signs of stabilization.
Source: Ambito
